Middle-market private equity firm HGGC has completed the acquisition of PCF Insurance, a full-service insurance brokerage that provides risk management and employee benefits services. Management, employee owners and existing investor BHMS Investment retained minority stakes in PCF.
PCF, founded in 1987, has a diverse offering of commercial lines, personal lines and employee benefits products. It currently has more than 400 employees across the country and serves more than 40,000 customers.
“PCF’s mix of diversified customers, blue-chip carriers, scalable financial profile, and strong leadership have fueled its fast growth in the attractive insurance brokerage space,” said Steve Young, co-founder and president of HGGC. “Our proven ability to partner with portfolio companies to help them scale and drive strategic acquisitions will support PCF in building on its existing success, which includes growing more than 17 times since 2017.”
PCF has used an aggressive M&A policy to fuel its growth.
“We are excited to partner with HGGC and leverage their experience and support during this next phase,” said Peter Foy, founder, chairman and CEO of PCF. “I am confident that together we will be able to continue to execute our strategy and accelerate our growth in this attractive market.”