Greenhill Capital Partners said that it has completed a $20m investment in Acrisure, a midwest insurance brokerage company headquartered in Michigan, to support the future growth initiatives for the business.

The agencies within Acrisure’s network specialize in placing property and casualty, benefits and other insurance lines with middle-market commercial accounts throughout the Midwest US. The company serves over 20,000 clients in Michigan, Illinois, Indiana and in other states and has relationships with approximately 200 insurance carriers.

Robert Niehaus, chairman and founder of Greenhill Capital Partners, 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.”

Greg Williams, CEO of Acrisure, said: “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.