Leading Middle-Market Private Equity Firm Builds on Global Insurance Presence with Fast-Growing Specialist Broker
LONDON AND PALO ALTO, Calif. - 21 December 2020 - Specialist Risk Group (“SRG”), a fast-growing specialist insurance broker, today announced that it has signed a definitive agreement to be acquired by leading middle-market private equity firm HGGC. SRG’s management team will invest alongside HGGC and continue to hold a significant stake in the business. The private transaction is expected to close in Q1 2021, subject to regulatory approval. As part of the transaction, existing investor Pollen Street Capital will exit the business.
SRG was formed by Pollen Street Capital through the acquisition of Miles Smith in 2018 and The Underwriting Exchange in 2019. Under the leadership of Group CEO Warren Downey, SRG is positioned for rapid organic and acquisition-based growth.
We are delighted to partner with HGGC, a firm that is completely aligned with our values as a culture and people-driven company. We share a common ethos and expansive ambition, and I am tremendously excited for the next chapter of the SRG story. I would like to thank the team at Pollen Street for their support of the business through this foundational stage of SRG’s history.
Warren Downey
SRG Group CEO
“SRG has been an outstanding investment and a great example of Pollen Street’s track record of investing in high growth specialists in the financial and business services sectors,” added Ian Gascoigne, Partner at Pollen Street Capital. “We have enjoyed a great partnership with Warren and the team and believe that HGGC is a great partner to support the business to achieve its considerable potential.”
HGGC was advised by Evercore and Kirkland & Ellis and Pollen Street was advised by Macquarie Capital and Proskauer.
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Tom Faust tfaust@stantonprm.com
917-453-3680
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Russell O’Connor russelloconnor@communications4business.co.uk
07760 282 586
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