US-based non-public fairness firm BharCap Companions, by way of its affiliate, has acquired insurance coverage companies holding firm Insurvia for an undisclosed quantity.
Gemspring Capital, together with the administration staff, have been the promoting shareholders within the transaction.
Insurvia, which specialises in distributing insurance coverage insurance policies from greater than 50 insurance coverage corporations, has established long-standing relationships spanning greater than a decade to supply cost-effective insurance coverage protection choices to its clients.
With its headquarters in Las Vegas, Insurvia consists of subsidiaries Fiesta Auto Insurance coverage and La Familia Company.
Fiesta Insurance coverage, a retail franchisor, has 60 franchisees throughout eight states, working greater than 220 retail shops. La Familia Insurance coverage, an unbiased company, gives insurance coverage companies by way of 70 retail storefronts in Texas.
In response to Gemspring, below its possession, Insurvia acquired a number of corporations to drive its progress throughout numerous retailer places, created an omnichannel gross sales mannequin and launched numerous new merchandise to cater to shoppers’ necessities.
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The newest acquisition of Insurvia is according to BharCap’s strategic plan to put money into insurance coverage distribution companies.
BharCap co-founding accomplice Ethan Wang stated: “Danish Charanya and his staff have constructed a number one insurance coverage distribution platform centered on an unlimited and underserved auto insurance coverage market with a number of confirmed levers for future progress.
“This transaction suits one in every of BharCap’s key themes of investing in insurance coverage distribution companies given its recurring, fee-based enterprise mannequin pushed by state-mandated insurance coverage legal guidelines.”
The authorized advisory staff for BharCap included Skadden, Arps, Slate, Meagher & Flom and Kirkland & Ellis.
McDermott Will & Emery offered authorized counsel to Insurvia and the promoting shareholders through the acquisition course of, whereas Robert W. Baird & Co. and William Blair have been their monetary advisors.
Insurvia CEO Danish Charanya stated: “Insurvia supplies a horny worth proposition to our customers, insurance coverage carriers and franchisees by way of our scale, entry to hard-to-reach clients, aggressive charges and specialised customer support.”
Final yr in October, BharCap closed the acquisition of ARMStrong Receivable Administration.
