Worldwide Facilities, a national wholesale insurance broker, managing general agent and program underwriter, today announced the signing of a definitive agreement with Genstar Capital, a San Francisco based private equity firm, for an investment in Worldwide Facilities. The transaction includes Lovell Minnick’s divestiture of its interests following 4 years of unprecedented growth by Worldwide Facilities since Lovell Minnick’s 2015 investment. The financial terms of the private transaction were not disclosed. The transaction is expected to close in the third quarter of 2019 and is subject to customary closing conditions.
Davis Moore, CEO of Worldwide Facilities commented “We would like to thank Lovell Minnick Partners for their support of the strategic initiatives we sought to achieve together. We completed eight acquisitions, added high quality producers and management talent and achieved above average organic growth while building a specialized and diversified platform designed to continue to increase our relevance in the market for years to come. We look forward to continuing to execute our growth strategy and increasing our market relevance with our new partner. Genstar is knowledgeable and experienced with insurance distribution investments and enjoys an excellent reputation and track record.”
“We are proud to have supported the Worldwide Facilities management team over the past four years,” said Spencer Hoffman, a Partner at Lovell Minnick. “We have witnessed Worldwide Facilities’ execution of its strategic goal of becoming a more diversified, top-five insurance wholesaler. The company is well-positioned for continued growth with Genstar Capital, and we wish them success.”
“Given our focus investing in the insurance sector, we have tracked Worldwide Facilities for many years, and have been impressed with the company’s significant growth,” said Ryan Clark, President and Managing Director at Genstar. “The management team is outstanding and has established Worldwide Facilities as an employer and platform of choice, and we believe there are multiple opportunities to continue organic growth and strengthen its position as a leading independent wholesale broker, MGA and program manager. Importantly, we expect to support strategic add-on acquisitions that will further scale the business and enhance its technology and product offerings to create innovative solutions for its clients.”
Morgan Stanley & Co. LLC and Waller Helms Advisors acted as financial advisors to Worldwide Facilities in connection with the transaction. McGuireWoods LLP served as legal counsel.
About Worldwide Facilities, LLC
Worldwide Facilities is a national wholesale insurance broker, managing general agent and program underwriter that has been in business since 1970. Its brokers and underwriters are industry leaders providing expertise in a wide range of specialty lines, as well as extensive contacts with carriers domestically and overseas. For more information, please visit wwfi.com.
About Genstar Capital
Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for over 30 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar currently has approximately $17 billion of assets under management and targets investments focused on targeted segments of the financial services, healthcare, industrial technology and software industries.
About Lovell Minnick Partners
Lovell Minnick Partners is a private equity firm focused on investments in the global financial services industry, including related technology and business services companies. Lovell Minnick provides developing companies with equity capital to support private company recapitalizations, execute majority buyouts, and pursue growth initiatives. Since its inception in 1999, Lovell Minnick Partners has raised $3.2 billion in committed capital and has completed investments in over 50 platform companies. Targeted investment areas include asset management, wealth management, investment product distribution, specialty finance, insurance and brokerage services, financial and insurance technology, and related business services. Over its twenty-year history, Lovell Minnick has built a steady track record of investment returns through a consistent investment process that focuses on driving portfolio company growth, strategic activity, and operational improvement, without relying upon excessive financial leverage. For more information, please visit www.lmpartners.com.