| CHARLOTTE, NC — American Wholesale Insurance Group (AmWINS), the nation’s second largest insurance wholesaler, announced today that Parthenon Capital, LLC, a Boston and San Francisco-based private equity firm, has completed the acquisition of a majority of its outstanding common stock. The employee owners of AmWINS will continue to own 30% of the firm.
“I cannot think of a better organization than Parthenon Capital to make this investment in American Wholesale,” said M. Steven DeCarlo, AmWINS president and chief executive officer. “Their proven track record, expertise in financial services, and commitment to work collaboratively with our management team to achieve our continued growth goals make them a perfect partner.”
In addition to acquiring a significant equity position in the company, Parthenon Capital offers new capital to enable AmWINS to continue to expand its operating platform and pursue additional strategic acquisition opportunities within its three operating segments – property and casualty brokerage, specialty underwriting, and group benefits.
“We have been focused on investment opportunities in insurance brokerage and services for nearly four years and are pleased that this effort has resulted in a partnership with this outstanding company and visionary team,” said Brian Golson, Partner of Parthenon Capital. Mr. Golson added, “American Wholesale has been the fastest growing major wholesaler in the nation due to its strong organic growth and history of successful acquisitions over the last several years. As shareholders moving forward, we, along with the management team and employees of AmWINS, are excited about the company’s continued prospects for growth.”
“The insurance marketplace is in the midst of significant change as a result of this devastating hurricane season on the property and casualty side and the staggering increases in the cost of employee benefits in the group life and health arena. American Wholesale is uniquely positioned in the market in that we have a balanced portfolio of P&C and group benefit clients. For this reason, we are extremely optimistic about the future and the opportunities for our company and its employees,” said DeCarlo.
Merrill Lynch served as an advisor to American Wholesale for the transaction. Madison Capital Funding LLC, served as administrative agent and lead arranger, and FriedbergMilstein LLC led the credit facilities.
About American Wholesale Insurance Group
AmWINS (www.amwins.com) is a wholesale insurance organization dedicated to serving retail agents throughout the United States by providing property and casualty, group life and health, program administration services, and actuarial service capabilities. The company handles total premium placements of over $2.4 billion ranking as the second largest wholesale insurance broker in the United States by Business Insurance magazine.
About Parthenon Capital
Parthenon Capital is a $1.1 billion private equity firm with offices in Boston and San Francisco. The firm focuses on providing strategic resources and capital to middle-market companies for acquisition and internal growth strategies. Parthenon provides equity and sub-debt capital to companies with revenues between $50 million - $500 million. The firm invests in a wide variety of industries with a particular expertise in Business and Financial Services, Healthcare, Value-Added Distribution, Niche Manufacturing and Consumer Products. For more information, visit www.parthenoncapital.com. |
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