The owner of Acrisure LLC, the Caledonia-based insurance brokerage that’s been growing rapidly across the U.S. with an aggressive M&A strategy, is working on a potential sale to New York City-based investment firm Blackstone Group LP, according to a report by Reuters.
Citing “people familiar with the matter,” Reuters reported Tuesday evening that San Francisco-based Genstar Capital LLC, a private equity firm that bought Acrisure in 2013, was in “advanced discussions” on a potential deal with Blackstone Group, which has $311 billion in assets under management.
Founded in 2005, Acrisure grew steadily for a number of years through acquisitions in Michigan, Indiana and Illinois. The company’s rapid growth started in 2013 when Acrisure, supported with an infusion of capital from Genstar Capital, began pursuing an aggressive national M&A strategy and became a top insurance broker in the U.S.
Acrisure closed 56 transactions in 2015, growing to 137 offices in 24 states and double pro forma revenues to about $450 million. The 2015 deal flow came after the company, which generally buys independent insurance agencies with a successful track record, closed 25 acquisitions in 2014.
MiBiz named Acrisure founder Greg Williams a 2015 Dealmaker of the Year in the annual M&A Deals and Dealmakers of the Year Awards.