- Purchase price up to $120 million
- Marks 17th deal since last November
- Company executive sees ‘tremendous opportunity’
Confie Seguros President Mordy Rothberg told Buyouts that the deal will add scale and accelerate growth by expanding the company’s reach by nearly 200 offices, including its first major presence in Dallas, a key market.
“It’s a tremendous opportunity for us,” Rothberg said. “It’ll accelerate our growth and our footprint.”
The deal marks Confie Seguros’s 17th acquisition since since ABRY Partners bought the Huntington Beach, Calif company from Genstar last November in a bid to serve the rapidly-growing Hispanic market.
Signaling more deals ahead, Rothberg said his company’s pipeline for acquisitions “is as robust as ever.”
Addison, Texas-based Affirmative Insurance Holdings, distributor of personal automobile insurance policies, said the deal includes $100 million in cash and up to $20 million in additional proceeds. It intends to use the money to pay down debt and focus on its business as an insurance carrier.
The unit includes two premium finance companies and 500 employees working in 195 offices in Louisiana, Alabama, Texas, Illinois, Indiana, Missouri, Kansas, South Carolina and Wisconsin.