Ropes & Gray advised private equity firm Genstar Capital in signing an agreement in which Lovell Minnick Partners will exit its investment in national wholesale insurance broker and program manager Worldwide Facilities LLC and Genstar will become a new investor in Worldwide. The transaction was announced on August 7 and financial terms were not disclosed. The transaction is expected to close in the third quarter of 2019 and is subject to customary closing conditions.
Los Angeles-based Worldwide is one of the nation’s largest wholesale insurance brokerage, managing general agent and program underwriters. Worldwide serves as the managing general agent for several leading insurance carriers and provides a wide range of underwriting, rating, binding and policy issuance services.
The Ropes & Gray team was led by private equity partner Howard Glazer (San Francisco) and included tax partner Leo Arnaboldi (New York), benefits partner Jennifer Rikoski (Boston), labor & employment partner Megan Bisk (Boston) strategic transactions partner Megan Baca (Silicon Valley), finance partner Michael Lee (Boston) and private equity transactions associate Elizabeth Gallucci (San Francisco).
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