US-based private equity company BharCap Partners, through its affiliate, has acquired insurance services holding company Insurvia for an undisclosed amount.
Gemspring Capital, along with the management team, were the selling shareholders in the transaction.
Insurvia, which specialises in distributing insurance policies from more than 50 insurance companies, has established long-standing relationships spanning more than a decade to offer cost-effective insurance coverage options to its customers.
With its headquarters in Las Vegas, Insurvia includes subsidiaries Fiesta Auto Insurance and La Familia Agency.
Fiesta Insurance, a retail franchisor, has 60 franchisees across eight states, operating more than 220 retail stores. La Familia Insurance, an independent agency, offers insurance services through 70 retail storefronts in Texas.
According to Gemspring, under its ownership, Insurvia acquired multiple companies to drive its growth across various store locations, created an omnichannel sales model and launched various new products to cater to clients’ requirements.
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By GlobalData
The latest acquisition of Insurvia is in line with BharCap’s strategic plan to invest in insurance distribution businesses.
BharCap co-founding partner Ethan Wang said: “Danish Charanya and his team have built a leading insurance distribution platform focused on a vast and underserved auto insurance market with multiple proven levers for future growth.
“This transaction fits one of BharCap’s key themes of investing in insurance distribution businesses given its recurring, fee-based business model driven by state-mandated insurance laws.”
The legal advisory team for BharCap included Skadden, Arps, Slate, Meagher & Flom and Kirkland & Ellis.
McDermott Will & Emery provided legal counsel to Insurvia and the selling shareholders during the acquisition process, while Robert W. Baird & Co. and William Blair were their financial advisors.
Insurvia CEO Danish Charanya said: “Insurvia provides an attractive value proposition to our consumers, insurance carriers and franchisees through our scale, access to hard-to-reach customers, competitive rates and specialised customer service.”
Last year in October, BharCap closed the acquisition of ARMStrong Receivable Management.
