Altaris Takes Trean Insurance Private, Buys Remaining 53% Stake at $316M Valuation
Healthcare-focused investment firm Altaris, LLC, which already owns 47%, has struck a deal to buy the remaining 53% of specialty insurance provider Trean Insurance Group for $6.15 per share in cash, representing a 97% premium to Trean’s closing price on December 15, 2022, the last trading day prior to the announcement.
The transaction implies a total equity value of approximately $316mn and is expected to close during the first half of 2023.
Julie Baron, President and Chief Executive Officer of Trean, said, “This agreement with Altaris delivers immediate and substantial value to all stockholders of Trean while positioning the Company to continue its focus on strong partnerships, underwriting discipline and exceptional claims management to drive growth over the long term.
Baron will remain President and Chief Executive Officer of the Wayzata, Minnesota-based firm and Andrew O’Brien, founder of Trean and Executive Chairman of the Board, will continue to serve on the Board.
Bass Berry & Sims PLC is serving as legal advisor to Trean. Kirkland & Ellis LLP is serving as legal advisor to Altaris.