Alliances and Partnerships, Business, Free News Articles, Insurance

Galway Holdings Announces Strategic Acquisition of MAI Capital Management

SAN FRANCISCO, Calif. -- Galway Holdings ("Galway") today announced its investment in MAI Capital Management LLC ("MAI"). The move adds a new business vertical in financial and wealth management services to complement existing business relationships within EPIC Insurance Brokers & Consultants as well other areas of specialization across all Galway platforms.

MAI is a full-service, independent Registered Investment Adviser ("RIA") specializing in comprehensive investment and financial planning for high-net-worth individuals and families. Galway's investment will help MAI accelerate its organic growth trajectory, enhance its client service offerings, and further expand its national presence through M&A. MAI's executive team will remain intact.

John Hahn, Executive Chairman, Galway Holdings said, "We are excited to partner with Rick Buoncore and the MAI team to provide capital and resources that will help sustain the continued growth of its premier wealth management platform. This includes our shared vision of delivering risk management and insurance solutions via our EPIC Select platform directly to high-net and ultra-high-net-worth clients and MAI's best-in-class trusted advisory services under one roof."

Rick Buoncore, MAI's Managing Partner, commented, "Clients want expertise, simplicity and a full range of financial solutions. Our new partnership with Galway gives MAI the opportunity to continue evolving in an ever-changing financial services landscape. By launching this unique approach, we can provide our clients with integrated and easy-to-access expertise across the financial spectrum, with the goal of making their lives simpler in an increasingly complex world. This is a natural evolution for MAI and builds upon the foundation we created four years ago by aligning with Wealth Partners Capital Group, which has expanded our reach and made us more accessible to clients nationwide."

MAI established a partnership with Wealth Partners Capital Group ("WPCG") in 2017, and they have worked together to identify and acquire RIAs seeking access to expanded business capabilities, strategic growth, and customized solutions. The partnership has resulted in 12 acquisitions, strategically broadening MAI's geographic footprint and enhancing its service model. WPCG will maintain an equity position in MAI while continuing to collaborate on additional growth opportunities.

Galway's investors include three prominent private equity firms: Carlyle Group, Oak Hill Capital, and Harvest Partners. Steve Carlson, Partner at Harvest Partners added, "Last December, we partnered with Galway because, among other things, we believed the team would be able to unlock differentiated opportunities during our investment. MAI and the move into high-net-worth wealth management is one of those opportunities and we are thrilled to be involved as it redefines the risk and wealth management marketplace."

Truist Securities served as financial advisor to Galway while Ropes Gray LLP served as legal counsel to Harvest and Galway. Ardea Partners LP served as financial advisor to MAI and Holland & Knight LLP provided legal counsel to MAI and WPCG.

About Galway Insurance Holdings

Galway Insurance Holdings, LP ("Galway Holdings"), is a financial services distribution company. It includes EPIC Insurance Brokers & Consultants and a diversified brokerage distribution and underwriting platform, with a focus towards data analytics, technology transformation, and innovative risk sharing solutions.

About MAI Capital Management

MAI Capital Management ("MAI") is a fee-based registered investment adviser and wealth management firm based in Cleveland with additional offices in Cincinnati, OH, Ponte Vedra Beach and Naples, FL, Nashua, NH, Irvine, CA, Reston, VA, Little Rock, AR, New York City and St. Louis and a presence in Columbus, OH and Miami. The firm also provides comprehensive investment management and planning services to high-net-worth individuals, families and athletes. For more information, visit http://www.mai.capital/.

About Wealth Partners Capital Group

Wealth Partners Capital Group ("WPCG") is a financial services holding company, which has partnered with MAI Capital Management ("MAI"). WPCG assists MAI by identifying and integrating like-minded registered investment advisers who seek access to expanded business capabilities, strategic growth and customized transition solutions. For more information, visit http://www.wealthpcg.com/.

Related link: https://www.epicbrokers.com/

This news story was published by the Neotrope® News Network - all rights reserved.

Business, Free News Articles, Insurance

Galway Insurance Holdings Secures Majority Interest from Harvest Partners with New Equity Investments from Oak Hill Capital and The Carlyle Group

SAN FRANCISCO, Calif. -- Galway Insurance Holdings ("Galway"), the holding company for EPIC Brokers & Consultants ("EPIC") and JenCap Holdings ("JenCap"), which together represent one of the nation's largest insurance distribution firms, announced today that it has signed a definitive agreement with vehicles controlled by Harvest Partners, LP and its affiliates ("Harvest") for a majority interest of Galway.

Galway's existing private equity investors, Oak Hill Capital ("Oak Hill") and The Carlyle Group ("Carlyle"), will reinvest alongside the management team and employee shareholders, who will remain significant shareholders. Terms of the transaction were not disclosed.

In total, Galway manages over $7 billion of insurance premiums, employs over 3,100 associates and operates over 100 offices serving all 50 states. EPIC and JenCap are ranked as the 14th and 8th largest retail and specialty distribution brokers by Business Insurance magazine, respectively.

John Hahn, co-founder and Chairman of Galway, said, "We are thrilled with the outcome and are excited to welcome Harvest on as partners. To have them alongside Oak Hill and Carlyle presents us with a formidable group of investors highly supportive of our vision to continue to build a differentiated business within insurance distribution. This recapitalization provides us with the ability to be opportunistic in today's market; to grow and expand each of Galway's related specialty strategies around retail brokerage, risk management, wholesale brokerage, program administration and underwriting management."

EPIC CEO, Steve Denton said, "The addition of Harvest Partners and the ongoing commitment of both Oak Hill and Carlyle allows our retail platform to continue our exponential growth in all aspects of our business which now includes comprehensive, nationwide solutions across industry focused practices in employee benefits and property & casualty along with dedicated resources in areas like risk management, small commercial and private clients."

John Jennings, co-founder and CEO of JenCap, said, "This is exactly why we joined the Galway platform; the business dynamics of the holding company are extremely attractive for investors and will allow us to pursue our aggressive growth goals, while building out further specialty expertise and depth across our platform for our twelve thousand retail clients."

Jay Wilkins, COO and Partner of Harvest, said, "John, Steve and John have built an exceptional business with the support of Oak Hill and Carlyle that we look forward to continue aggressively growing" with Steve Carlson, Partner, adding "It is an optimal time to invest in such a strong team to capitalize on favorable dynamics in the insurance distribution space."

Steve Puccinelli, Managing Partner of Oak Hill said, "Since our original 2017 investment in EPIC, John Hahn and his top-tier team have more than tripled the business, significantly expanding that company's unique platform and successfully joining it with JenCap to create Galway in June of this year. We are excited to continue to partner with the Galway management team, as well as Harvest and Carlyle, to build the preeminent growth platform in insurance distribution."

John Redett, Managing Director and Head of Carlyle's Global Financial Services group, said, "We're proud of our long-standing partnership with John Hahn and the rest of the management team. John and the Galway team have done a fantastic job growing the business since we initially invested in 2013 and we believe Galway is positioned to capitalize on a number of strategic initiatives going forward. The addition of Harvest Partners and continued investment from Carlyle, Oak Hill Capital, and management further strengthens our tenured partnership and creates a strong alignment among all stakeholders."

Equity capital for the investment will come from funds managed by Harvest Partners, L.P., Oak Hill Partners Fund V, and Carlyle Global Financial Services Partners II and III.

The transaction is expected to be completed by the end of 2020, subject to customary closing conditions, including regulatory approvals.

Evercore Group LLC, Goldman Sachs & Co LLC and Morgan Stanley & Co LLC served as financial advisors to Galway. Weil, Gotshal & Manges LLP served as legal counsel to Oak Hill and Galway. Wachtell, Lipton, Rosen & Katz served as legal counsel to Carlyle. Ropes and Gray LLP served as legal counsel to Harvest.

About EPIC Insurance Brokers & Consultants

EPIC Insurance Brokers & Consultants, now has more than 2,600 team members operating from more than 80 offices across the U.S., providing Property and Casualty, Employee Benefits, Specialty Programs, and Private Client solutions to EPIC clients. For more information on EPIC, visit: https://epicbrokers.com/.

About JenCap Holdings

JenCap Holdings is a premier national specialty insurance distribution platform that includes managing general agencies, specialty program administrators, and transactional wholesale brokers. JenCap has assembled a management team with the sector insight and experience to drive organic growth and strategic acquisitions leveraging technology and advanced data analytics. JenCap is headquartered in New York. For more information on JenCap, visit: https://jencapholdings.com/.

About Harvest Partners

Founded in 1981, Harvest Partners is an established New York-based private equity investment firm that focuses on investments in middle-market companies in the business services & consumer, healthcare, industrial services, and manufacturing and distribution sectors. This strategy leverages Harvest Partners' nearly 40 years of experience in financing organic and acquisition-oriented growth companies. For more information, please visit https://www.harvestpartners.com/.

About Oak Hill Capital

Oak Hill Capital is a private equity firm managing funds with approximately $15 billion of initial capital commitments and co-investments since inception. Over the past 34 years, Oak Hill Capital and its predecessors have invested in over 90 private equity transactions across broad segments of the U.S. and global economies. Oak Hill Capital applies an industry-focused, theme-based approach to investing in the following sectors: Media & Communications; Services; Industrials; and Consumer, Retail & Distribution. Oak Hill works actively in partnership with management to implement strategic and operational initiatives to create franchise value. For more information, please visit: https://oakhill.com/.

About The Carlyle Group

The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $230 billion of assets under management as of September 30, 2020, Carlyle's purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. The Carlyle Group employs more than 1,800 people in 31 offices across six continents. For more information, please visit https://www.carlyle.com/.

Related link: https://www.epicbrokers.com/

This news story was published by the Neotrope® News Network - all rights reserved.

Business, Free News Articles, Insurance

JenCap Holdings LLC to Acquire Aran Insurance Services Group, a Specialty Insurance Business

NEW YORK, N.Y. -- JenCap Holdings (JenCap), a specialty insurance business, announced today that it has agreed to acquire privately-held Aran Insurance Services Group (Aran), a specialty program administrator with offices in Arizona, Colorado, Massachusetts and New York. Founded in 2009, Aran has been led by Tim Kenny and John LaCava who have built one of the leading program administration insurance platforms in the country.

JenCap Holdings (JenCap) was formed in March 2016 by The Carlyle Group (Nasdaq: CG) and JenCap management to consolidate specialty insurance distribution businesses, including managing general agents, program managers and transactional wholesale brokers. The acquisition of Aran is the ninth transaction by JenCap since its founding, and places the company among the largest specialty insurance distribution platforms in the U.S.

"The Aran team has built a multi-faceted company with a wide variety of property and casualty programs for specialty markets as well as a strong presence in the accident and health market," said John F. Jennings, President and Chief Executive Officer of JenCap. "We are excited to help in the expansion of Aran and its subsidiary companies within JenCap."

Aran Insurance Services Group Co-Founder and Chairman, Tim Kenny stated, "Aran has a long-standing commitment to our clients, carriers, and team members, and we specifically sought out a strategic partner that shared this focus. JenCap fulfills this goal, and we are very excited about our partnership."

"Aran's strategic partnership with JenCap creates a number of opportunities for growth and development," commented John LaCava, Aran Insurance Services Group Co-Founder, President and CEO. "We look forward to expanding our programs, markets, and capabilities through JenCap's established network of carriers and agency partners."

About JenCap Holdings:

JenCap Holdings is a premier national specialty insurance distribution platform that includes managing general agencies, specialty program administrators, and transactional wholesale brokers. JenCap has assembled a management team with the sector insight and experience to drive organic growth and strategic acquisitions leveraging technology and advanced data analytics. JenCap is headquartered in New York. For more information on JenCap, visit: http://jencapholdings.com/.

About Aran Insurance Services Group:

Aran Insurance Services Group is a multi-faceted company offering diversified insurance and financial services to the United States and Canadian markets. Aran specializes in both developing and acquiring insurance underwriting facilities offering specialty insurance products and services to the property casualty and accident health markets. For more information on Aran, visit: https://www.araninsurance.com/.

*LOGO link for media: https://www.Send2Press.com/wire/images/16-1207s2p-jencap-300dpi.jpg

Tickers: NASDAQ:CG / NQ: CG

Related link:

This news story was published by the Neotrope® News Network - all rights reserved.

Business, Free News Articles, Insurance

NIF Group, Inc. Acquires Agency Intermediaries, Inc.

MANHASSET, N.Y. -- NIF Group, Inc., a leading wholesale broker, program administrator and managing general agency and their parent company, JenCap Holdings LLC announces that they have agreed to acquire privately held Agency Intermediaries, Inc. and A.I.I. Insurance Brokerage of Mass., Inc. (A.I.I.). Both affiliated entities serve as MGA/contract binding authorities and wholesale insurance brokerages, respectively located in Guilford, Connecticut and East Douglas, Massachusetts.

Agency Intermediaries, Inc. was formed in 1980 by Ray Connors, Sr. and Manja Connors. Erina Connors joined in 1983, focusing on the brokerage of excess & surplus Lines. Since 1998, A.I.I. has been led by Erina Connors and Julie Sonier. Agency Intermediaries, Inc. and A.I.I. Insurance Brokerage of Mass., Inc. serve independent agents in Connecticut and Massachusetts in placing excess/specialty lines business.

NIF Group, Inc. is one of the country's leading professional insurance organizations. Serving the independent agent community as a national program administrator, regional general agent, surplus lines broker and specialty insurance Intermediary, with offices located on the east and west coasts of the U.S. NIF has been serving agents & brokers since 1976; they were successfully acquired by JenCap Holdings in December of 2016.

Mark P. Maher, President of NIF Group, Inc. stated that "The Connors and Sonier families have built an exceptional brokerage firm in the same manner in which NIF was forged. A.I.I.'s long standing commitment to their clients, carriers, exceptional service and industry expertise perfectly align with our existing branches and strategic plans for growth in the Northeast."

Erina Connors, President of A.I.I. noted "NIF is a great fit for us, our people are joining a well-respected firm with plans of growth and opportunity in the future."

Through the acquisition of A.I.I., NIF now expands their footprint in the northeast with locations in Framingham, Massachusetts, East Douglas, Massachusetts, Guilford, Connecticut, and Warwick, Rhode Island.

JenCap Holdings (JCH) was formed in March 2016 by The Carlyle Group (NASDAQ:CG) and JCH management to consolidate specialty insurance distribution businesses, including managing general agents, specialty program managers transactional wholesale brokers and captive managers.

The acquisition of Agency Intermediaries, Inc. (A.I.I.) is the sixth such transaction by JCH, which is headquartered in New York, N.Y.

Learn more about NIF Group, Inc., a JenCap Holdings Company, at: http://www.nifgroup.com/

*LOGO: Send2Press.com/300dpi/17-1114s2p-nifgroup-300dpi.jpg

Related link:

This news story was published by the Neotrope® News Network - all rights reserved.

Business, Free News Articles, Funding and Investment, Insurance

Oak Hill Capital Partners to Invest in EPIC Insurance Brokers and Consultants to Support EPIC’s Further Growth & Expansion

SAN FRANCISCO, Calif. -- EPIC Insurance Brokers & Consultants, a retail property, casualty insurance brokerage, and employee benefits consultant, announced today that private equity firm Oak Hill Capital Partners (Oak Hill) has agreed to acquire all of The Carlyle Group's stake, giving Oak Hill a controlling equity position in EPIC. Oak Hill's investment will enable EPIC to continue its aggressive organic growth strategy and will support strategic acquisitions of additional complementary insurance distribution platforms across the United States.

Founded in July 2007, EPIC has become a leading national insurance broker with annual revenues approaching $300 million. The company has developed a broad suite of capabilities related to risk management, commercial property & casualty insurance, and employee benefits consulting, as well as specialty programs for a wide range of industries nationally, including construction and design, real estate development and property management, transportation and logistics, energy, hospitality, financial and professional services, healthcare, and food and beverage.

Since Carlyle acquired a controlling stake in December 2013 with equity provided by Carlyle Global Financial Services Partners L.P. and Carlyle Global Financial Services Partners II L.P., EPIC has transformed itself from a California-centric insurance broker into one of the top 20 nationally recognized platforms while more than tripling its revenues.

John Hahn, co-founder and CEO of EPIC, said, "Over the past 10 years, we have built EPIC into a unique and successful firm that is focused on providing innovative solutions and significant value to our clients and EPIC team members by creating a culture of accountability and alignment through broad-based employee ownership. We are thankful for the robust support, guidance, and access to resources we have received from The Carlyle Group over the past three and a half years, and look forward to building further on the strengths of our organization across the country with the strategic and financial backing of Oak Hill Capital Partners."

Peter Garvey, President of EPIC, said, "We are proud of the unique 'people first' culture that we have built at EPIC. Our company will stay true to the guiding principles that were established when the business was launched 10 years ago. I am confident that with the support of Oak Hill, EPIC will continue to attract and retain the best talent in the industry and the clients who value them."

Scott Kauffman, Partner at Oak Hill said, "We are excited to partner with John Hahn, Pete Garvey, their executive team, and the entire EPIC organization, all proven industry leaders, to continue supporting EPIC's strong growth, innovation, and success in the insurance brokerage industry."

John Redett, Managing Director and Co-head of Carlyle's Global Financial Services team said, "We wish John Hahn and his team well as they continue to execute upon their strategic vision and buildout of EPIC. We believe in their business model and ability to capitalize upon the vast opportunity ahead of them, and are thankful to have played a part in their success over the past several years."

The investment is subject to customary regulatory approvals and is expected to close in the 3rd quarter of 2017. Total Enterprise Value of EPIC now approaches $1 billion, at $977 million.

Bank of America Merrill Lynch acted as lead financial advisor and SunTrust Robinson Humphrey acted as financial advisor to EPIC. Wachtell, Lipton, Rosen & Katz served as EPIC's legal advisor.

Barclays acted as financial advisor to Oak Hill and Weil, Gotshal & Manges served as Oak Hill's legal advisor.

About EPIC:
EPIC is a unique and innovative retail property & casualty and employee benefits insurance brokerage and consulting firm. EPIC has created a values-based, client-focused culture that attracts and retains top talent, fosters employee satisfaction and loyalty, and sustains a high level of customer service excellence. EPIC team members have consistently recognized their company as a "Best Place to Work" in multiple regions and as a "Best Place to Work in the Insurance Industry" nationally.

EPIC now has more than 1,000 team members operating from offices across the U.S., providing Property Casualty, Employee Benefits, Specialty Programs, and Private Client solutions to more than 20,000 clients.

With run rate revenues approaching $300 million, EPIC ranks among the top 20 retail insurance brokers in the United States and is the 10th largest privately held broker in the nation. Soon to be backed by Oak Hill Capital Partners, the company continues to expand organically and through strategic acquisitions across the country.

More information: http://www.epicbrokers.com/.

About Oak Hill Capital Partners:
Oak Hill is a private equity firm managing funds with more than $10 billion of initial capital commitments since inception from leading global endowments and foundations, public and corporate pension plans, sovereign wealth funds, insurance companies, financial institutions, consultants, and family offices. Over the past 30 years, the professionals at Oak Hill and its predecessors have invested in 84 significant private equity transactions across broad segments of the U.S. and global economies.

Oak Hill applies an industry-focused, theme-based approach to investing in the following sectors: Consumer, Retail & Distribution; Industrials; Media & Communications; and Services. Oak Hill works actively in partnership with management to implement strategic and operational initiatives to create franchise value.

More information: http://oakhillcapital.com/.

*LOGO for Media: Send2Press.com/300dpi/16-0308-epic-insurance-300dpi.jpg

Related link:

This news story was published by the Neotrope® News Network - all rights reserved.

Business, Free News Articles, Insurance

JenCap Holdings Acquires Special Risks Facilities

NEW YORK, N.Y. -- JenCap Holdings LLC announced today that it has agreed to acquire privately held Special Risks Facilities, Inc., an MGA/contract binding authority and wholesale insurance brokerage firm based in Sterling Heights, Michigan with another office in Peoria, Arizona. Special Risks was formed in 1971 and has been led by Jack Klebba and Randy Kaszeta. Messrs. Klebba and Kaszeta have built one of the premier insurance distribution platforms in Michigan.

JenCap Holdings (JCH) was formed in March 2016 by The Carlyle Group (Nasdaq: CG) and JCH management to consolidate specialty insurance distribution businesses, including managing general agents, program managers and transactional wholesale brokers. The acquisition of Special Risks (SRF) is the fifth transaction by JCH and places the company amongst the largest wholesale brokers in the U.S.

John F. Jennings, President and Chief Executive Officer of JCH, commented that, "Jack Klebba and Randy Kaszeta have built a high quality business and we are excited that they have chosen JenCap to preserve Special Risks' commitment to excellence and service to their clients. We are excited to have Special Risks join our growing distribution platform."

Jack Klebba, President of SRF stated that "We wanted a partner that felt the same way about our commitment to clients, employees and carriers and we realized early on that JenCap was the right fit."

"We are very enthusiastic about the JenCap transaction," commented Randy Kaszeta, Executive Vice President of SRF. "Our thoughts on how to continue our growth matched up perfectly with the JenCap management model."

About JenCap Holdings LLC:

JenCap Holdings is a consolidator of specialty insurance distribution and program management businesses, including managing general agencies, specialty program underwriters, transactional wholesale brokers and captive managers. JenCap Holdings has assembled a management team with the sector insight and experience to drive organic growth and strategic acquisitions leveraging technology and advanced data analytics. JenCap Holdings is headquartered in New York.

MEDIA CONTACT:
Les Ross
JenCap Holdings
415-442-8502
lross@jencapholdings.com

*LOGO for media: Send2Press.com/mediaboom/16-1207s2p-jencap-300dpi.jpg

Related link:

This news story was published by the Neotrope® News Network - all rights reserved.

Business, Free News Articles, Insurance

JenCap Acquires NIF Group

NEW YORK, N.Y. -- JenCap Holdings LLC announced today that it has agreed to acquire privately held NIF Group, Inc. (NIF), a managing general agency, program administrator and wholesale insurance broker based in Manhasset, New York, with six offices located on the east and west coasts of the United Sates. NIF was formed by Michael Orlando in 1976 and has grown to over $185 million in annual written premiums. Mr. Orlando, along with a management team led by NIF President Mark Maher, has built one of the largest specialty insurance distribution platforms in the country.

JenCap Holdings (JCH) was formed in March 2016 by The Carlyle Group (Nasdaq: CG) and JCH management in to consolidate specialty insurance distribution businesses, including managing general agents, program managers and transactional wholesale brokers. The acquisition of NIF is the fourth transaction by JCH since March and places the company among the largest wholesale brokers in the U.S.

"NIF was a target for JenCap from day one and we are happy to be partnering with one of the most successful independent MGA/specialty brokerage businesses in the country," commented John F. Jennings, President and Chief Executive Officer of JCH. "Michael Orlando and Mark Maher, as well as Michael P. Orlando, John Buckley, and David Vicari have built a tremendous business and we are thrilled that they have chosen JenCap to perpetuate NIF's commitment to excellence and service to their clients."

Michael Orlando stated that "We wanted a partner that felt the same way about our commitment to clients, employees and carriers and we realized early on that JenCap was the right fit."

"We are very enthusiastic about the JenCap transaction," stated Mark Maher, President of NIF. "Our thoughts on how to continue our growth matched up perfectly with the JenCap management model."

John Redett, Managing Director and Co-head of Carlyle's Global Financial Services team, commented, "NIF is exactly the type of entity we were looking to acquire when we started JenCap and we are excited that NIF's management and their entire team will be joining the company. We remain highly supportive of the JCH management team as it continues to expand its distribution network, product offerings and geographical footprint through organic growth and a disciplined yet aggressive acquisition strategy."

About JenCap Holdings Inc.

JenCap Holdings is a consolidator of specialty insurance distribution and program management businesses, including managing general agencies, specialty program underwriters, transactional wholesale brokers and captive managers. JenCap Holdings has assembled a management team with the sector insight and experience to drive organic growth and strategic acquisitions leveraging technology and advanced data analytics. JenCap Holdings is headquartered in New York.

Media Contact:
John Jennings
Of JenCap Holdings
347-338-3404

*LOGO: Send2Press.com/mediaboom/16-1207s2p-jencap-300dpi.jpg

This news story was published by the Neotrope® News Network - all rights reserved.