Worldwide Facilities has announced that it has closed a previously announced investment with private equity firm Genstar Capital. As part of the transaction, Lovell Minnick Partners is divesting its investment in Worldwide Facilities. Terms of the transaction were not disclosed.
“We look forward to continuing to execute our growth strategy and increasing our market relevance with our new partner,” said Davis Moore, CEO of Worldwide Facilities. “Genstar is knowledgeable and experienced with insurance distribution investments and enjoys an excellent reputation and track record.”
“The management team is outstanding and has established Worldwide Facilities as an employer and platform of choice, and we believe there are multiple opportunities to continue organic growth and strengthen its position as a leading independent wholesale broker, MGA, and program manager,” said Ryan Clark, president and managing director at Genstar.
Morgan Stanley & Co. and Waller Helms Advisors acted as financial advisors to Worldwide Facilities on the transaction. Legal counsel was provided by McGuireWoods.