Stephens Group Exits IMA Stake in $4B Recap Deal

Private investment firm The Stephens Group, LLC has exited its investment in IMA Financial Group, Inc. following the completion of an equity recapitalization that values the Denver-based insurance brokerage at $4 billion. Oak Hill Capital and New Mountain Capital are each taking minority positions, joined by HarbourVest and a group of institutional co-investors.

IMA employees will continue to own a majority of the company, with 100% of associates participating as shareholders. SkyKnight Capital also exited as part of the transaction. New Mountain Capital, a prior investor in IMA, exited its existing position and reinvested alongside the new capital partners.

“The Stephens Group understood our model, shared our values, and never pushed us to grow at the expense of our culture or our independence,” said Rob Cohen, chairman and CEO of IMA Financial Group. “They trusted management, took a long view and were invaluable to how we approached our most important decisions over the past five years.”

Since 2020, IMA said it has increased revenue by nearly 400%, driven by a combination of partnerships and organic growth. Over the same period, the firm’s associate base expanded from 700 employees in regional offices to more than 3,000 nationally as it scaled its risk management, employee benefits and investment advisory businesses.

“The growth speaks for itself, but the more impressive achievement is that IMA scaled without sacrificing the people-first culture that makes it special,” said Kent Sorrells, senior advisor at The Stephens Group. “We are proud of what we built together and grateful to have played a role in IMA’s journey.”