GCP Capital Partners Announces Sale of Acrisure

NEW YORK, March 5, 2013 /PRNewswire/ -- GCP Capital Partners, a middle market private equity firm, announced the sale of its interests in Acrisure to Genstar Capital.  Based in Grand Rapids, Michigan, Acrisure is the 50^th largest privately owned retail insurance agency in the United States.  The company was co-founded in 2005 by CEO Greg Williams to acquire independent insurance agencies across the Midwest and since then has completed 26 acquisitions.  The sale was a successful outcome for GCP following its $20 million investment in Acrisure in 2010 in order to support the company's acquisition growth plan.

Mr. Williams said, "I am very pleased with the partnership we developed with GCP and the confidence they demonstrated in our team over the course of their investment.  Having initially built Acrisure with primarily individual and personal capital, GCP was our first institutional capital partner.  We are grateful for GCP's strategic guidance and hands-on involvement, which allowed us to grow our sales and operating infrastructure more rapidly and to position Acrisure today to enter its next phase of growth with its new investment partner."

Boris Gutin, a Managing Director at GCP Capital, said, "Greg Williams is a highly capable manager and leader who has built an exceptionally strong team and culture at Acrisure.  There are a limited number of insurance brokerage platforms in the U.S. that have grown to a significant scale.  Since our investment three years ago, we have worked closely with Acrisure's management to achieve its growth plans and create a strong operating platform through complementary acquisitions, organic growth and development of key sales and management talent.  Through these efforts, Acrisure has become a leading retail insurance platform in the Midwest, and we believe the company is capable of continuing to generate substantial future growth."

Robert Niehaus, Chairman of GCP Capital, said, "Our investment strategy is to partner with strong management teams in industries having long-term growth prospects and a high degree of fragmentation.  GCP has completed seven investments in the insurance industry.  We evaluated a large number of insurance brokerage platforms before choosing to back Greg and his team at Acrisure.  We are delighted to have provided support to management over the last several years as Acrisure significantly grew its earnings and to have completed a successful realization for our investors."  

GCP and its predecessor funds have completed a large number of investments in business models capable of both organic growth and substantial acquisition growth, often within fragmented industries such as insurance brokerage.  GCP invested in Global Signal, a wireless cell tower business, which acquired over 7,000 additional towers during the course of GCP's investment.  GCP also invested in Heartland Payment Systems, a high-growth merchant processing business, and Republic Insurance, a Texas-based property and casualty insurance company.  GCP has several current investments in the insurance services space and continues to evaluate opportunities in the sector.   

About GCP Capital Partners

GCP Capital Partners manages the Greenhill Capital Partners private equity funds totaling $1.9 billion in committed capital.  GCP has a successful track record investing $1.4 billion in over 50 portfolio companies.  GCP's managing directors have over 110 years of combined private equity and senior operating experience and have substantial personal capital invested in the funds.  GCP has made significant private equity investments in the business services, education, energy, financial services, insurance and telecommunications industries.  GCP Capital Partners is the successor to Greenhill Capital Partners, the merchant banking business of Greenhill & Co., Inc. (NYSE: GHL) which the principals formed in 2000.  For more information about GCP Capital Partners, please visit www.gcpcapital.com.

Contact:    
Steve Lipin   
Brunswick Group LLC   
(212) 333-3810   

SOURCE GCP Capital Partners