HGGC buys AIMC

HGGC said May 24 that it has closed its buy of AIMC LLC and will merge it with portfolio company Integrity Marketing Group LLC. Financial terms weren’t announced. AIMC, of Atlanta, is a national developer and distributor of Medicare supplement products.

PRESS RELEASE

PALO ALTO, Calif.—May 24, 2017—HGGC, a leading middle-market private equity firm, today announced that it has completed the acquisition of AIMC, LLC (“AIMC”), a national developer and distributor of Medicare Supplement products. AIMC will be merged with HGGC portfolio company Integrity Marketing Group, LLC (“Integrity”), one of the largest independent distributors of life and health insurance products. Terms of the private transaction were not disclosed.
The combined business creates the nation’s leading independent distributor of life and health insurance products in the senior market, contracting directly or indirectly with over 120,000 independent agents and 250 full-time employees. It will be headquartered in Dallas, with multiple locations including Atlanta, Norfolk, Nebraska and La Crosse, Wisconsin.
“Converging these two companies is the perfect strategy to create a health and life insurance distributor tailor-made for today’s evolving insurance market,” said Mike White, Chairman and CEO of AIMC. “Our companies have worked together in the past, our cultures and visions align, and the AIMC team couldn’t be more excited to work with HGGC and Integrity going forward.”
“AIMC is an ideal partner to strengthen our capabilities in serving the ever-expanding senior market,” added Bryan W. Adams, Managing Partner of Integrity. “This partnership elevates the strategic value that we can deliver to our customers, who often benefit from both of our offerings already.”
Integrity will produce over $650 million in annualized premiums, making it the clear leader in the Medicare Advantage, Medicare Supplement and Final Expense markets. Combined, the company will help more than 350,000 Americans plan for life and health insurance needs in 2017 alone.
“Not only are we adding a major player to Integrity, but we are investing in the technology, systems and people that help to form a true shared service platform,” said Steve Young, Co-Founder and Managing Director of HGGC “We are happy to have executed this major addition in the first year of our partnership with Integrity, and we are excited to continue to expand the business through integration of additional complementary businesses.”
About Integrity Marketing Group
Integrity Marketing Group, based in Dallas, Texas, is the nation’s leading independent distributor of life and health insurance products focused on serving the senior market. Founded in 2006, Integrity develops and distributes life and health insurance products with insurance carrier partners and markets these products through its distribution network, which includes other large insurance agencies located throughout the country that have over 100,000 independent agents. Integrity serves nearly one million clients with over 170 employees. In 2016, Integrity helped insurance carriers place over $500 million in new premium. More information is available at www.IntegrityMarketingGroup.com.
About AIMC
AIMC, LLC, based in Atlanta, Georgia, is an influential developer and distributor of Medicare Supplement products with over 20,000 independent agents throughout the United States. AIMC’s stellar performance is highlighted by its working relationship with top-ranking insurers and quality-oriented agents. AIMC is recognized as a company that has surpassed expectations for over 24 years. In 2016, AIMC produced more than $120 million in new Medicare Supplement premium. More information is available at www.AIMC.net.
About HGGC
HGGC is a leading middle-market private equity firm with over $4.3 billion in cumulative capital commitments. Based in Palo Alto, Calif., HGGC is distinguished by its “Advantaged Investing” model that enables the firm to source and acquire scalable businesses at attractive multiples through partnerships with management teams, founders and sponsors who reinvest alongside HGGC, creating a strong alignment of interests. Over its history, HGGC has completed more than 50 platform investments, add-on acquisitions, recapitalizations and liquidity events with an aggregate transaction value of more than $12 billion. More information is available at www.hggc.com