Lovell Minnick Partners, a private equity firm focused on investments in the global financial services industry, including related technology and business service companies, and Genstar Capital, a leading private equity firm focused on investments in targeted segments of the financial services, healthcare, industrial technology, and software industries, today announced the signing of a definitive agreement in which Lovell Minnick will exit its investment in Worldwide Facilities, LLC ("Worldwide" or "the Company"), a national wholesale insurance brokerage, managing general agency and program manager, and Genstar will become a new investor in Worldwide. Financial terms of the private transaction were not disclosed.
"It has been a privilege to partner with the Worldwide management team over the past four years. We're proud to have supported the Company in executing its strategic goal of becoming a larger, more diversified, top-five insurance wholesaler in the US market," said Spencer Hoffman, a Partner at Lovell Minnick Partners. "We believe Worldwide is well-positioned for continued growth and success as it begins its next chapter of partnership with Genstar."
Headquartered in Los Angeles, Worldwide is one of the largest national wholesale insurance brokerage, managing general agent and program underwriters in the U.S. Founded in 1970, the Company has dedicated teams of product line specialists across its brokerage, managing general agent and program underwriter business units. With over 700 employees in 37 offices, Worldwide serves as the managing general agent for several leading carriers and provides a wide range of underwriting, rating, binding and policy issuance services.
"Given our focus investing in the insurance sector, we have tracked Worldwide 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 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."
"We would like to thank Lovell Minnick Partners and our Board of Directors for their support of the strategic initiatives we sought to achieve together. 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," said Davis Moore, Chairman & CEO of Worldwide. "We've successfully executed on our strategy to create a market-leading national wholesale insurance broker, managing general agent and program underwriter, with immense domestic and international reach," added President Ronald Austin. "Looking forward, Worldwide Facilities has a very bright future and we're excited about the opportunities to continue delivering significant value and service to our customers as we enter the next chapter of our growth in partnership with Genstar Capital."
"The growth at Worldwide has been terrific, significantly outpacing the market's average organic rate, while complementing that growth through strategic acquisitions and other investments. This is consistent with our desire to work with companies in which we can bring our deep industry knowledge, help identify strategic opportunities for growth, and continually invest in the further institutionalization of great, growing businesses," added Trevor Rich, a Partner at Lovell Minnick Partners.