National wholesale insurance broker and managing general agent Worldwide Facilities announced this week that it has received a “significant investment” from a private equity firm that will give it access to increased capital and allow the company to continue to be majority-owned by employees.
Terms of the transaction between Worldwide and Lovell Minnick Partners were not disclosed, but brokerage executives say the investment will allow it to strengthen several aspects of its operations.
“We are enthused about our next chapter of growth and the capital base that we have put in place to support it,” said Worldwide Chairman and Chief Executive Officer Davis Moore. “We look forward to continuing to invest in the development and growth of our company by creating new products, adding to our team of capable and seasoned producers, and making strategic acquisitions.”
Lovell Minnick, which specializes in financial and related business services companies, expressed enthusiasm for Worldwide Facilities’ future – particularly in its role as an intermediary between carriers and retail agents.
“Worldwide Facilities is clearly a market leader, and has achieved impressive, consistent organic growth while developing deep expertise in specialized insurance solutions. Their strong relationships with retail agents and brokers and insurance carriers, and their dedication to client service, have put them in a position to further grow and thrive,” said Lovell Minnick Managing Director Robert Belke.
“We look forward to working with this management team, led by Davis Moore and Ron Austin, to support and driver execution of their growth strategy.”
Waller Helms Advisors, LLC served as the financial advisor for the deal, and Musick, Peeler & Garrett LLP acted as legal counsel to Worldwide Facilities. Keefe, Bruyette & Woods, Inc. served as financial advisor, and Kirkland & Ellis LLP served as legal counsel to Lovell Minnick Partners.
