Additional investors include Fidelity Management & Research Company, Apollo Funds, Gallatin Point and BDT & MSD Partners
Financing values Acrisure at $32 billion as company strengthens status as a global fintech leader
GRAND RAPIDS, Mich.–(BUSINESS WIRE)–Acrisure today announced it has entered into a definitive agreement for the issuance of new convertible senior preferred stock in a $2.1 billion capital raise led by Bain Capital. Funds from the round will be used to refinance a portion of its existing non-convertible preferred stock, pursue strategic accretive M&A and accelerate its development as a tech-enabled financial services platform, advancing its strategy to become the preeminent fintech solutions provider for millions of small- and medium-sized businesses domestically and abroad.
“This transaction represents a significant milestone and serves as proof that our vision for Acrisure’s scaled platform has become a reality,” said Greg Williams, Chairman, CEO and Co-founder of Acrisure. “Our evolution from an insurance brokerage into an AI- and technology-powered global financial services provider has opened the door to massive opportunity. I see limitless potential for how far Acrisure can go, and we’re extremely grateful for the financial support and validation from our investors.”
The investors involved in the transaction include Bain Capital Special Situations, Fidelity Management & Research Company, Apollo Funds, Gallatin Point Capital, BDT & MSD Partners, and a consortium of other investors. No existing investor exited as part of this transaction. BDT & MSD remains the largest minority shareholder in Acrisure through affiliated funds.
“Greg and his talented leadership team have built an impressive business that is clearly differentiated by its combination of entrepreneurial DNA, cutting-edge technology capabilities and deep industry expertise,” said Cristian Jitianu, a Partner at Bain Capital who will be joining Acrisure’s board of directors. “We are pleased to be selected as Acrisure’s partner of choice on this transaction and look forward to supporting their continued growth strategy as the Company builds on its success delivering the right personalized insurance and business solutions to its clients.”
Going forward, Acrisure will continue to expand its footprint and product offerings through strategic, accretive M&A, fully integrating the platform created through its previous 900 acquisitions, and driving organic growth with its robust suite of tailored offerings, which now includes real estate services, cybersecurity tools, payroll and payment processing, and retirement/wealth solutions.
Acrisure’s unprecedented growth has driven the company’s valuation to $32B, marking a nearly 40% increase since its last institutional capital raise just three years ago. Prior to this funding round, Acrisure has prepared for its further expansion by bolstering its executive bench to better fit the company’s go-forward vision and support its best-in-class technology capabilities. Most recently, the firm hired a new CTO, Mark Wassersug, former COO of the Intercontinental Exchange, and a new Chief Administrative Officer, Shawn Pelsinger, the former Global Head of Corporate Development at Palantir Technologies.
Morgan Stanley & Co. LLC served as sole and exclusive placement agent and Skadden, Arps, Slate, Meagher & Flom LLP and Varnum LLP served as legal counsel to Acrisure.
About Acrisure
A global fintech leader, Acrisure empowers millions of ambitious businesses and individuals with the right solutions to grow boldly forward. Bringing cutting-edge technology and top-tier human support together, it connects clients with customized solutions across a range of insurance, reinsurance, payroll, benefits, cybersecurity, real estate services – and beyond. In the last eleven years, Acrisure has grown in revenue from $38 million to almost $5 billion and employs over 19,000 colleagues in 23 countries. And this is just the beginning. To learn more, visit Acrisure.com.
About Bain Capital
Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. Our Special Situations team focuses on capital solutions opportunities that provide companies flexible capital that meets their specific needs, coupled with deep operational, strategic and financial value-add capabilities. We have 24 offices on four continents, more than 1,850 employees, and approximately $185 billion in assets under management. To learn more, visit www.Baincapital.com. Follow @Bain Capital on LinkedIn and X (Twitter).
Contacts
Media Contact:
Acrisure
Kate Dillon
646-818-9115
[email protected]
Bain Capital
Charlyn Lusk / Scott Lessne
646-502-3549 / 646-502-5469
[email protected] / [email protected]
