Apax Partners to Divest Minority Interest in AssuredPartners to Gallagher for $13.45 Billion
On December 9, 2024, Apax Partners LLP, a prominent global private equity advisory firm, officially declared its decision to divest its minority stake in AssuredPartners, a leading insurance brokerage firm, to Arthur J. Gallagher & Co. This transaction, valued at an impressive $13.45 billion in cash, marks a significant milestone in the insurance brokerage space and underscores Gallagher’s strategic expansion in the industry.
Founded in 2011, AssuredPartners has quickly risen to become one of the most substantial insurance brokers in the United States. The company provides a wide array of services spanning commercial property, casualty lines, specialty lines, risk management, and employee benefits, establishing a comprehensive portfolio that caters to a diverse clientele. With approximately 10,900 employees distributed across 400 offices in the U.S., the U.K., and Ireland, AssuredPartners has developed a solid reputation for delivering top-tier insurance solutions.
Apax Partners has played a vital role in AssuredPartners' remarkable growth trajectory over the past nine years. Under their guidance, the brokerage performed approximately 400 acquisitions as part of a well-planned strategic M&A program, significantly boosting the company’s scale and positioning in the market. Furthermore, Apax made substantial investments to enhance AssuredPartners' operational capabilities, including improvements in technology, sales strategies, and infrastructure, all of which contributed to increased profitability and organic growth.
Ashish Karandikar, Partner at Apax, expressed pride in the achievements made during their partnership with AssuredPartners, pointing out the leadership of current Executive Chairman Jim Henderson and CEO Randy Larsen. He stated, “We leveraged our experience in the insurance brokerage space to support the Company’s execution of a well-defined growth strategy. Jim, Randy, and the AssuredPartners team have established a world-class insurance service franchise.” His confidence in the future of AssuredPartners as a member of the Gallagher family showcases the anticipated benefits of this acquisition.
Jim Henderson remarked on the significant contributions Apax has made to AssuredPartners, emphasizing that their experience in insurance distribution and collaborative approach were keys to the company’s current success. He stated that Gallagher is a premier leader in the industry and believes that this partnership will enhance their ability to offer best-in-class services to their clients, owing to Gallagher's extensive resources and expert capabilities.
Randy Larsen also highlighted the fruitful nine-year collaboration with Apax, stating that this deal reflects the collective efforts of the entire AssuredPartners team. As they embark on this new chapter under Gallagher, they are optimistic about the possibilities ahead.
The transaction, still pending regulatory approvals and customary closing conditions, is projected to finalize in the first quarter of 2025. Further details regarding the transaction will be made available on the Arthur J. Gallagher website. Regarding Gallagher, it is recognized worldwide as a leading insurance brokerage, risk management, and consulting services firm operating in approximately 130 countries.
AssuredPartners, headquartered in Orlando, Florida, is a recognized leader in the insurance distribution landscape, specializing in providing tailored solutions across various industry sectors. By maintaining a commitment to building trust and long-lasting relationships with its clients, the company upholds its guiding principle, "Power through Partnership." For additional insights, potential clients can visit their website at www.assuredpartners.com.
Apax Partners, with over 50 years of experience in private equity, has raised nearly $80 billion across various sectors, positioning itself as a key player in global investment. For those interested in the specifics of Apax’s strategy and investment capabilities, more information is available at their official site, www.apax.com.
In conclusion, this strategic divestment marks another chapter in the evolving landscape of the insurance brokerage sector, where companies are increasingly focusing on expanding capabilities through mergers and acquisitions.
Founded in 2011, AssuredPartners has quickly risen to become one of the most substantial insurance brokers in the United States. The company provides a wide array of services spanning commercial property, casualty lines, specialty lines, risk management, and employee benefits, establishing a comprehensive portfolio that caters to a diverse clientele. With approximately 10,900 employees distributed across 400 offices in the U.S., the U.K., and Ireland, AssuredPartners has developed a solid reputation for delivering top-tier insurance solutions.
Apax Partners has played a vital role in AssuredPartners' remarkable growth trajectory over the past nine years. Under their guidance, the brokerage performed approximately 400 acquisitions as part of a well-planned strategic M&A program, significantly boosting the company’s scale and positioning in the market. Furthermore, Apax made substantial investments to enhance AssuredPartners' operational capabilities, including improvements in technology, sales strategies, and infrastructure, all of which contributed to increased profitability and organic growth.
Ashish Karandikar, Partner at Apax, expressed pride in the achievements made during their partnership with AssuredPartners, pointing out the leadership of current Executive Chairman Jim Henderson and CEO Randy Larsen. He stated, “We leveraged our experience in the insurance brokerage space to support the Company’s execution of a well-defined growth strategy. Jim, Randy, and the AssuredPartners team have established a world-class insurance service franchise.” His confidence in the future of AssuredPartners as a member of the Gallagher family showcases the anticipated benefits of this acquisition.
Jim Henderson remarked on the significant contributions Apax has made to AssuredPartners, emphasizing that their experience in insurance distribution and collaborative approach were keys to the company’s current success. He stated that Gallagher is a premier leader in the industry and believes that this partnership will enhance their ability to offer best-in-class services to their clients, owing to Gallagher's extensive resources and expert capabilities.
Randy Larsen also highlighted the fruitful nine-year collaboration with Apax, stating that this deal reflects the collective efforts of the entire AssuredPartners team. As they embark on this new chapter under Gallagher, they are optimistic about the possibilities ahead.
The transaction, still pending regulatory approvals and customary closing conditions, is projected to finalize in the first quarter of 2025. Further details regarding the transaction will be made available on the Arthur J. Gallagher website. Regarding Gallagher, it is recognized worldwide as a leading insurance brokerage, risk management, and consulting services firm operating in approximately 130 countries.
AssuredPartners, headquartered in Orlando, Florida, is a recognized leader in the insurance distribution landscape, specializing in providing tailored solutions across various industry sectors. By maintaining a commitment to building trust and long-lasting relationships with its clients, the company upholds its guiding principle, "Power through Partnership." For additional insights, potential clients can visit their website at www.assuredpartners.com.
Apax Partners, with over 50 years of experience in private equity, has raised nearly $80 billion across various sectors, positioning itself as a key player in global investment. For those interested in the specifics of Apax’s strategy and investment capabilities, more information is available at their official site, www.apax.com.
In conclusion, this strategic divestment marks another chapter in the evolving landscape of the insurance brokerage sector, where companies are increasingly focusing on expanding capabilities through mergers and acquisitions.
Topics Financial Services & Investing）
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