- Across both investments, Goldman Sachs will be investing more than $1 billion into World, which currently has a total enterprise valuation of approximately $3.4 billion
- The transaction is expected to close in the fourth quarter of 2023
- Evercore Group L.L.C. and Piper Sandler & Co. served as financial advisors to World
Goldman Sachs Asset Management has agreed to make an investment in Iselin, New Jersey-based World Insurance Associates, an insurance brokerage.
World’s existing backer is Charlesbank Capital Partners. which first invested in World in April 2020.
In addition to its equity investment alongside Charlesbank, Goldman Sachs is concurrently leading subordinated debt financing that will support continued acceleration of World’s acquisition strategy and organic expansion. Across both investments, Goldman Sachs will be investing more than $1 billion into World, which currently has a total enterprise valuation of approximately $3.4 billion.
World’s management team and employee shareholders will remain major investors alongside Charlesbank and Goldman Sachs.
On the deal, Anthony Arnold, managing director in private equity at Goldman Sachs Asset Management, said in a statement, “Rich and his team have done a fantastic job growing World over the past few years, creating a leading and integrated platform with a broad set of attractive client offerings. We believe our investment and access to both the insurance and wealth management capabilities within Goldman Sachs can help propel the company over the years ahead.”
The transaction is expected to close in the fourth quarter of 2023.
After closing, Charlesbank and Goldman Sachs will have equal representation on the World board of directors. Evercore Group L.L.C. and Piper Sandler & Co. served as financial advisors to World.
World was founded in 2011.
Goldman Sachs Asset Management oversees more than $2.5 trillion in assets under supervision as of June 30, 2023.