Bloomberg the Company

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Follow Us

Industry Products

Evercore Said to Put Bollinger Up for Sale

Don't Miss Out —
Follow us on:

Feb. 6 (Bloomberg) -- Evercore Partners Inc., the boutique investment bank founded by Roger Altman, is exploring a sale of insurance broker Bollinger Inc. that may fetch as much as $400 million, said people with knowledge of the matter.

The firm’s private-equity arm, Evercore Capital Partners, began working last year with Bank of America Corp. to find bids for Short Hills, New Jersey-based Bollinger, said the people, who asked to not be named because the process is private. AssuredPartners Inc., owned by Chicago buyout firm GTCR LLC, is one of the top suitors, two of the people said.

Bollinger offers insurance to colleges, amateur sports leagues and country clubs. Last year was the busiest for takeovers of U.S. insurance brokers since 2007, with the bulk undertaken by private-equity firms, according to data compiled by Bloomberg. Onex Corp. and KKR & Co. were among the private-equity firms that bought insurance brokers in 2012, attracted by the industry’s reliable cash flows and minimal use of capital.

Evercore Capital Partners manages two funds that invest in medical equipment, manufacturing, financial services and other types of companies, according to the firm’s website. Spokesmen at Evercore and Bank of America declined to comment, while representatives at GTCR and Bollinger didn’t immediately return calls seeking comment.

AssuredPartners, based in Lake Mary, Florida, is the 15th-largest U.S. broker by annual revenue, while Bollinger is the 22nd, according to the latest industry survey from Business Insurance, a trade magazine. Together the firms had about $300 million in 2011 revenue, the data from Business Insurance shows.

Bollinger has made more than a dozen acquisitions since selling a majority stake to Evercore in 2008, according to the company’s website. AssuredPartners states on its website that it has made more than two dozen acquisitions.

To contact the reporters on this story: Matthew Monks in New York at mmonks1@bloomberg.net; David Carey in New York at dcarey13@bloomberg.net

To contact the editors responsible for this story: Jeffrey McCracken at jmccracken3@bloomberg.net; Christian Baumgaertel at cbaumgaertel@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.