Confie Seguros, a provider of personal lines insurance and a portfolio company of ABRY Partners, has acquired three insurance brokerages in Buffalo, NY to continue the build of the company’s geographic footprint. ABRY Partners acquired Confie Seguros in November 2012 from Genstar Capital.
The three agencies acquired in Buffalo, which all sell auto insurance, include Able Insurance Agency, which has been serving the Buffalo community for over a decade; Linda’s Able Insurance, established in 1980; and Becker-Able Agency, which has been serving all of Western New York since 1993. All three former owners of the agencies will continue with Confie. With these acquisitions now closed, Confie has 55 locations in New York and has completed 15 acquisitions in the Buffalo metropolitan area alone. It is ABRY’s intention for Confie to continue as an active consolidator in Buffalo.
“These agencies have long-standing ties in the Buffalo community and as part of Confie they will have additional resources and management expertise to continue their growth,” said Valeria Rico, Chief Executive Officer of Confie. “We’re very bullish about our pipeline of potential acquisitions which includes many quality businesses. We are in active discussions with those companies, while at the same time working to successfully integrate these new businesses into the Confie organization.” Ms. Rico has been with Confie Seguros since Janaury 2011.
Confie Seguros is a national insurance distribution company primarily focused on the insurance needs of Hispanic consumers. The company has acquired and integrated over 80 businesses since its inception in 2008 and has annual revenue approaching $350 million and over 660 retail locations. Confie Seguros has sizable 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 is headquartered in New York (www.confie.com).
2015 PEPD • Private Equity’s Leading News Magazine • 5-15-15