Personable Insurance, a portfolio company of Excellere Partners, has acquired Endeavor General Agency, a non-standard personal automobile managing general agency working in the US state of Texas.
The deal has been finalized in May this year, after obtaining approval of the Texas Department of Insurance, said Excellere Partners.
Personable Insurance, an independent agent-driven, specialist non-standard auto insurance provider said that the recent deal will boost its presence in all major non-standard automobile insurance markets across Texas, California, Florida and Georgia.
As per the terms of the deal, Endeavor Founder, John McKinney, will continue to work with Personable following the transaction on strategic matters and Michael Daul will dole out as vice president of operations for Personable in Texas.
Excellere Partners managing partner Ryan Heckman said this acquisition is yet another solid example of the firm’s abilities to execute on the buy-and-build strategy utilizing its proprietary value creation process, which simultaneously strengthens company infrastructure while accelerating growth.
"The management team at Personable is building an extraordinary company that is emerging as a leader in its space, and we are thrilled to have already completed two add-on acquisitions in the past six months," Heckman added.
Excellere Partners, a private equity firm having $730m of capital under management, offers partnering with entrepreneurs and management teams through majority recapitalizations and management buyouts.