The risk management business of Ever.Ag helps dairy, swine, cattle and grain operators protect themselves against swings in commodity prices, pairing insurance, advisory and derivatives brokerage with proprietary technology and market data. Funds managed by Stone Point Capital have acquired the business, which will operate independently under current management and a new brand.
The sale lets Ever.Ag concentrate on software, artificial intelligence and tech-enabled services for agricultural supply chain customers, and both sides expect to keep commercial ties in place. Pete Turk, co-founder and executive chairman of the risk management business, said Stone Point brings experience and resources that will accelerate its strategy. Chuck Davis, chairman and co-chief executive officer of Stone Point, said the business sits at the intersection of insurance, brokerage, technology and advisory services. Stone Point manages more than $75 billion. William Blair advised Ever.Ag with Orrick, Herrington & Sutcliffe as legal counsel, and Sidley Austin advised Stone Point. Terms were not disclosed.
