GRAND RAPIDS, Mich., Oct. 21, 2016 /PRNewswire/ -- Acrisure, LLC, a leading national insurance brokerage, today announced the signing of a definitive agreement for a management-led buyout of the company, led by Greg Williams, Acrisure's Chief Executive Officer and co-founder, and a consortium of minority investors.
Acrisure management and its operating partners are acquiring control of the company from Genstar Capital. Genstar acquired Acrisure in 2013 and has since worked with Mr. Williams and the Acrisure management team to expand Acrisure's geographic footprint and to broaden the size and scope of its insurance offerings. Under Genstar's ownership, the company successfully acquired over 138 retail insurance brokerages and generated industry-leading organic growth. Annual revenues today exceed $670 million.
Mr. Williams, who co-founded the company in 2005, said, "We have truly enjoyed our partnership with Genstar, both because of the guidance and support they have provided and the capital that has allowed us to become a desired choice for agencies looking to become part of our national platform. Our team continues to evaluate a strong pipeline of attractive opportunities and we look forward to controlling our destiny as we continue to partner with high quality insurance agencies."
Ryan Clark, President and Managing Director at Genstar said, "We couldn't be happier for Greg, the management team, and the agency partners of Acrisure. Greg has been an incredible leader and visionary and exceeded all our expectations, while building Acrisure into a top national insurance agency. This transaction allows the entire team at Acrisure to control the company and execute on its ambitious growth plans. We will retain a portion of our investment in the company and are excited to be part of the next chapter."
Evercore acted as exclusive financial adviser to Acrisure.
Based in Grand Rapids, MI, Acrisure is a leading retail insurance brokerage offering comprehensive risk management and consulting solutions, including property & casualty, employee benefits, human resource outsourcing, loss & claims management, surety bonding and personal lines coverage. The Company has 86 platform locations in 26 states and approximately 2,700 employees throughout the United States. For more information, please visit www.Acrisure.com.
Acrisure Contact: Rob Trube
Executive Director of Marketing and Communications
Genstar Contact: Chris Tofalli
Chris Tofalli Public Relations, LLC
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SOURCE Acrisure, LLC