Worldwide Facilities LLC signed an agreement under which Lovell Minnick Partners LLC will sell its investment in the insurance broker to Genstar Capital LLC.
Financial terms of the transaction were not disclosed. The sale is anticipated to complete in the third quarter, subject to customary closing conditions.
Morgan Stanley & Co. LLC and Waller Helms Advisors served as financial advisers to Worldwide Facilities in connection with the transaction. McGuireWoods LLP acted as legal counsel.
In early July, Insurance Insider said that Worldwide Facilities was gearing up for a sale process.