ABRY invests in Hilb Group

ABRY Partners has invested in The Hilb Group LLC. Financial terms weren’t announced. BHMS Investments LP is the seller. The current Hilb management team and its employee shareholders will remain significant shareholders alongside ABRY. Richmond, Virginia-based Hilb Group is a middle market insurance agency.


RICHMOND, Va.–(BUSINESS WIRE)–The Hilb Group, LLC announced today that leading private equity firm ABRY Partners, headquartered in Boston, Mass., has completed a significant investment in the insurance group. In connection with the transaction, The Hilb Group’s current private equity partner, BHMS Investments, LP, will exit the business. The current Hilb management team and its employee shareholders will remain significant shareholders alongside ABRY.

The partnership will provide continued funding of The Hilb Group’s national expansion program. Since 2010, The Hilb Group has acquired 15 firms in nine states through a strategy of targeted acquisitions and strategic alliances in the middle-market insurance brokerage space.
“A relationship with ABRY Partners is a natural move for the continued growth of our company,” added Robert J. Hilb, president and CEO of The Hilb Group. “The partnership will create future opportunities for our employees, an increased level of service for our customers and a more productive relationship with our carrier partners. Working with the ABRY team, we can capitalize on our vision to continue expanding beyond the east coast. We will be actively seeking partnerships with platform agencies that share our values and entrepreneurial spirit, as well as a desire to participate in The Hilb Group’s growth.”
Tim Nickel, principal at ABRY Partners said, “ABRY is excited to partner with Bob Hilb and The Hilb Group team. Our partnership is based on a shared vision and culture, and we look forward to building a significant, diversified retail brokerage platform.”
The Hilb Group’s prior transactions were funded by private equity firm BHMS Investments, LP.
Kevin L. Angelis, co-founder of BHMS said, “We’ve very much enjoyed working with The Hilb Group and are happy to see this mutually beneficial transaction come to fruition. The Hilb Group will undoubtedly continue to make great strides with ABRY Partners by their side.”
“The Hilb Group is grateful to BHMS for their support of our business and our strategy. Our association with BHMS has helped us tremendously; I cannot envision better initial partners than Kevin Angelis and Robert Salamon of BHMS,” said Hilb.
“Most great deals have a great deal maker behind the scenes, and ours was no different,” continued Hilb. “Al Sica, Managing Partner of Sica | Fletcher, LLC, knew that ABRY would be the perfect fit for The Hilb Group. He was right. All of us appreciate Al and his team’s efforts to make this deal a reality.”
About The Hilb Group: The Hilb Group is a leading middle market insurance agency headquartered in Richmond, Va. The Hilb Group seeks to grow through targeted acquisitions in the middle market insurance brokerage space. The company now has 29 offices in Florida, Georgia, Kentucky, Maryland, New York, North Carolina, Tennessee, Texas, Virginia, and West Virginia. Please visit our website at: http://hilbgroup.com/.
About ABRY Partners: Founded in 1989 and headquartered in Boston, Ma., ABRY Partners is an experienced and successful media, communications, business and information services focused private equity investment firm in North America. Since its founding, ABRY has completed more than $42 billion of transactions, representing investments in more than 450 properties.
About Sica | Fletcher, LLC: Strategic and financial advisory firm focused exclusively on the insurance industry. The firm was founded by Michael Fletcher and Al Sica, two of the industry’s leading deal makers who have advised on over $1 billion in insurance agency and brokerage transactions since January 2012.
About BHMS Investments, LP: BHMS is a private investment firm focused on the North American lower middle market. The firm was founded in 2010 and is based in New York City. BHMS will consider investing in a wide variety of control opportunities from acquiring companies in financial distress to conventional leveraged buyouts. The BHMS mandate and Partner experience includes investing across all sectors of the economy.