Displaying items tagged: Genstar Capital

Here is the MiBiz Growth Report for March 5, 2018:

• M&A: After nearly doubling the business over the last two and a half years, the private equity owners of Action Fabricators Inc. decided the market timing was right to find a partner to take the company to the next level. Last week, Chattanooga, Tenn.-based River Associates Investments LLC announced it had sold the Grand Rapids-based manufacturer of adhesive-backed products for the automotive and medical device industry to Boyd Corp. of Modesto, Calif. Terms of the deal were not disclosed. Action Fabricators grew revenues from around $45 million in 2015 to nearly $80 million at the time of the sale. President and CEO Jon Rudolph and the rest of the management team will stay on with the new owners. Boyd is a portfolio company of San Francisco-based Genstar Capital. Milwaukee, Wis.-based Robert W. Baird & Co. represented Action Fabricators in the deal.

GRAND RAPIDS — As consolidation among independent insurance brokers accelerates across the country, Fifth Third Bancorp Inc. is pushing deeper into the industry through acquisitions.

GRAND RAPIDS — Two acquisitions to start 2017 give Lake Michigan Insurance Agency a wider presence across the state to drive growth and pursue further deals in an era of industry consolidation.

Here is the MiBiz Growth Report for Nov. 28, 2016:

• • M&A: Caledonia-based insurance broker Acrisure LLC has completed the $2.9 billion management-led buyout of private equity firm Genstar Capital. Greg Williams, Acrisure’s co-founder and CEO, and a consortium of minority investors led the buyout of the San Francisco-based Genstar Capital, which three years ago committed $75 million in capital to the company. That investment enabled Acrisure to embark on an aggressive growth and acquisition strategy and become one of the 15 largest insurance brokers in the nation. Since mid-2013, Acrisure has acquired 138 independent insurance agencies across the nation, establishing a presence in 26 states and growing revenues from $38 million to more than $670 million in 2016. Acrisure closed on nearly 50 acquisitions so far this year and will likely end 2016 with 60 deals, Williams said.

After growing rapidly and closing dozens of transactions with the backing of private equity, executives and minority shareholders at insurance broker Acrisure LLC are acquiring a majority stake in the company.