A locally based global insurance brokerage and fintech company secured $725 million to fuel its ongoing expansions.
Grand Rapids-based Acrisure said Tuesday, May 31, it closed $725 million in series B-2 preferred equity funding and received a $23 billion valuation, representing a 31% increase from its last preferred equity raise in March 2021.
A wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) led the funding round with participation from Guggenheim Investments on behalf of certain clients and Oak Hill Advisors (OHA).
The funding will allow Acrisure to continue pursuing acquisitions, grow its tech-enabled solutions, increase marketing and brand awareness, and invest in human and technological infrastructure to support industry‑leading growth, Acrisure said.
The new equity raise reduces Acrisure’s net debt leverage by 0.6x, the company said.
“This investment is a testament to our strategic direction and ability to innovate and adapt to the needs of our customers,” said Greg Williams, co-founder, president and CEO of Acrisure. “We are thrilled to partner with ADIA and OHA — premier, globally recognized investment institutions — and continue our work with Guggenheim. This transaction reaffirms how the market and our partners value the strength of our performance and trajectory for future growth.”
Hamad Shahwan Aldhaheri, executive director of the private equities department for ADIA, said the firm’s investment in Acrisure is meant to support the company as it continues to execute on its growth strategy.
“This transaction adds to our extensive portfolio of investments across the insurance industry value chain, a large and attractive market backed by long‑term growth trends,” Aldhaheri said.
Founded in 2005, Acrisure provides customers with intelligence-driven financial services solutions for insurance and reinsurance, real estate services, cyber services and asset and wealth management. Through its vertical and global expansion, managing general agent (MGA) acquisition strategy and continued tech deployment, Acrisure achieved 45.9% total revenue growth and maintained its acquisition pace, closing more than 130 deals in 2021.