Two Firms Help Partners Group Buy Specialist Insurance Brokerage

Ropes & Gray advised Partners Group on its acquisition of a controlling stake in Foundation Risk Partners, a Daytona Beach, Florida-based specialist insurance brokerage and consulting firm.

Kirkland & Ellis advised the seller, Warburg Pincus, and Foundation Risk Partners on the transaction, for which no terms were disclosed. Foundation Risk’s management will maintain a substantial stake in the business, while Warburg Pincus will retain a “meaningful” minority position, according to a statement.

Foundation Risk Partners said it helps businesses and private individuals get competitive prices and manage claims for their US insurance, in areas including commercial insurance, employee benefits, personal insurance, and risk management services. The company’s footprint includes 139 offices across 18 states, with a focus on Florida, New Jersey, New York, and California.

Partners Group will work with Foundation Risk’s management to boost its growth, among other things by refining its acquisition strategy, expanding M&A, and investing in technology. It will also aim to expand its presence across the US, the statement said.

Ropes & Gray said its team representing Partners Group was led by private equity partner Bob Rivollier. Kirkland didn’t immediately respond to an email seeking comment.

“The Kirkland corporate team was led by partners Doug DiMedio, Jai Agrawal and Adam Larson and associate Kartik Khanna; and debt finance partners Eric Wedel and Ben Steadman.”