20 February 2023Insurance

Private equity giant Carlyle invests in US insurance broker PCF at $4.7bn valuation

US insurance brokerage firm PCF Insurance Services has secured a $500 million preferred equity investment in a transaction co-led by global private equity firm Carlyle, valuing the firm at $4.7 billion driven by its 10% organic growth in 2022.

Global private equity firm Carlyle has co-led a $500 million preferred equity investment in US insurance brokerage firm PCF Insurance Services at a valuation of $4.7 billion.

Carlyle's Global Credit platform and private equity firm HGGC is an existing minority investor in PCF, which is a risk management, benefits design, and insurance brokerage services company serving more than 415,000 clients.

PCF Insurance has also received significant investment participation in the transaction with funds managed by Owl Rock, a division of Blue Owl, and Crescent Capital, both of which have existing minority equity stakes in the business.

At the time of investment, the valuation of PCF Insurance is $4.7 billion. JP Morgan served as the sole placement agent to PCF Insurance in connection with the transaction.

The investment comes on the heels of its 10% organic growth by year-end 2022. After executing its management-led buyout in November 2021, PCF Insurance completed more than 100 partner transactions and increased its revenue to $700 million.

Peter Foy (pictured), founder, chairman and CEO of PCF, said: "This transaction marks a significant milestone in our pursuit of building a premier insurance brokerage firm in the U.S. We have built our agency-centric business model around long-term, sustainable growth, and I'm proud that PCF is positioned to continue investing in the growth of our agencies, especially during these recent times of economic uncertainty. We are grateful for the contributions of our partner investors who have supported us with the unique opportunity to accelerate growth."

Gary Jacovino, managing director for Carlyle Global Credit, said: "PCF Insurance Services has experienced tremendous growth as a result of its unique client- and employee-centric operating model. We are delighted to be partnering with an exceptional management team and group of Agency Partners, and are confident PCF will achieve its long-term strategic growth objectives with the support of Carlyle Global Credit, HGGC and our partner investors."

Matt Roesch, principal of HGGC and PCF Insurance board member, added: "We continue to be impressed with the growth and operational advancements PCF has achieved since the onset of our partnership in 2020. We elected to continue as minority shareholders after the management buyout in 2021 because we see a very bright future for the business, and we are thrilled to extend our partnership with PCF, working in collaboration with Carlyle's Global Credit platform, to help fuel its next phase of growth."

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