US-based White Mountains Insurance Group has bought a 63% stake in customer acquisition services provider Tranzact, for $178m.
Based in New Jersey, Tranzact offers end-to-end customer acquisition solutions to the insurance sector, and is a portfolio company of Veronis Suhler Stevenson (VSS) and Ares Management.
The deal valued the company at $280m.
White Mountains Insurance Group chairman and CEO Ray Barrette said: "Tranzact is uniquely positioned to help insurance companies reach consumers. We at White Mountains are excited to partner with the Tranzact management team to help them execute on their vision."
With around 700 licensed insurance agents, Tranzact provides services in the health, life, auto, and home insurance segments. It owns and operates various consumer-facing websites such as AutoInsurance.com and DirectHealth.com.
Tranzact CEO David Graf said that VSS and Ares have been strong and supportive partners to the company over the years.
"We very much look forward to continuing our growth trajectory with White Mountains in the years to come," Graf added.
Petsky Prunier Securities served as financial advisor to Tranzact, while Lowenstein Sandler as legal advisor, and Cravath, Swaine & Moore served as legal advisor to White Mountains.