AssuredPartners Inc
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The deal is financially attractive, but risks diluting the jewel that is Gallagher’s US mid-market business. -
The deal represents a 14.3x Ebitda multiple and strengthens Gallagher’s mid-market position.
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The deal dramatizes the jammed PE deals conveyor, with the playing field tilted towards strategics.
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If the deal is finalized, it will represent the largest in the acquirer’s history.
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This follows yesterday’s appointment of Sean Smith as company president.
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This publication previously revealed that private equity firm GTCR was seeking to place the broker into a continuation vehicle.
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The move comes less than a year after AssuredPartners’ sale process reached a stalemate.
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Brady Gallagher becomes M&A director for the brokerage’s retail operations.
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Current regional sales leader Weiss will succeed Deal in the role.
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Challenges include integration, delevering, winning staff over and building a compelling equity story.
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Hank Dominioni will focus on Hartford, Torrington and greater Connecticut.
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The firm may be a victim of its own success and size but a challenging macro landscape is also presenting obstacles for levered brokers as The Squeeze 2.0 looms.
Related
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Need to Know: The Week in Brief, AssuredPartners, Vesttoo
September 08, 2023 -
Broker M&A: When private equity’s interest cools
August 10, 2023