Acrisure Secures $2.1B Led by Bain Capital to Fuel Fintech Expansion
Acrisure has raised $2.1 billion through new convertible senior preferred stock, led by Bain Capital, bringing the company’s valuation to $32 billion, a nearly 40% increase from its last capital raise three years ago.
The funds will refinance a portion of existing non-convertible preferred stock, support strategic acquisitions, and enhance Acrisure’s tech-enabled financial services platform for small- and medium-sized businesses globally.
“Our evolution from an insurance brokerage into an AI- and technology-powered global financial services provider has opened the door to massive opportunity,” said Greg Williams, Chairman, CEO and co-founder of Acrisure.”
The round includes Bain Capital Special Situations, Fidelity Management & Research Company, Apollo Funds, Gallatin Point Capital, BDT & MSD Partners, and other investors, with no existing investors exiting. BDT & MSD remains the largest minority shareholder.
Cristian Jitianu, a partner at Bain Capital joining Acrisure’s board, stated, “We are pleased to be selected as Acrisure’s partner of choice on this transaction and look forward to supporting their continued growth strategy as the company builds on its success delivering the right personalized insurance and business solutions to its clients.”
Acrisure plans to expand its footprint and offerings through strategic M&A, integrating its platform from 900 prior acquisitions, and driving organic growth with services like real estate, cybersecurity, payroll, payment processing, and retirement/wealth solutions.
Acrisure also strengthened its leadership with Mark Wassersug, former COO of Intercontinental Exchange, as CTO, and Shawn Pelsinger, former global head of corporate development at Palantir Technologies, as CAO.
Morgan Stanley & Co. LLC acted as exclusive placement agent, with Skadden, Arps, Slate, Meagher & Flom LLP and Varnum LLP as legal counsel.
