Partners Group, a global private markets firm, has acquired a controlling stake in Foundation Risk Partners, a specialist insurance broker, from Warburg Pincus. As part of the deal, FRP’s management team will maintain a stake in the firm while Warburg Pincus will retain a minority position.
Foundation Risk Partners helps business and private individuals navigate the insurance landscape. The firm provides expertise across commercial insurance, employee benefits, personal insurance, and risk management services. Partners Group plans on working to drive future growth and geographic presence for the firm.
“FRP provides us with access to the growing insurance brokerage market in the US, which benefits from stable non-discretionary demand and favorable tailwinds,” added Joel Schwartz, partner, co-head private equity services, Partners Group. “We have been tracking this market for several years and were attracted to FRP’s diversified service offering and client base, as well as the transformational platform-building opportunity it represents. We look forward to working with FRP’s very experienced management team on implementing the value creation plan.”
Partners Group was advised by Morgan Stanley & Co. LLC as its financial advisor and Ropes & Gray LLP as legal counsel. Warburg Pincus and Foundation Risk Partners were advised by Barclays, MarshBerry, Kirkland & Ellis LLP, Jamieson Corporate Finance, and Peter W. Klein, Attorney at Law.