Leading global investment firm Kohlberg Kravis Roberts & Co. L.P.
(together with its affiliates, “KKR”) (NYSE: KKR) today announced an
agreement to acquire Alliant Insurance Services, Inc., the nation’s
largest specialty insurance brokerage firm, from Blackstone (together
with its affiliates, “Blackstone”) (NYSE: BX).Terms of the transaction
were not disclosed.
Tom Corbett, Chairman and CEO of Alliant said, “This transaction marks
the next phase of Alliant’s growth and offers us an exciting opportunity
to continue to build the business and offer best in class products and
services to our clients. We are pleased to be partnering with KKR and
appreciate the positive role that private capital can play in helping us
manage our business and execute a growth strategy. This transaction will
enable Alliant to remain independent and maintain its market leading
The management team and employees of Alliant own approximately 45% of
the company and will roll over a substantial portion of their investment
in the company.
Tagar Olson, Member of KKR, said, “Alliant’s leadership team has built a
unique insurance distribution franchise that is differentiated in its
expertise, product offerings and client relationships. We are excited to
partner with the Alliant team as it builds on the successful track
record of product innovation, platform expansion and accretive
acquisition activity in the specialty insurance marketplace.”
Chinh Chu, Senior Managing Director of Blackstone, said, “Alliant’s deep
entrepreneurial culture combined with best in class specialized products
have allowed it to stand out as an industry leader. Blackstone was
pleased to have worked with Alliant’s management team over the past five
years to help expand the company’s market reach and strengthen its
national presence through a series of strategic acquisitions.”
JP Morgan Chase and Blackstone Advisory Partners served as advisers to
Blackstone and Alliant on the transaction. The transaction is expected
to close in the fourth quarter, subject to certain conditions.
About Alliant Insurance Services
Headquartered in Newport Beach, Calif., Alliant Insurance Services, Inc.
is one of the largest insurance brokerage firms in the United States and
has a history dating back to 1925. Alliant provides property and
casualty, workers' compensation, employee benefits, surety, and
financial products and services to some 20,000 clients nationwide,
including public entities, tribal nations, healthcare, energy, law
firms, real estate, construction, and other industry groups. More
information is available on the company's web site at: www.alliantinsurance.com.
Founded in 1976 and led by Henry Kravis and George Roberts, KKR is a
leading global investment firm with $66.3 billion in assets under
management as of September 30, 2012. With offices around the world, KKR
manages assets through a variety of investment funds and accounts
covering multiple asset classes. KKR seeks to create value by bringing
operational expertise to its portfolio companies and through active
oversight and monitoring of its investments. KKR complements its
investment expertise and strengthens interactions with investors through
its client relationships and capital markets platform. KKR is publicly
traded on the New York Stock Exchange (NYSE: KKR). For additional
information, please visit KKR’s website at www.kkr.com.
Blackstone is one of the world’s leading investment and advisory firms.
We seek to create positive economic impact and long-term value for our
investors, the companies we invest in, the companies we advise and the
broader global economy. We do this through the commitment of our
extraordinary people and flexible capital. Our alternative asset
management businesses include the management of private equity funds,
real estate funds, hedge fund solutions, credit-oriented funds and
closed-end funds. The Blackstone Group also provides various financial
advisory services, including financial and strategic advisory,
restructuring and reorganization advisory and fund placement services.
Further information is available at www.blackstone.com.
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