Private equity firm Kohlberg Kravis Roberts & Co. LP (KKR) will acquire Alliant Insurance Services Inc. from private equity firm Blackstone (NYSE: BX) for an undisclosed amount.

Alliant, headquartered in Newport Beach, Calif., is a specialty insurance brokerage firm. The firm’s management and employees will roll over a substantial portion of their 45 ownership of the company.

The company provides insurance services to about 20,000 clients.

JP Morgan Chase and Blackstone Advisory Partners served as advisers to Blackstone and Alliant on the deal.

New York based KKR, founded in 1976 by Henry Kravis and George Roberts, has $66.3 billion in assets under management. The firm’s portfolio companies include Dollar General Corp., Go Daddy and the Nielsen Co. B.V.

Blackstone’s investments include the Weather Channel, Pinnacle Foods Corp. and Deutsche Telekom.

For more coverage on the insurance industry, see “Insurance Industry Experiences M&A Uptick.” 

Subscribe Now

Complete access to real-time information and analysis of news and trends in the industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.