Funds affiliated with private equity firm Charlesbank Capital Partners LLC completed a majority investment in insurance brokerage World Insurance Associates LLC.
Financial terms of the investment were not disclosed.
As part of the transaction, the World Insurance management team and employee shareholders remain major shareholders alongside Charlesbank. The investment will enable World Insurance to accelerate its expansion program.
Piper Sandler & Co. and Macquarie Capital (USA) Inc. served as financial advisers to World Insurance, while Paul Hastings LLP provided legal counsel to the broker. Evercore served as financial adviser to Charlesbank, while Goodwin Procter LLP provided legal counsel to the firm.
Macquarie Capital Principal Finance and Madison Capital Funding provided debt financing for the deal.