HGGC Sells PCF Insurance Services
Sica | Fletcher advises PCF Insurance Services (“PCF”) in its management
and partner-led buyout from HGGC.
As Seen In The Wall Street Journal
Overview of Transaction
PCF is a leading retail insurance brokerage with a diverse offering of commercial lines, personal lines, and employee benefits products serving more than 220,000 clients. Now a top 20 broker, PCF anticipates closing out the year with nearly $400 million in revenue and over 1,700 employees.
The company recently completed a management & partner-led buyout from sponsor HGGC.
Significance of Transaction
The transaction, which was announced on November 2, included financing of more than $1 billion and was led by PCF's Chief Executive Officer, Peter C. Foy, along with the firm's executive team, partner investor firm, Owl Rock, a division of Blue Owl, and Sica Fletcher.
Blue Owl is an alternative asset manager that provides investors access to Direct Lending and GP Capital Solutions strategies through a variety of products. HGGC will retain a minority interest in the business.
Sica | Fletcher's Role
Sica Fletcher served as strategic advisor to PCF, evaluating several growth strategies for the firm before deciding on the management and partner-led buyout.
This transaction reinforces Sica | Fletcher’s position as the leading strategic advisory firm for insurance brokers looking to raise private equity capital.