Genstar Capital-backed All Web Leads is acquiring InsuranceQuotes.com from Bankrate Inc. (NYSE: RATE) for $165 million.
InsuranceQuotes.com provides a network of insurance agents from major providers that allow customers to request and receive quotes from multiple insurance companies. Bankrate says the divestiture will allow the company to focus on its core credit card and banking businesses.
All Web Leads, founded in 2005 and based in Austin, Texas, is a marketing company that generates sales leads to insurance companies by connecting consumers who are looking for insurance services to carriers. With the acquisition of InsuranceQuotes.com, All Web Leads clients will include the top 20 casualty insurance companies and more than 30,000 independent agents.
“We will aggressively support consolidation in this market with our AWL platform,” says Genstar managing director Ryan Clark. Genstar bought All Web Leads from Great Hill Partners earlier in 2015.
Genstar’s portfolio company MW Industries recently announced the purchases of metal part makers Servometer and BellowsTech. Earlier in 2015, the PE firm closed a $2 billion fund.
Bank of America Merrill Lynch and Paul Hastings are advising Bankrate.