PCF Insurance Services completed a management and partner-led buyout of PCF from financial sponsor HGGC, which values the business at more than $2.2 billion.
The transaction, including financing of more than $1 billion, was led by PCF CEO Peter C. Foy, along with the firm’s executive team, partner investor firm, Owl Rock, a division of Blue Owl, and strategic advisory firm, Sica Fletcher.
HGGC will retain a minority interest in the business.
Lehi, Utah-based PCF is a consultant and insurance brokerage firm offering commercial, life and health, employee benefits and workers’ compensation solutions.
HGGC is a middle-market private equity firm with more than $5.6 billion in reported cumulative capital commitments based in Palo Alto, Calif.
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