BV Investment Partners will acquire a majority stake in Fairlawn, Ohio-based Risk International, a provider of outsourced risk management and employee benefits advisory and information services for Fortune 500 and upper middle-market and large-cap companies. No financial terms were disclosed.
BOSTON, June 28, 2018 – BV Investment Partners (“BV”), a middle-market private equity firm focused on the business services, software and IT services sectors, today announced a majority investment in Risk International, a pre-eminent, independent, risk management and benefits information services provider.
Headquartered in Fairlawn, OH, Risk International is a provider of outsourced risk management and employee benefits advisory and information services for Fortune 500 and upper middle-market and large-cap enterprises, including portfolio companies of many highly-regarded private equity firms. Risk International is a full-service provider that helps clients meaningfully reduce their recurring total cost of risk for commercial insurance and employee benefits, while preserving or improving coverage. The Company serves as the outsourced risk management function for its clients, presenting a more efficient and effective solution than an in-house alternative, and has helped clients reduce their recurring total cost of risk by over $1 billion. Risk International does not place or sell insurance or take insurance risk.
Todd Miller, Chief Executive Officer of Risk International, said, “Risk International is the only scaled independent provider of its services in the industry, and we are in the very early innings of penetrating a massive market opportunity of over $3 billion in the U.S. alone. We have a great organic growth strategy and look forward to investing in the next chapter of Risk International in partnership with the team at BV.” Mr. Miller’s enthusiasm is shared by Risk International Chairman Dave O’Brien, who said, “We set out to find an investor who would be a true financial partner and has a track record investing in services businesses like our own. BV has that in spades, and most importantly, understands and respects the culture of great service that we’ve built here throughout our history. We have a lot of confidence that BV will be a value added partner to help us achieve our potential in the years ahead.”
Commenting on the investment, Justin Garrison, a Principal at BV, said, “Risk International is a unique and growing business that is disrupting the traditional world of employee benefits and insurance brokering. Unlike traditional brokers, Risk International is directly aligned with its clients and provides fully independent advice and services free from any conflicts of interest with insurance carriers. The Company delivers an exceptional service with a proven return on investment to its customers. We’re excited to be partnering with CEO Todd Miller, Chairman Dave O’Brien, CFO Randy Weiser and their team to build on and add to the great things that the Company has accomplished to-date. This includes expanding the sales and marketing effort, expanding the product and service offering, and executing strategic M&A.”
“The Firm has had a long history of successfully investing across the insurance industry,” said Vik Raina, Managing Partner of BV. “We believe our knowledge and network coupled with the very attractive operating metrics of Risk International and its highly experienced management team should drive significant future growth and value creation in the business.”
BV will own a majority interest in Risk International and the Company’s executive team will retain a very significant ownership interest. Vik Raina, Justin Garrison and Will Weimar will join Dave O’Brien and Todd Miller on the Company’s Board. Risk International is BV’s third investment in its ninth Fund.
About Risk International
An independent, outsourced risk management, benefits advisory, actuarial consulting and claims services provider, Risk International has helped clients save or reduce their cost of risk by over $1 billion collectively since opening its doors in 1986. Risk International is headquartered in Fairlawn, Ohio, with offices in Charleston, SC and Charlotte, NC. The firm has been consistently named one of the of the top three risk management services companies in the U.S. according to Business Insurance magazine.
About BV Investment Partners
BV Investment Partners is currently investing its ninth private equity fund. The firm is one of the oldest and most experienced sector-focused private equity firms in North America. Since its founding in 1983, the firm has invested over $3 billion in more than 93 companies, actively targeting investments in the business services and information technology services industries. For more information, please visit www.bvlp.com.