Confie Seguros, a provider of personal lines insurance and a portfolio company of ABRY Partners, has acquired three insurance brokerages in New York and Washington that will build on the company’s existing geographic footprint. ABRY Partners acquired Confie Seguros in November 2012 from Genstar Capital.
Confie Seguros is a national insurance distribution company primarily focused on the insurance needs of Hispanic consumers. Confie Seguros has acquired and integrated over 70 businesses since its inception and has annual revenue approaching $350 million and over 560 retail locations. The company has leading market positions in California, Arizona, Texas, Florida, Washington, Oregon, New York, New Jersey, Nevada, Illinois, Alabama, Kansas, Wisconsin, South Carolina, Missouri, Louisiana, and Indiana and expects to continue its expansion in those and other states, including Georgia, Virginia and North Carolina. The company was founded in 2008 and is based in New York (www.confieseguros.com).
The three new acquisitions completed by ABRY for Confie Seguros are as follows: AA Insurance Services, founded in 1995 and based in Lockport, NY, is a standard personal lines agency specializing in auto and homeowners insurance; Parietti & McGuire Insurance is a second generation family-owned business founded 50 years ago that is based today in Monroe, NY and specializes in providing auto, home and small commercial insurance; and Insurance Now, headquartered in Bellingham, WA was founded in 1997 and specializes in auto insurance.
“We are pleased that family-owned businesses see value in entrusting their companies with us as we build on the legacies established in their communities. Our investment pipeline remains robust in all of our key markets, and we look forward to completing additional acquisitions in the fourth quarter,” said Joe Waked, Chairman of Confie Seguros.
ABRY Partners invests in the media, communications, and business and information sectors. ABRY is currently investing ABRY Partners VII (a $1.6 billion private equity fund), ABRY Senior Equity III (a $750 million senior equity/mezzanine fund) and ABRY Advanced Securities Fund II (a $1.2 billion senior debt fund). The firm is headquartered in Boston (www.abry.com).
2014 PEPD • Private Equity’s Leading News Magazine • 10-3-14
