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Confie Seguros, Backed by Genstar, is Up for Sale: UPDATED

Genstar Capital has put Confie Seguros on the block, three sources say.

New York.-based Confie Seguros–which means “trusted insurance advisor”– is an insurance broker that targets Hispanic consumers. Confie produces more than $50 million EBITDA and is seeking bids of 10x, one private equity exec says.

Confie has been up for sale for “a while,” a banker says.

Last week, Standard & Poor’s LCD reported that RBC and GE were launching a $437 million loan to back the buyout of Confie by ABRY Partners. UPDATE: ABRY is buying Confie Seguros, according to an Oct. 11 early termination notice posted on the Federal Trade Commission web site. ABRY is making the investment from its seventh PE fund, which collected $1.6 billion, the notice says.

Genstar Capital, a San Francisco PE firm, formed Confie in 2008 and committed to invest $75 million. Confie also received a $200 million bank facility from Merrill Lynch Capital, Madison Capital and Jefferies & Co. Genstar’s plans for Confie included building it into a national company with more than $300 million in revenue. Confie generated revenue of $180 million in 2011, according to A.M. Best’s.

Confie has been very acquisitive. In March, Confie bought Power Auto Insurance and then acquired six insurance agencies (Survival Insurance, Speedlane Insurance, The Chapman Agency, Coppola Insurance, Palmetto Insurance, and Daley Insurance) in May. Confie followed that by buying three agencies (Bradley Insurance Agency, A Auto Insurance World and Westside Auto) in June .In August, Confie acquired Stonewood Insurance Services.

Genstar declined comment. Officials for Confie and ABRY could not immediately be reached for comment.

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