Kelso & Company, L.P., a North American-focused middle-market private equity firm, has completed the sale of its portfolio company Accession Risk Management Group to Brown & Brown in a primarily cash transaction valued at approximately $9.83 billion.
Founded in 1997, Boston-based Accession is a national insurance services platform and the parent company of Risk Strategies, a specialty brokerage, and One80 Intermediaries, an insurance wholesaler and program manager.
Kelso partnered with Accession in 2015 to transform it from a regional retail broker into a premier national insurance distribution platform. Under Kelso’s ownership, Accession expanded through strong organic growth and more than 180 acquisitions, growing revenue from $130 million to $1.7 billion, and its workforce from 500 to approximately 5,500 professionals.
Steve Dutton, Partner at Kelso & Company, said, “We are incredibly proud of Accession’s extraordinary growth and success.
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“Through disciplined execution of our value creation plan and excellent partnership between management and Kelso, Accession has developed into a highly differentiated business. We look forward to Accession’s continued success as part of Brown & Brown.”
John Mina, CEO of Accession, added, “Over the course of nearly 30 years, Accession has advanced an innovative, specialist approach to risk management that has put our customers and associates first, and has produced meaningful value for our shareholders and partners. The last 10 years of that journey involved Kelso, who embodied an ethos of partnership and with whom we worked closely and collaboratively to scale Accession with common purpose and values. As we began contemplating the next major leap in our journey, we were adamant that a partner must have the capability and conviction to create an industry powerhouse, win amid industry consolidation, lead through innovation and champion our cultural values. We are pleased to have found that in Brown & Brown.”
Michael Christian, Founder and Executive Chairman of Accession, who launched Risk Strategies in 1997 and served as CEO until his retirement in 2019, commented, “I’m deeply grateful to our leaders, associates, and partners at Kelso. Collectively, we have built a remarkable business with a lasting entrepreneurial spirit. I wish Accession tremendous success in their next phase of growth in partnership with Brown & Brown.”
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