Private equity firm Warburg Pincus LLC has acquired Newtown Square, Pa.-based pet health insurance provider Petplan for undisclosed financial terms.
As part of the deal, Sherbrooke Capital co-founder and Managing General Partner John Giannuzzi will become chairman of Petplan's board.
Petplan policies are administered by Fetch Insurance Services LLC (Fetch Insurance Agency LLC in Michigan), which does business as Petplan, or Petplan Insurance Agency LLC in California. They are underwritten by XL Specialty Insurance Co. in the U.S. and XL Specialty Insurance Co. Canadian Branch in Canada.
Cozen O'Connor acted as the legal adviser to Petplan. Wachtell Lipton Rosen and Katz was the legal adviser to Warburg Pincus.
