Global fintech Acrisure has entered into a definitive agreement for the issuance of new convertible senior preferred stock in a $2.1 billion capital raise led by Bain Capital.
These funds will be used to refinance a portion of its existing non-convertible preferred stock, pursue strategic accretive M&A, and further develop as a tech-enabled financial services platform.
This aligns with the company’s strategy to become a preeminent fintech solutions provider for small- and medium-sized businesses.
The other investors involved in the transaction include Bain Capital Special Situations, Fidelity Management & Research Company, Apollo Funds, Gallatin Point Capital, BDT & MSD Partners, and a consortium of other investors.
Acrisure said that no existing investor exited as part of this transaction, and BDT & MSD remain the largest minority shareholder in the company through affiliated funds.
Currently, Acrisure is valued at $32 billion, which is almost a 40% increase since its last institutional capital raise three years ago.
Greg Williams, Chairman, Chief Executive Officer and Co-founder of Acrisure, commented, “This transaction represents a significant milestone and serves as proof that our vision for Acrisure’s scaled platform has become a reality.
“Our evolution from an insurance brokerage into an AI- and technology-powered global financial services provider has opened the door to massive opportunity. I see limitless potential for how far Acrisure can go, and we’re extremely grateful for the financial support and validation from our investors.”
Cristian Jitianu, Partner, Bain Capital, who will be joining Acrisure’s Board, added, “Greg and his talented leadership team have built an impressive business that is clearly differentiated by its combination of entrepreneurial DNA, cutting-edge technology capabilities and deep industry expertise.
“We are pleased to be selected as Acrisure’s partner of choice on this transaction and look forward to supporting their continued growth strategy as the Company builds on its success delivering the right personalised insurance and business solutions to its clients.”
Morgan Stanley & Co. LLC served as the sole and exclusive placement agent, and Skadden, Arps, Slate, Meagher & Flom LLP and Varnum LLP served as legal counsel to Acrisure.
