Thoma Bravo to Acquire Specialty Insurance Platform Accelerant in $4B Take-Private Deal
Thoma Bravo has agreed to acquire Accelerant in an all-cash transaction valued at more than $4 billion, taking the specialty insurance marketplace private roughly one year after its stock market debut.
Accelerant’s Class A and Class B shareholders will receive $20.25 per share, a 49% premium to the company’s Aug. 12 closing price.
The offer remains below Accelerant’s $21 initial public offering price. The company’s shares had struggled following its New York Stock Exchange listing as investors assessed its marketplace model and ownership structure.
Founded in 2018, Accelerant operates a data-driven risk exchange connecting specialty insurance underwriters with institutional risk capital. Its platform helps participants analyze, price and transfer specialty risks.
“Returning to private ownership with Thoma Bravo’s technology and software expertise, coupled with its vast financial and strategic resources, will enable us to make investments that further position our unique, data-fueled platform to be the rails on which specialty insurance runs,” Chairman and CEO Jeff Radke said.
Altamont Capital Partners affiliates, which control approximately 82% of Accelerant’s voting rights, have agreed to support the transaction. Altamont and Accelerant’s founders plan to retain equity alongside Thoma Bravo, although the rollover terms remain under negotiation.
The transaction is expected to close during the first half of 2027. Shareholders may receive an additional 6% annual ticking fee if certain insurance regulatory approvals delay completion.
Once the deal closes, Accelerant’s shares will cease trading on the NYSE.
Thoma Bravo manages more than $180 billion and has extensive experience investing in software, insurance technology and data businesses. Accelerant’s board approved the transaction following a unanimous recommendation from an independent special committee.
Morgan Stanley & Co. LLC is serving as exclusive financial advisor to the Board of Directors of Accelerant. Paul Hastings LLP is serving as U.S. legal counsel, Sidley Austin LLP is serving as special insurance counsel, and Maples Group is serving as Cayman Islands legal counsel to Accelerant. Houlihan Lokey is serving as financial advisor and Conyers Dill & Pearman is serving as legal counsel to the Special Committee. Goodwin Procter LLP is serving as legal counsel, Skadden, Arps, Slate, Meagher & Flom LLP is serving as special insurance counsel and Walkers is serving as Cayman Islands legal counsel to Thoma Bravo. BMO Capital Markets and Wells Fargo are serving as financial advisors to Thoma Bravo. Ropes & Gray LLP is serving as legal counsel to Altamont Capital Partners.
