Genstar Capital’s All Web Leads to Acquire insuranceQuotes.com
Ropes & Gray represented Genstar Capital and portfolio company All Web Leads (AWL) in AWL’s definitive agreement to acquire insuranceQuotes.com, the insurance division of Bankrate, Inc., for $165 million. insuranceQuotes.com, formerly known as Bankrate Insurance, has the industry’s largest network of national and local insurance agents from the top insurance companies and a simple secure online application process that allows a consumer to request and compare unique insurance quotes from multiple companies. The transaction was announced Nov. 5 and is expected to close by the end of the year.
Based in Austin, Tex., AWL is a customer acquisition marketing company focused on the U.S. insurance industry. The largest private company in the industry, AWL has set the standard for product innovation with products such as its pioneering Qualified Concierge Calls service, which matches highly qualified shoppers with insurance agents through live telephone calls. Genstar Capital acquired AWL in a deal announced June 30.
The Ropes & Gray team was led by private equity partner Todd Boes (San Francisco) and included finance partner Michael Lee (Boston) and tax partner Lee Allison (New York).