AssuredPartners Acquires Neace Lukens
September 20, 2011
Deal provides national insurance brokerage platform.
GTCR, a leading private equity firm, announced today that AssuredPartners, Inc., a GTCR portfolio company, has acquired Neace Lukens, a Louisville, Kentucky–based insurance agency. Neace Lukens is the 24th-largest private insurance broker in the U.S.* with $88 million annual revenue and over 150 licensed agents and 500 employees focused on property and casualty insurance, employee benefits and risk management solutions.
The acquisition of Neace Lukens marks the first transaction for AssuredPartners. The acquisition provides AssuredPartners with a national insurance brokerage platform and strategic asset that can be leveraged through additional acquisitions in the property and casualty insurance and employee benefits brokerage space. Neace Lukens will continue to operate under the same name.
“The transaction is the key first step for AssuredPartners in achieving their objective of building a leading national insurance brokerage firm,” said GTCR principal Dave Donnini. “We’re excited to partner with John Neace in this transaction. GTCR remains committed to providing the resources to support both Neace Lukens’ and AssuredPartners’ growth, both organic and through continued acquisitions.”
“This inaugural deal sets the course for AssuredPartners’ long-term vision to provide capital and growth support to property and casualty and employee benefits brokerage firms across the U.S.,” added Jim Henderson, chairman and chief executive officer of AssuredPartners. “Our partnership will equip Neace Lukens with additional financial means to expand its footprint nationally, and Neace Lukens’ strong market position will help us pave the way toward additional partnerships and investments in the insurance industry.”
“Since Joe Lukens and I founded the company in 1991, Neace Lukens has been poised for continued future growth due to our comprehensive product offerings, quality service and strong customer and carrier relationships,” said Neace Lukens chairman and founder John Neace. “Our new partnership with AssuredPartners will allow us to take our company to the next level by making us more competitive in the marketplace while allowing us to expand and add more talented employees in the future.”
AssuredPartners Inc., headquartered in Lake Mary, Florida, acquires and invests in property and casualty and employee benefits brokerage businesses across the country. Jim Henderson can be contacted at 407.708.0029 or firstname.lastname@example.org. Tom Riley can be contacted at 407.708.0027 or email@example.com. For more information, please visit www.assuredptr.com.
About Neace Lukens
Neace Lukens, founded in 1991, has more than 150 licensed agents and more than 500 employees operating in 22 offices throughout Kentucky, Ohio, Indiana, Illinois, Michigan, Tennessee, Arizona, Georgia, Arkansas, Florida and South Carolina. Neace Lukens’ corporate headquarters is located in Louisville, Kentucky, at 2305 River Road.
Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Financial Services & Technology, Healthcare and Information Services & Technology industries. The Chicago-based firm pioneered the “Leaders Strategy”—finding and partnering with world-class leaders as the critical first step in identifying, acquiring and building market-leading companies through acquisitions and organic growth. Since its inception, GTCR has invested more than $8.5 billion in over 200 companies. For more information, please visit www.gtcr.com.
*As ranked by Business Insurance magazine, published by Chicago-based Crain Communications Inc., which provides information for business executives who are responsible for the purchase and administration of corporate insurance and self-insurance programs.