Greenhill Capital Partners Announces Investment in Acrisure LLC
29 Gennaio 2010 - 2:30PM
PR Newswire (US)
NEW YORK, Jan. 29 /PRNewswire/ -- Greenhill Capital Partners, LLC
("GCP") announced the completion of a $20 million investment in
Acrisure LLC ("Acrisure" or the "Company"), a Midwest insurance
brokerage company headquartered in Grand Rapids, Michigan. Formed
in 2005, Acrisure has acquired 17 insurance agencies since
inception and today places approximately $350 million in insurance
premiums. GCP's investment will support future growth initiatives
for the business. The management of Acrisure has a successful track
record of acquiring and partnering with mid-sized independent
insurance agencies nationwide. The agencies within Acrisure's
network specialize in placing property and casualty, benefits and
other insurance lines primarily with middle-market commercial
accounts throughout the Midwest U.S. The Company serves over 20,000
clients in Michigan, Illinois, Indiana and a number of other states
and has relationships with approximately 200 insurance carriers.
Most of Acrisure's agencies have operated in their local markets
for over 30 years. Robert Niehaus, Chairman and Founder of GCP,
said: "We have made a number of investments in the insurance
industry and have evaluated various opportunities in the brokerage
and insurance services sector over the last several years. The
insurance brokerage industry presents an attractive investment
opportunity due to its large size, high degree of fragmentation,
and significant recurring cash flows. Acrisure has built a strong
market share and reputation in the Midwest, led by a driven,
entrepreneurial management team. Greg Williams and Rick Norris have
demonstrated an ability to complete and integrate attractive
acquisitions, and we look forward to working with Greg and Rick and
the entire Acrisure team as they continue to expand their
business." Greg Williams, the Chief Executive Officer of Acrisure,
added: "We look forward to an outstanding partnership with GCP.
Acrisure's agencies have deep roots and diverse relationships in
their markets and have built strong market positions by providing
the highest quality service to customers. This investment provides
Acrisure with strategic support and capital for our company's next
growth phase. We believe GCP's insurance expertise and long track
record of backing management teams will be an invaluable resource
for our business and future agency partners." About Greenhill
Capital Partners Greenhill Capital Partners currently manages four
private equity funds totaling $1.7 billion in committed capital,
consisting of two U.S. private equity funds, a European private
equity fund and a U.S. venture capital fund. GCP has had a
successful track record investing $1.2 billion in approximately 60
portfolio companies. GCP's managing directors have over 180 years
of combined private equity and senior operating experience and have
substantial personal capital invested in the funds. GCP has made
significant private equity investments in the energy, insurance,
financial services, telecommunications, for-profit education and
business services industries. Formed in 2000 as a subsidiary of
Greenhill & Co., Inc. (NYSE:GHL), GCP is now managed by the
same operating partners as part of a global private equity
investment firm called GCP Capital Partners, with offices in New
York and London. GCP Capital Partners is the successor to
Greenhill's merchant banking business. For more information about
Greenhill Capital Partners, please visit
http://www.gcpcapital.com/. About Acrisure Acrisure, based in Grand
Rapids, Michigan, is an insurance brokerage company providing
insurance services to a large variety of medium and large sized
commercial accounts throughout the Midwest. The Company specializes
in placing property and casualty, benefits and a variety of
specialty lines. Acrisure has acquired and partnered with 17
agencies since its inception and continues to seek attractive
insurance brokerage opportunities that fit strategically and
culturally into its business. For further information please
contact: At Greenhill Capital Partners: Robert Niehaus - (212)
389-1550 Boris Gutin - (212) 389-1575 At Acrisure: Gregory Williams
- (517) 853-1101 At Brunswick Group: Steve Lipin / Gemma Hart -
(212) 333-3810 DATASOURCE: Greenhill Capital Partners, LLC CONTACT:
Robert Niehaus, +1-212-389-1550 or Boris Gutin, +1-212-389-1575,
both of Greenhill Capital Partners; or Gregory Williams of
Acrisure, +1-517-853-1101; or Steve Lipin or Gemma Hart,
+1-212-333-3810, both of Brunswick Group Web Site:
http://www.gcpcapital.com/
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