Acrisure, a financial services firm based in Michigan, has entered into a definitive agreement to issue new convertible senior preferred stock as part of a US$2.1 billion capital raise led by Bain Capital.
The proceeds will be used to refinance a portion of its existing non-convertible preferred stock, pursue strategic acquisitions, and support the firm’s development as a technology-enabled financial services platform.
“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.”
The investor group includes Bain Capital Special Situations, Fidelity Management & Research Company, Apollo Funds, Gallatin Point Capital, BDT & MSD Partners, and a consortium of others.
No existing investors exited the round. BDT & MSD remains the largest minority shareholder via 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 join Acrisure’s board of directors.
Acrisure plans to continue expanding its operations and service offerings through acquisitions and organic growth.
The firm has made around 900 acquisitions to date and offers services including real estate, cybersecurity, payroll and payment processing, and retirement and wealth management.
The company’s valuation now stands at US$32 billion, reflecting a 40% increase since its last institutional capital raise three years ago.
Recent executive hires include Chief Technology Officer Mark Wassersug, formerly COO at Intercontinental Exchange, and Chief Administrative Officer Shawn Pelsinger, formerly of Palantir Technologies.
Featured image credit: Edited by Fintech News America, based on image by Frolopiaton Palm via Freepik
