The Carlyle Group acquires The Hilb Group
The Hilb Group, a leading national insurance broker, announced that it has signed a definitive agreement with global investment firm The Carlyle Group for investment funds affiliated with Carlyle to acquire a majority interest of Hilb. Hilb’s existing management team and employee shareholders are expected to remain significant shareholders. Hilb is currently a portfolio company of Abry Partners, a Boston-based private equity firm.
Founded in 2009, Hilb employs more than 900 associates and operates 91 branch offices serving all 50 states.
“This investment by Carlyle is a strong endorsement of our growth strategy and represents the next exciting chapter for Hilb. Carlyle’s additional capital and resources will significantly benefit our company and associates as we grow our business organically and through targeted M&A opportunities. Working with Abry enabled us to accelerate our development and we are equally excited to have new partners to fuel future growth. We have a rich pipeline of partnership opportunities and look forward to continuing our expansion with Carlyle.” – Richard Spiro, Chief Executive Officer at Hilb.
“We have long admired the Hilb franchise and are extremely impressed with what Ricky Spiro and the Hilb management team have accomplished during the past several years. We look forward to our partnership, and to supporting Hilb in its next chapter of growth and innovation as it expands into new geographies and product lines to serve the increasingly complex needs of its clients.” – John Redett, Managing Director and Co-Head of Carlyle Global Financial Services.