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ABRY Partners bolts on three insurance brokerages to Confie Seguros

3 Jan 2013

Joe Waked Confie SegurosABRY Partners has expanded its newly bought Hispanic customer focused insurance company Confie Seguros into Florida by bolting on three insurance brokerages.

The firm picked up a majority stake in personal line insurance broker Confie from fellow private equity house Genstar Capital in mid-November.

Confie’s latest add-ons follow the business making 22 acquisitions in 2012 while under Genstar’s control, ten of which were in Florida.

The latest bolted-on businesses are Second City Insurance, Insurance of Lauderdale Lakes and Harmony Insurance.

Confie CEO Joe Waked, pictured, said, “Our growth over the past several years has been due in large part to the high quality acquisitions we have completed and we are very pleased to add these specialty brokerages and their highly regarded reputations to our organization.

“We continue to see an excellent pipeline of opportunities and the combination of Confie’s experienced management team and the strong market positions of these local agencies will enable us to continue our expansion, both organically and externally, in 2013.”

ABRY partner Brent Stone said following its buyout of Confie that the firm believed strongly in the business model and ability of management to expand the company into new geographies and lines of business.

Genstar launched Confie alongside insurance executives in 2008, growing it to more than 300 retail locations with an annual revenue of $200m.

The Hispanic-oriented US market has also attracted the attention of new buyout firm AUA Private Equity Partners, which launched with a focus on the sector last April.

New York-based AUA plans to invest between $10m and $30m of equity in companies focused in the consumer, media and business services sectors.

The sector is familiar one for firm president Andy Unanue as the former COO and current shareholder of Goya Foods, the most successful Hispanic-owned food company in the US.

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