NEW
YORK, July 1, 2024 /PRNewswire/
-- Reverence Capital Partners ("Reverence Capital"), a private
equity firm focused on investing in financial services businesses,
today announced it has agreed to acquire a majority stake in
Sunstar Insurance Group, LLC ("Sunstar"), a leading independent
retail insurance broker. The terms of the transaction were not
disclosed.
Founded in 2012, Sunstar is a Memphis-based retail insurance brokerage
platform focused on the Southeast and Midwest United States. The
Company operates an integrated hub-and-spoke model, providing
Commercial P&C, Personal P&C and Employee Benefits
insurance brokerage services to small and medium sized businesses
and individuals. With over $1.2
billion in premiums placed, Sunstar is ranked as the
33rd largest independent insurance agency in the U.S.
The agency has exhibited strong growth over the past several years,
driven by a combination of consistent organic growth and tuck-in
acquisitions. Sunstar is poised to continue its impressive
performance and capitalize on numerous initiatives to further
accelerate growth.
Sunstar will continue to be led by its current management team,
including Casey Bowlin, founder and
CEO, Greg Lottes, President and COO,
Chris Parcell, CFO and Nick Colicchio, Vice President of Carrier
Relationships and Strategic Partnerships. The management team has
decades of insurance brokerage experience and is augmented by a
group of regional leaders who are also highly respected industry
veterans. Management, along with key personnel, will roll a
material portion of their proceeds from this transaction and
maintain a meaningful minority stake.
"I am delighted to now be partnered with such a successful and
prominent firm as Reverence Capital Partners," commented
Casey Bowlin. "With their ongoing
support and equity capital backing, I am quite confident that the
future growth curve of Sunstar will continue to be upwardly
remarkable."
"Casey and his team have built a differentiated and rapidly
growing platform thanks to exceptional leadership, a unified and
team-oriented culture, and a disciplined approach to M&A," said
Reverence Capital Managing Partner Milton Berlinski. "We are
thrilled to be partnering with such a high caliber management team
and look forward to providing the necessary capital and support to
execute on Sunstar's plan of accelerated organic and inorganic
growth."
RCP's investment in Sunstar demonstrates the firm's thematic
view of the importance of distribution in the insurance value
chain.
Piper Sandler & Co. and Bass,
Berry & Sims PLC served as the financial advisor and legal
counsel, respectively, for Sunstar, and Kirkland & Ellis LLP
served as legal counsel to RCP.
About Reverence Capital Partners
Reverence Capital
Partners is a private investment firm focused on three
complementary strategies: (i) Financial Services-Focused Private
Equity, (ii) Opportunistic, Structured Credit, and (iii) Real
Estate Solutions. Today, Reverence manages in excess of
$10 billion in AUM. Reverence focuses
on thematic investing in leading global Financial Services
businesses. The firm was founded in 2013, by Milton Berlinski, Peter
Aberg and Alex Chulack, after
distinguished careers advising and investing in a broad array of
financial services businesses. The Partners collectively bring over
100 years of advisory and investing experience across a wide range
of Financial Services sectors.
For media inquiries about this press release, please
contact:
Reverence Capital Partners
+1 (212) 804-8025
info@reverencecapital.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/reverence-capital-partners-enters-into-definitive-agreement-to-acquire-sunstar-insurance-group-302186834.html
SOURCE Reverence Capital Partners