Greenhill Capital Partners is backing Acrisure, a Michigan-based insurance agency operator, by investing $20 million. The PE firm’s deal plans to back the mergers and acquisitions minded insurance company’s expansion.
Greenhill Capital Partners is currently managing four PE funds consisting of two US private equity funds, a European PE fund and a US venture capital fund. They have a successful track record investing in energy, insurance, telecommunications, financial services, telecommunications and education and business services industries.
Seventeen separate deals build Acrisure and the private equity firm’s investment in the firm will be utilized to support the future growth initiatives of the company. The size of the stake provided to the firm has not been disclosed and calls needing comments have not been returned either.
Greenhill Capital Partners have split from their investment banking partner and founding entity, Greenhill & Co. The decision of investment in the firm came just a month after the split. Financial services companies in the company’s portfolio include First Equity Card, Healthcare Finance Group, Peachtree Settlement Funding, Tammac Holdings and Trans-Fast Remittance.
Acrisure is an insurance brokerage company which provides services to a huge variety of commercial accounts through almost the entire Midwest. The company is based in Grand Rapids, Michigan and places around $350 million in insurance premiums and has acquired seventeen insurance agencies. It still continues to look for attractive insurance brokerage offers that fit into its business. The insurance brokerage company specializes in placing property and casualty, benefits and different specialty lines.
