CALEDONIA — Insurance broker Acrisure LLC of Caledonia 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 Acrisure. The investment enabled Acrisure to embark on an aggressive growth and acquisition strategy and become one of the 15 largest insurance brokers in the nation.
Genstar continues as a minority investor in Acrisure.
“We are thrilled to complete this transaction as it marks an important milestone for the company. As a result, management and agency partners now control the company, and our focus will continue to be on the long-term growth of our business,” Williams said in a statement. “We had a great partnership with Genstar, whose expertise helped transform Acrisure into a leading national insurance brokerage. I am excited to have Genstar remain a shareholder in Acrisure, and to have additional resources from our new co-investors, as we further expand our national footprint and continue our ambitious growth plan.”
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 an about $670 million in 2016. Acrisure closed on nearly 50 acquisitions so far this year and will likely end 2016 with 60 deals, Williams said.
Acrisure has 86 offices in 26 states and about 2,700 employees.