Acrisure Attracts $2.1 Billion Investment from Bain Capital: A Major Boost for Growth
Acrisure, a prominent financial services firm located in Michigan, has recently announced a groundbreaking capital raise of US$2.1 billion, facilitated through a definitive agreement to issue new convertible senior preferred stock. This strategic move is spearheaded by Bain Capital and aims to bolster Acrisure’s position as a technology-driven financial services platform.
Purpose of the Capital Raise
The funds generated from this capital raise will be utilized for several key initiatives, including:
- Refinancing: A portion of existing non-convertible preferred stock will be refinanced.
- Strategic Acquisitions: The capital will be directed towards pursuing strategic acquisitions to expand services.
- Growth Support: The firm aims to enhance its development as a technology-enabled financial services provider.
Insights from Leadership
Greg Williams, the Chairman, CEO, and Co-founder of Acrisure, expressed his enthusiasm about the transaction, stating, “This transaction represents a significant milestone and serves as proof that our vision for Acrisure’s scaled platform has become a reality.” He emphasized the firm’s transformation from a traditional insurance brokerage to a global financial services provider powered by artificial intelligence and technology.
Investor Support
The investor consortium includes reputable firms such as:
- Bain Capital Special Situations
- Fidelity Management & Research Company
- Apollo Funds
- Gallatin Point Capital
- BDT & MSD Partners
Notably, no existing investors exited the round, and BDT & MSD continues to hold the position of the largest minority shareholder through affiliated funds.
Strategic Leadership Changes
In conjunction with this capital raise, Acrisure welcomes new executive hires aimed at fortifying its leadership team:
- Mark Wassersug: Appointed Chief Technology Officer, previously COO at Intercontinental Exchange.
- Shawn Pelsinger: Named Chief Administrative Officer, formerly of Palantir Technologies.
Future Growth Plans
Acrisure has ambitious plans for continued expansion, focusing on both organic growth and acquisitions. To date, the firm has successfully completed approximately 900 acquisitions, broadening its service offerings which include:
- Real estate
- Cybersecurity
- Payroll and payment processing
- Retirement and wealth management
With a current valuation of US$32 billion, Acrisure has seen a remarkable 40% increase since its last institutional capital raise three years ago.
This significant capital raise and the strategic moves undertaken by Acrisure position the firm to capitalize on emerging opportunities within the financial services landscape. For more information on Acrisure’s services and growth trajectory, visit their official website or check out related articles on Bain Capital.
