Non-public fairness investor Reverence Capital Companions has entered right into a definitive settlement to accumulate a majority stake in Sunstar Insurance coverage Group.
The businesses didn’t reveal the monetary specifics of the transaction.
Based in 2012 and primarily based in Memphis, US, Sunstar operates as a retail insurance coverage middleman platform, with a deal with the south-east and Midwest US.
It operates on an built-in hub-and-spoke mannequin, providing a variety of insurance coverage brokerage providers.
These providers cater to each small and medium-sized companies and particular person purchasers, specializing in business property and casualty (P&C), private P&C and worker advantages.
Sunstar, with greater than $1.2bn in premiums positioned, is reputed to be the Thirty third-largest impartial insurance coverage company within the US.
Entry probably the most complete Firm Profiles
in the marketplace, powered by GlobalData. Save hours of analysis. Acquire aggressive edge.
Firm Profile – free
pattern
Thanks!
Your obtain e-mail will arrive shortly
We’re assured in regards to the
distinctive
high quality of our Firm Profiles. Nevertheless, we wish you to take advantage of
useful
determination for your online business, so we provide a free pattern that you would be able to obtain by
submitting the under kind
By GlobalData
Sunstar’s present administration crew, comprising Casey Bowlin, founder and CEO; Greg Lottes, president and COO; Chris Parcell, CFO; and Nick Colicchio, vice-president of provider relationships and strategic partnerships, will proceed to guide the corporate.
As a part of the settlement, the administration and key personnel will reinvest a considerable a part of their proceeds from the deal, retaining a significant minority possession within the firm.
Bowlin stated: “I’m delighted to now be partnered with such a profitable and outstanding agency as Reverence Capital Companions.
“With their ongoing help and fairness capital backing, I’m fairly assured that the long run progress curve of Sunstar will proceed to be upwardly outstanding.”
Reverence Capital managing accomplice Milton Berlinski stated: “Casey and his crew have constructed a differentiated and quickly rising platform because of distinctive management, a unified and team-oriented tradition and a disciplined method to M&A.
“We’re thrilled to be partnering with such a excessive calibre administration crew and look ahead to offering the mandatory capital and help to execute on Sunstar’s plan of accelerated natural and inorganic progress.”
Piper Sandler & Co. and Bass, Berry & Sims acted as monetary advisor and authorized counsel, respectively, for Sunstar.
In the meantime, Kirkland & Ellis offered authorized counsel to Reverence Capital Companions on this transaction.
