Acrisure Secures $2.1 Billion Funding Round Led by Bain Capital
Summary
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 Acrisures scaled platform has become a reality, said Greg Williams, Chairman, CEO and Co-founder of Acrisure. 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 Acrisures board of directors. We are pleased to be selected as Acrisures 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.Acrisures unprecedented growth has driven the companys 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 companys 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.