TINTON FALLS, N.J.--(BUSINESS WIRE)--World Insurance Associates LLC, a leading full-service insurance brokerage, today announced that it has closed the previously announced majority investment from funds affiliated with Charlesbank Capital Partners, a middle-market private equity firm based in Boston and New York. As part of the transaction, the WIA management team and employee shareholders remain major shareholders alongside Charlesbank. The financial terms of the growth investment were not disclosed.
Founded in 2012, WIA offers comprehensive insurance coverage, risk management strategies, and benefits consulting services for businesses and individuals. The Company focuses on property and casualty lines, and has built centers of excellence in specialized industries such as transportation, hospitality, self-storage facilities, non-profits, and construction. WIA operates 40 offices in 12 states and has grown through a combination of organic growth and agency acquisitions, with 55 completed to-date. The growth investment from Charlesbank will enable WIA to accelerate its expansion program.
“We are excited to embark on World’s next phase of growth,” said WIA Chief Executive Officer Rich Eknoian. “With the benefit of Charlesbank’s financial and operational resources, we believe World is even better positioned to continue gaining share in the insurance brokerage market and to deliver best-in-class results for our customers, employees, and carriers.”
Piper Sandler & Co. and Macquarie Capital (USA) Inc. served as financial advisors to WIA, and Evercore served as financial advisor to Charlesbank. Paul Hastings LLP provided legal counsel to WIA, and Goodwin Procter LLP provided legal counsel to Charlesbank. Macquarie Capital Principal Finance and Madison Capital Funding provided debt financing for the transaction.
About World Insurance Associates
World Insurance Associates LLC is headquartered in Tinton Falls, NJ, and is a nationally ranked, full-service insurance brokerage providing world-class asset and lifestyle protection with insurance, risk management, and benefit consulting services for individuals and businesses. Since its founding in 2012, WIA has been named one of The Most Successful Companies in America by Inc. 5000, a Top 100 P/C Agency by Insurance Journal and Business Insurance, a five-time honoree by NJBIZ Fast 50, and a two-time Business Insurance Best Place to Work. For more information, please visit www.worldins.net.
About Charlesbank Capital Partners
Based in Boston and New York, Charlesbank Capital Partners is a middle-market private equity investment firm managing more than $6 billion of capital. Charlesbank focuses on management led buyouts and growth capital financings and also engages in opportunistic credit and technology investments. The firm seeks to partner with strong management teams to build companies with sustainable competitive advantage and excellent prospects for growth. For more information, please visit www.charlesbank.com.
