Reuters: Private Equity: Insurance wholesaler AmWINS in $1.3 bln recapitalization deal

Reuters: Private Equity Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Insurance wholesaler AmWINS in $1.3 bln recapitalization deal Apr 17th 2012, 15:57 April 17 | Tue Apr 17, 2012 11:57am EDT April 17 (Reuters) - AmWINS Group Inc, the largest wholesale insurance broker in the United States by premiums placed, said it reached an agreement with private equity company New Mountain Capital for a $1.3 billion recapitalization. The deal will end AmWINS' relationship with buyout firm Parthenon Capital Partners LLC, which had bought a majority stake in the company in 2005. Last month, Reuters had reported that Parthenon and AmWINS management, who jointly own the company, were looking for buyers and expecting a valuation of about $1.5 billion. Alok Singh, Managing Director of New Mountain, said the firm was in talks with AmWINS' management for over a year. Employee shareholders will continue to own more than 30 percent of the company's equity, which is valued at over $160 million, after the recapitalization, the company said in a statement. The Charlotte, North Carolina-based company, which withdrew a proposed initial public offering in 2007, has grown aggressively through acquisitions and currently handles over $7 billion in annual premiums. Financial Technology Partners, Goldman Sachs and Willis Capital Markets & Advisory acted as financial advisers to AmWINS. Credit Suisse and Macquarie Capital advised New Mountain. Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions