Partners Group to buy insurance broker FRP from Warburg Pincus

• FRP’s management will maintain a substantial stake in the business while Warburg Pincus will retain a meaningful minority position
• FRP has a footprint of 139 offices across 18 states, with a primary focus in Florida, New Jersey, New York, and California
• Partners Group has $131 billion in assets under management as of 30 June 2022

Partners Group has agreed to acquire Foundation Risk Partners, a Daytona Beach, Florida-based specialist insurance broker, from Warburg Pincus. No financial terms were disclosed.

FRP’s management will maintain a substantial stake in the business while Warburg Pincus will retain a meaningful minority position.

FRP has a footprint of 139 offices across 18 states, with a primary focus in Florida, New Jersey, New York, and California.

Joel Schwartz, a partner and co-head of private equity services at Partners Group, said in a statement: “FRP provides us with access to the growing insurance brokerage market in the US, which benefits from stable non-discretionary demand and favorable tailwinds. We have been tracking this market for several years and were attracted to FRP’s diversified service offering and client base, as well as the transformational platform-building opportunity it represents. We look forward to working with FRP’s very experienced management team on implementing the value creation plan.”

Partners Group was advised by Morgan Stanley & Co. LLC as its financial advisor and Ropes & Gray LLP as legal counsel. Warburg Pincus and Foundation Risk Partners were advised by Barclays, MarshBerry, Kirkland & Ellis LLP, Jamieson Corporate Finance, and Peter W. Klein, Attorney at Law.

Partners Group is a leading global private markets firm. Since 1996, the firm has invested $185 billion in private equity, private real estate, private debt, and private infrastructure on behalf of its clients globally. With $131 billion in assets under management as of 30 June 2022, Partners Group provides an innovative range of bespoke client solutions to institutional investors, sovereign wealth funds, family offices and private individuals globally. The firm employs more than 1,600 diverse professionals across 20 offices worldwide and has regional headquarters in Baar-Zug, Switzerland; Denver, USA; and Singapore.

Warburg Pincus has more than $85 billion in assets under management. Founded in 1966, Warburg Pincus has raised 21 private equity and 2 real estate funds, which have invested more than $106 billion in over 1,000 companies in more than 40 countries.