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CHARLOTTE, N.C., Nov. 15, 2023 ~ Amwins Group, Inc., the largest P&C wholesale broker and global distributor of specialty insurance products and services in the U.S., has completed a significant recapitalization transaction with its existing shareholder group. The transaction saw Dragoneer Investment Group, Genstar Capital, SkyKnight Capital, L.P., and employee shareholders purchase $1 billion in equity from more than 375 Amwins employee shareholders and Public Sector Pension Investment Board (PSP). PSP rolled 80% of their equity position forward.
The completion of the recapitalization transaction means that the employee shareholder group will remain the largest single ownership group with approximately 40% ownership of Amwins. According to Scott Purviance, Chief Executive Officer of Amwins, this was intentional in order to provide their shareholder base periodic opportunities for liquidity without needing to raise outside capital.
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"We have provided our shareholders with over $4.1 billion in liquidity since 2018," said Purviance. "Having an existing shareholder base looking to increase their investment speaks to the stability and growth prospects for our business."
Marc Stad, founder and Managing Partner of Dragoneer, Amwins' largest institutional investor, expressed his excitement at increasing their stake in Amwins: "At Dragoneer, we're focused on investing in exceptional companies run by great teams, so we are thrilled to increase our stake in Amwins."
Ryan Clark, President and Managing Partner of Genstar also commented on the transaction: "This is a win-win transaction for everyone involved...Amwins' all common equity capital structure is a unifying and aligned approach to institutional and employee ownership."
Matt Ebbel, Managing Partner of SkyKnight added: "We have been partners with Amwins since 2016...We are excited to continue the journey alongside them."
The recapitalization transaction marks a continuation of Amwins' philosophy of long-term employee and institutional ownership allowing for unique perpetuation of the company and ample liquidity opportunities for employee and institutional investors.
The completion of the recapitalization transaction means that the employee shareholder group will remain the largest single ownership group with approximately 40% ownership of Amwins. According to Scott Purviance, Chief Executive Officer of Amwins, this was intentional in order to provide their shareholder base periodic opportunities for liquidity without needing to raise outside capital.
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"We have provided our shareholders with over $4.1 billion in liquidity since 2018," said Purviance. "Having an existing shareholder base looking to increase their investment speaks to the stability and growth prospects for our business."
Marc Stad, founder and Managing Partner of Dragoneer, Amwins' largest institutional investor, expressed his excitement at increasing their stake in Amwins: "At Dragoneer, we're focused on investing in exceptional companies run by great teams, so we are thrilled to increase our stake in Amwins."
Ryan Clark, President and Managing Partner of Genstar also commented on the transaction: "This is a win-win transaction for everyone involved...Amwins' all common equity capital structure is a unifying and aligned approach to institutional and employee ownership."
Matt Ebbel, Managing Partner of SkyKnight added: "We have been partners with Amwins since 2016...We are excited to continue the journey alongside them."
The recapitalization transaction marks a continuation of Amwins' philosophy of long-term employee and institutional ownership allowing for unique perpetuation of the company and ample liquidity opportunities for employee and institutional investors.
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