AmWINS Group has signed a definitive agreement to acquire a strategic interest in New Mountain Capital for nearly $1.3bn, while others terms of the agreement have not been revealed.
AmWINS CEO Steven DeCarlo said the new partnership allows AmWINS to continue its growth trajectory both organically and through strategic acquisitions.
"This transaction demonstrates the value of the AmWINS industry-leading platform and is a testament to our employees’ hard work, dedication and commitment to building our business and focusing on our customers," DeCarlo said.
"We are confident that New Mountain will be a value added partner as we focus on the growth and innovation initiatives that have made AmWINS’ first decade such an outstanding success."
Upon completion of the agreement, which is subject to customary regulatory approvals and closing conditions, AmWINS’ employee shareholders will continue to own more than 30% or more than $160m, of AmWINS equity at the result of the recapitalization.
AmWINS’ senior management, local management or operational teams will not be affected as a result of this transaction, which is likely to complete by end of June 2012.
Financial Technology Partners, Goldman, Sachs & Co and Willis Capital Markets & Advisory served as financial advisors to AmWINS, while Credit Suisse and Macquarie Capital acted as advisors to New Mountain.
Headquartered in North Carolina, AmWINS is a specialty insurance broker placing over $7bn of premiums through its relationships with over 16,000 retail brokerage firms and more than 1,000 insurance carriers.