Breaking News

Tweet TWEET

KKR to Acquire Alliant Insurance Services, Inc. from Blackstone

  KKR to Acquire Alliant Insurance Services, Inc. from Blackstone

Business Wire

NEW YORK -- November 23, 2012

Leading global investment firm Kohlberg Kravis Roberts & Co. L.P. (together
with its affiliates, “KKR”) (NYSE: KKR) today announced an agreement to
acquire Alliant Insurance Services, Inc., the nation’s largest specialty
insurance brokerage firm, from Blackstone (together with its affiliates,
“Blackstone”) (NYSE: BX).Terms of the transaction were not disclosed.

Tom Corbett, Chairman and CEO of Alliant said, “This transaction marks the
next phase of Alliant’s growth and offers us an exciting opportunity to
continue to build the business and offer best in class products and services
to our clients. We are pleased to be partnering with KKR and appreciate the
positive role that private capital can play in helping us manage our business
and execute a growth strategy. This transaction will enable Alliant to remain
independent and maintain its market leading position.”

The management team and employees of Alliant own approximately 45% of the
company and will roll over a substantial portion of their investment in the
company.

Tagar Olson, Member of KKR, said, “Alliant’s leadership team has built a
unique insurance distribution franchise that is differentiated in its
expertise, product offerings and client relationships. We are excited to
partner with the Alliant team as it builds on the successful track record of
product innovation, platform expansion and accretive acquisition activity in
the specialty insurance marketplace.”

Chinh Chu, Senior Managing Director of Blackstone, said, “Alliant’s deep
entrepreneurial culture combined with best in class specialized products have
allowed it to stand out as an industry leader. Blackstone was pleased to have
worked with Alliant’s management team over the past five years to help expand
the company’s market reach and strengthen its national presence through a
series of strategic acquisitions.”

JP Morgan Chase and Blackstone Advisory Partners served as advisers to
Blackstone and Alliant on the transaction. The transaction is expected to
close in the fourth quarter, subject to certain conditions.

About Alliant Insurance Services

Headquartered in Newport Beach, Calif., Alliant Insurance Services, Inc. is
one of the largest insurance brokerage firms in the United States and has a
history dating back to 1925. Alliant provides property and casualty, workers'
compensation, employee benefits, surety, and financial products and services
to some 20,000 clients nationwide, including public entities, tribal nations,
healthcare, energy, law firms, real estate, construction, and other industry
groups. More information is available on the company's web site at:
www.alliantinsurance.com.

About KKR

Founded in 1976 and led by Henry Kravis and George Roberts, KKR is a leading
global investment firm with $66.3 billion in assets under management as of
September 30, 2012. With offices around the world, KKR manages assets through
a variety of investment funds and accounts covering multiple asset classes.
KKR seeks to create value by bringing operational expertise to its portfolio
companies and through active oversight and monitoring of its investments. KKR
complements its investment expertise and strengthens interactions with
investors through its client relationships and capital markets platform. KKR
is publicly traded on the New York Stock Exchange (NYSE: KKR). For additional
information, please visit KKR’s website at www.kkr.com.

About Blackstone

Blackstone is one of the world’s leading investment and advisory firms. We
seek to create positive economic impact and long-term value for our investors,
the companies we invest in, the companies we advise and the broader global
economy. We do this through the commitment of our extraordinary people and
flexible capital. Our alternative asset management businesses include the
management of private equity funds, real estate funds, hedge fund solutions,
credit-oriented funds and closed-end funds. The Blackstone Group also provides
various financial advisory services, including financial and strategic
advisory, restructuring and reorganization advisory and fund placement
services. Further information is available at www.blackstone.com. Follow us on
Twitter @Blackstone.

Contact:

For Alliant:
Lynda Lane, 949-466-2020
LLane@alliantinsurance.com
or
For KKR:
Kristi Huller, 212-230-9722
Kristi.Huller@kkr.com
or
For Blackstone:
Christine Anderson, 212-583-5263
Christine.anderson@blackstone.com
 
Press spacebar to pause and continue. Press esc to stop.