Acquisition marks Personable's second add-on acquisition in the last six months
Excellere Partners, a Denver-based private equity firm focused on partnering with middle-market entrepreneurs and management teams, announced today that one of its portfolio companies, Personable Insurance, an independent agent-driven, specialist non-standard auto insurance provider, acquired Endeavor General Agency, LLC, a non-standard personal automobile managing general agency operating exclusively in the state of Texas. The acquisition closed on May 16, 2012 and has been approved by the Texas Department of Insurance.
The acquisition of Endeavor is Personable's second in the past six months and advances the Company's strategic leadership position across all major non-standard automobile insurance markets. Texas is the second largest non-standard auto insurance state in the U.S., and this acquisition exposes Personable to a significantly larger customer base in Texas, which will complement its deep presence throughout California, Florida and Georgia.
Endeavor Founder, John McKinney, will continue to work with Personable following the transaction on strategic matters and Michael Daul will serve as vice president of operations for Personable in Texas.
"This acquisition is yet another solid example of our abilities to execute on the buy-and-build strategy utilizing our proprietary value creation process, which simultaneously strengthens company infrastructure while accelerating growth. The management team at Personable is building an extraordinary company that is emerging as a leader in its space, and we are thrilled to have already completed two add-on acquisitions in the past six months," explained Ryan Heckman, managing partner of Excellere.
Kieran Sweeney, chairman of the board at Personable, added: "With this second acquisition, we have now tripled the size of our business since partnering with Excellere nine months ago. Excellere has allowed Personable to take advantage of market opportunities and to position ourselves as a leader in the non-standard auto insurance sector. The acquisition of Endeavor provides us with significant critical mass in the strategically important and attractive Texas marketplace."
Royce City, Texas-based Endeavor is an innovative, service-based organization that develops and delivers affordable non-standard auto insurance products and services that are delivered exclusively through independent insurance agents.
San Diego-based Personable Insurance is a leading provider of non-standard personal auto insurance through independent agents in California, Texas, Georgia and Florida. Personable develops and manages sustainable, profitable personal auto insurance programs on behalf of an increasing number of quality insurance carrier partners.
About Excellere Partners
Denver-based Excellere Partners is a middle-market private equity firm with $730 million of capital under management. The firm specializes in partnering with entrepreneurs and management teams through majority recapitalizations and management buyouts. Excellere employs a buy-and-build strategy that provides its portfolio companies with capital as well as a proprietary value creation system designed to accelerate growth while strengthening corporate infrastructure. Investments are focused on companies within the following industries: healthcare; specialty foods; industrial technology and services; business services; and education and training. Excellere's current investments include AxelaCare Health Solutions, ASI Government, Medtech College, Personable Insurance and U.S. Water Services. For more information about Excellere, please visit http://www.excellerepartners.com.
Contacts:
For Excellere Partners
PAIRELATIONS, LLC,
Susan J. Lewis,
303-804-0494
slewis@pairelations.com
