Confie Seguros, a provider of personal lines insurance, and a portfolio company of ABRY Partners, has acquired Economy Insurance Agency.
Economy Insurance Agency is a provider of auto, home and small commercial insurance. The agency was founded in 1993 and is based in of Spring Hill, FL (www.economyinsurancemart.com).
The purchase of Economy Insurance Agency is part of Confie Seguros’ strategy to build out its geographic footprint throughout Florida. “Florida represents one of our key markets and we are pleased to add Economy Insurance to help broaden our geographic reach within the state. We have operated there for a number of years and Economy will greatly complement our existing locations,” said Joe Waked, CEO of Confie Seguros.
Confie Seguros is a national insurance distribution company primarily focused on the insurance needs of Hispanic consumers. Confie Seguros has annual revenue approaching $200 million with over 300 retail locations. The company has leading market positions in California, Arizona, Texas, Florida, Washington, Oregon, New York, New Jersey, and Nevada and expects to continue its expansion in those and other states, including Illinois, Georgia, and the Carolinas. The company was founded in 2008 and is based in New York (www.confieseguros.com).
ABRY Partners acquired Confie Seguros from Genstar Capital in November 2012. So far in 2013, Confie Seguros has acquired five companies and is expected to complete additional transactions in the second half of the year as it continues to assess its pipeline of potential investments. Confie Seguros completed 22 acquisitions in 2012.
ABRY Partners invests in the media, communications and information sectors. ABRY is currently investing ABRY Partners VII (a $1.6 billion fully-capitalized traditional private equity fund), ABRY Senior Equity III (a $750 million fully-capitalized senior equity/mezzanine fund) and ABRY Advanced Securities Fund II (a $1.2 billion fully-capitalized senior debt fund). The firm is headquartered in Boston (www.abry.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 8-5-13
