- Investment Strongly Endorses Specialty Growth Strategy
NEW YORK, Aug. 5, 2015 /PRNewswire/ -- Integro Ltd., an international insurance brokerage and risk management firm, today announced that it has reached an agreement to be acquired by entities affiliated with Odyssey Investment Partners, LLC, positioning Integro for continued growth. Financial details of the investment were not disclosed.
Founded in 2005, Integro has evolved to become a leading specialty firm with a significant international presence. In recent years, Integro has been actively building its specialty areas, including Healthcare; Entertainment; Professional Services; Aviation; Energy; Trade & Logistics; Reinsurance; and Benefits Consulting in the US, Canada and internationally. Integro has catapulted to the eighth largest private broker in the United States in terms of property/casualty written premium, according to Insurance Journal. Integro serves clients in over 125 countries from more than 40 offices in the United States, Canada, the United Kingdom and Bermuda.
Jeffrey McKibben, a Managing Principal of Odyssey Investment Partners, said, "Integro is an extraordinary success story, and we are committed to supporting its continued development, particularly around its specialty offerings. We are enthusiastic to invest in and partner with Integro's management team led by William Goldstein, John Sutton, Toby Humphreys and Marc Kunney, and share their strategic vision for their business and its focus markets."
Mr. Goldstein, President of Integro, said, "Odyssey is an ideal partner as we build on the powerful platform our early investors helped us put in place. Odyssey's resources and industry expertise will help accelerate the growth trajectory of our core business and specialty acquisitions."
The Integro management team will remain in place and certain members of its management team and other employees will remain shareholders in the company.
Completion of the transaction, which is expected in the fourth quarter of 2015, is subject to customary closing conditions for the acquisition of an international insurance brokerage and risk management company, including antitrust regulatory approval and approval of the UK Financial Conduct Authority. Shareholders of Integro that control approximately 70% of the shares entitled to vote on the acquisition (which is well above the percentage sufficient to approve the acquisition) have entered into voting agreements with the acquiring entities.
Integro is an insurance brokerage and risk management firm. Clients credit Integro's superior technical abilities and creative, collaborative work style for securing superior program results and pricing. The firm's acknowledged capabilities in brokerage, risk analytics and claims are rewriting industry standards for service and quality. Launched in 2005, Integro and its family of specialty insurance and reinsurance companies, some having served clients for more than 150 years, operate from offices in the United States, Canada, Bermuda and the United Kingdom. Its U.S. headquarter office is located at 1 State Street Plaza, 9th Floor, New York, NY 10004. 877.688.8701. www.integrogroup.com
About Odyssey Investment Partners
Odyssey Investment Partners, LLC, with offices in New York and Los Angeles, is a leading private equity investment firm with a 20+ year history of partnering with skilled managers to transform middle-market companies into more efficient and diversified businesses with strong growth profiles. Odyssey makes majority controlled investments in industries with a long-term positive outlook and favorable secular trends. For further information about Odyssey Investment Partners, LLC, please visit www.odysseyinvestment.com.
Betsy Van Alstyne
For Odyssey Investment Partners:
Kekst and Company
SOURCE Integro Ltd.