Apax VIII, a fund advised by Apax Partners, will sell its entire stake in insurance broker AssuredPartners to an investor group led by Chicago-based private equity firm GTCR, according to AssuredPartners’ news release.
GTCR previously owned AssuredPartners, which has strong ties to the trucking industry, from its inception in 2011 until its sale to Apax VIII in 2015. The terms were not disclosed. The sale will close in the second quarter of the year, the companies said.
AssuredPartners has completed more than 200 acquisitions since 2011, including four transactions involving truck insurance agencies this year.
Apax IX, a separate fund advised by Apax Partners, will co-invest in the transaction alongside GTCR, taking a significant minority stake in AssuredPartners. AssuredPartners’ management team retains its significant minority stake in the business.
AssuredPartners sells property and casualty, risk management, employee benefits and personal insurance from 200 offices across 30 states and London. AssuredPartners said it has grown to more than $1.1 billion in annualized revenue. — Transport Topics