HGGC Acquires PCF Insurance Services

Sica | Fletcher guides PCF Insurance Services in its sale to middle-market private equity firm, HGGC.

Overview of Transaction

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  • Founded in 1987 and headquartered in Woodland Hills, CA, PCF Insurance Services (PCF) has become a leading retail insurance brokerage with a diverse offering of commercial lines, personal lines, and employee benefits products. PCF employs over 400 individuals across the US and serves more than 40,000 customers.

  • Global investment firm HGGC has acquired majority interest in PCF. Management, employee owners, and existing investor BHMS have retained minority stakes in PCF. HGGC invests in sectors including business services, healthcare, software and financial services.

  • BHMS Investments, a Connecticut-based private equity firm, acquired PCF in 2017 and worked closely with management to grow the business into one of the top 75 insurance brokers in the United States.

Significance of Transaction

  • Acquisitions have been key to PCF's growth. It’s aggressive M&A strategy includes the completion of 18 add-ons since 2018 and expanding outside of California into New York, Illinois, Nevada, Colorado, Arizona, Kansas, Kentucky, and Florida. The partnership with HGGC continues the rapid growth trajectory that PCF has experienced since it partnered with BHMS Investments, LP in February 2017.

  • HGGC's additional capital and resources will significantly benefit PCF and its associates as they grow the business organically and through targeted M&A opportunities. The transaction will propel PCF as it expands into new geographies and product lines to serve the increasingly complex needs of its clients.

  • The investment by HGGC is a strong endorsement of PCF’s growth strategy and represents an exciting next chapter for the company.

Sica | Fletcher's Role

  • Sica | Fletcher was hired to serve as strategic and financial advisor to PCF and BHMS. Through a collaborative approach, multiple options were explored for the firm, culminating in a sale to HGGC.

  • The PCF transaction builds on Sica | Fletcher's track record of success with large, complex transactions and further illustrates Sica | Fletcher's strong relationship with top-tier investors, such as HGGC and BHMS. Sica | Fletcher represented PCF in its previous partnership.

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Contact Details

MICHAEL J. FLETCHER

Managing Partner

516.967.1958

mjf@sicafletcher.com

ALEXANDER W. SICA

Managing Partner

201.805.1561

al@sicafletcher.com

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