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ABRY Partners Acquires Capital Insurance Agency of Trenton

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Confie Seguros, a U.S. personal lines insurance broker primarily serving the Hispanic population and a portfolio company of ABRY Partners, has acquired Capital Insurance of Trenton.

ABRY Partners acquired Confie Seguros from Genstar Capital in November 2012. So far in 2013, Confie Seguros has acquired four 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.

Capital Insurance Agency of Trenton specializes in personal insurance lines as well as commercial insurance. The company was founded in 1935 and is based in Trenton, NJ (www.capitalinsuranceagency.net).

“We are pleased to add Capital Insurance as we strengthen our focus on New Jersey and the surrounding region. In addition, we recently added Jayla Insurance Agency as a fold-in acquisition for our Paterson office,” 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 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 • 5-1-13

Genstar Capital Acquires Acrisure

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Genstar Capital has acquired Acrisure, the 50th largest privately owned insurance agency in the United States.

Acrisure’s product lines include property & casualty, employee benefits and related third party administrator services, human resource outsourcing, loss & claims management, surety bonding and personal lines coverage. The company was co-founded in 2005 by CEO Greg Williams to acquire independent insurance agencies across the Midwest and since then has completed 26 acquisitions. The company is based in Grand Rapids, MI (www.acrisure.com).

“I am pleased to be partnering with the team at Genstar who bring a proven track record of growing and building a company like ours in the insurance industry. We have a shared vision to continue Acrisure’s growth both organically and through strategic acquisitions and Genstar is the ideal partner who brings additional resources and valuable expertise as we acquire strategic add-on opportunities and accelerate the growth of the Acrisure portfolio,” said Mr. Williams.

J. Ryan Clark, a Managing Director at Genstar, as well as Tony Salewski and David Golde of Genstar will join the Acrisure Board of Directors. In addition, John Addeo, retired CEO of Genstar’s former portfolio company, Confie Seguros, will also join the Acrisure Board.

“Greg Williams is a highly successful and capable leader who has built Acrisure into one of the leading insurance agencies in the Midwest. We were attracted by the company’s historically strong performance, both organically and through acquisitions, its broad set of capabilities, and the high quality of the management team and local agency partners. By working with Greg and his team we believe we have an opportunity to leverage Genstar’s extensive insurance executive network to accelerate growth and expand the company’s footprint nationally,” said Mr. Clark.

Genstar pursued a similar growth strategy with its former portfolio company Confie Seguros, which Genstar helped build into a national insurance distribution company primarily focused on the needs of Hispanic consumers. Genstar partnered with John Addeo and other insurance industry executives in 2008 to establish Confie Seguros and grew the company to over 300 retail locations with annual revenues approaching $200 million by 2012. Significant value was created through an acquisition program (38 add-on acquisitions under Genstar ownership), organic EBITDA growth and cash flow generation. Genstar sold Confie Seguros in November 2012 to ABRY Partners.

Genstar Capital is a private equity firm that invests in middle-market companies and builds value in those businesses by utilizing the expertise of its operating partners. Genstar has more than $4 billion of committed capital under management and targets investments within the life sciences, healthcare services, financial & business services, software & software services and industrial technology industries. The firm was founded in 1988 and is based in San Francisco (www.gencap.com).

“Genstar continues to expand and deepen its commitment to the financial services vertical. We have a reputation for executing innovative transactions across a wide spectrum of the financial services sector by partnering with high-quality management teams in businesses that exhibit attractive growth opportunities,” said Jean-Pierre Conte, Managing Director and Chairman of Genstar. “Combined with our strong relationships with industry experts, which can be invaluable for management teams as they look to expand their businesses and execute on strategic objectives, we make long-term capital investments and provide our expertise to support the strategic and financial objectives of the companies in which we invest.”

AcquiGrowth Capital (www.acquisitiongrowthcapital.com) advised Genstar and Dowling Hales (www.dowlinghales.com) advised Acrisure on the transaction.

© 2013 PEPD • Private Equity’s Leading News Magazine • 3-1-13

Genstar Capital Exits Confie Seguros

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Confie Seguros, a U.S. personal lines insurance broker primarily serving the Hispanic population and a portfolio company of Genstar Capital, has been acquired by ABRY Partners.

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, NY (www.confieseguros.com).

Genstar partnered with insurance executives in 2008 to establish Confie Seguros and has since built the company into a national insurance distribution company primarily focused on the needs of Hispanic consumers.  During Genstar’s ownership, the company grew to over 300 retail locations with annual revenues exceeding $200 million.  Confie Seguros was rated among the top 10 in revenues in Insurance Journal’s latest top 100 ranking of insurance agencies and in Best’s Review’s 2012 Top 20 Global Insurance Brokers.

“We are excited to be partnering with Joe Waked, Mordy Rothberg and the rest of the management of Confie Seguros,” said Brent Stone, a Partner at ABRY.  “We believe strongly in the business model and the ability of management to continue to expand the company into new geographies and lines of business.”

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 located in Boston, MA (www.abry.com).

Genstar Capital is a private equity firm that invests in middle-market companies and builds value in those businesses by utilizing the expertise of its operating partners. Genstar has more than $3 billion of committed capital under management and targets investments within the life sciences, healthcare services, financial & business services, software & software services and industrial technology industries. The firm was founded in 1988 and is based in San Francisco, CA (www.gencap.com).

“We are very pleased with the outcome of this investment for our investors and also for Confie Seguros’s management team and employees,” said J. Ryan Clark, a Managing Director of Genstar.  “Building Confie into a strong national insurance provider demonstrates the firm’s strategy of identifying key growth sectors and working with successful industry executives like John Addeo and CEO Joe Waked to build successful businesses.  We want to thank John Addeo, John Klaeb, Joe Waked, Mordy Rothberg and the rest of the Confie management team for a great partnership.”

Mr. Waked will continue as CEO of Confie and Mordy Rothberg, President, will continue in that executive role.  “Confie was established with a single platform of 30 stores and with the help of Genstar’s team we built a leader in providing insurance and other financial services to the underserved Hispanic community,” said Mr. Waked. “Our new financial partner, ABRY Partners, shares our vision for Confie’s continued expansion and we look forward to further building the company and expanding its product offerings as we capitalize on the growth dynamics of this sector.”

J.P. Morgan Securities and RBC Capital Markets advised Confie Seguros on the transaction.   Alexander Sica, President and Founder of Sica Consultants, advised ABRY Partners on debt financing commitments for this transaction which was provided by RBC Capital Markets and GE Capital.

© 2012 PEPD • Private Equity’s Leading News Magazine • 11-12-12

F.N.B. Capital Corporation Exits Celtic Healthcare

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F.N.B. Capital Corporation has exited its investment in Celtic Healthcare, a home healthcare and hospice services, through the sale of the business to The Washington Post Company.

Edge Healthcare Partners served as the exclusive financial advisor to Celtic Healthcare on this transaction.

Celtic Healthcare is a multi-state provider of Medicare-certified home healthcare and hospice services throughout western, central and northeastern Pennsylvania, and Montgomery and Baltimore counties in Maryland.  The company is based in Mars, PA (www.celtichealthcare.com).

In December 2010, F.N.B. Capital provided $5 million in growth capital to Celtic Healthcare and obtained a seat on Celtic’s Advisory Board.  The cash infusion provided by F.N.B. Capital Corporation was used to complete Celtic’s acquisition of Hospice Community Care in Scranton, PA.

Arnie Burchianti, Celtic’s founder and CEO, will continue to run the business as CEO and co-owner.  “This investment from The Washington Post Company is a landmark event for our company. It positions Celtic for continued growth by combining our strong leadership, technology and expertise in delivering patient-centered care with the financial resources, long-term investment commitment and corporate values of The Washington Post Company. Celtic’s management team and I view this as an excellent opportunity for our company, employees and, most importantly, the patients we have the privilege of serving on a daily basis,” said Mr. Burchianti.

The Washington Post Company (NYSE:WPO) is a diversified education and media company. The company’s Kaplan subsidiary provides a wide variety of educational services, both domestically and outside the United States, including programs to prepare students for careers in healthcare and many other fields. Its media operations include cable television systems, newspaper publishing (principally The Washington Post) and television broadcasting (through the ownership and operation of six television broadcast stations). The Washington Post Company is based in Washington, DC (www.washpostco.com).

“Our acquisition of Celtic Healthcare is part of our ongoing strategy of investing in companies with demonstrated earnings potential and strong management teams attracted to our long-term investment horizon. It also fits with our decentralized operating philosophy. We are a diverse group of businesses sharing common goals and values but each with its own identity and workplace culture, and with management responsible for its operations,” said Donald Graham, chairman and chief executive.

F.N.B. Capital Corporation specializes in providing subordinated debt, private equity, and other types of financial capital to small and medium sized commercial enterprises, focusing on recapitalizations, buyouts, generational transitions, mergers and acquisitions, and other growth capital needs. The company is based in Pittsburgh (www.fnbcapital.com).

© 2012 PEPD • Private Equity’s Leading News Magazine • 11-12-12

Goldman Sachs Capital Partners Acquires Suncoast Insurance Associates

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USI Insurance Services, a portfolio company of Goldman Sachs Capital Partners, has acquired Suncoast Insurance Associates, a professional liability insurance brokerage.

Suncoast Insurance Associates (SIA) is an insurance brokerage operation that provides the design, delivery and servicing of professional liability insurance programs for more than 1,500 Florida-based professional firms including architects & engineers, lawyers, CPA’s, and environmental consultants. The company was founded in 1975 and is based in Tampa, FL (www.sunoastins.com).

“For almost four decades, Suncoast Insurance Associates has been the “go-to” insurance agency for the design firm marketplace in Florida. In addition to architects and engineers, Suncoast has growing practices providing professional liability for healthcare, technology, accounting and law firms. SIA’s deep strong relationships are a perfect match for USI’s strategy of providing custom insurance solutions for growing industry verticals. With this acquisition, USI has bolstered its growing national footprint in professional liability, with significant practices in the Northwest, Southwest, Midwest and now Southeast,” said James Dunn, USI’s regional CEO for Southeast.

USI is a distributor of property and casualty insurance and employee benefits products to businesses throughout the United States. USI was founded in 1994 and is headquartered in Briarcliff Manor, NY, and operates out of 81 offices in 24 states (www.usi.biz.).

GS Capital Partners is the private equity vehicle through which Goldman Sachs conducts its large, privately negotiated, corporate equity investment activities and is currently investing through its sixth fund. GS Capital Partners focuses on large, sophisticated business opportunities in which value can be created through leveraging the resources of Goldman Sachs (www.gs.com/pia).

© 2012 PEPD • Private Equity’s Leading News Magazine • 8-21-12

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