Alliant’s management team and employees own about 45 per cent of the company and will roll over a substantial portion of their investment, the firms said.
A Blackstone spokesman said financial details of the transaction were not being disclosed.
KKR’s Tagar Olson, a member of the financial services private equity team, said, “Alliant’s leadership team has built a unique insurance distribution franchise that is differentiated in its expertise, product offerings and client relationships.
“We are excited to partner with the Alliant team as it builds on the successful track record of product innovation, platform expansion and accretive acquisition activity in the specialty insurance marketplace.”
Blackstone senior managing director Chinh Chu added, “Alliant’s deep entrepreneurial culture combined with best in class specialized products have allowed it to stand out as an industry leader.
“Blackstone was pleased to have worked with Alliant’s management team over the past five years to help expand the company’s market reach and strengthen its national presence through a series of strategic acquisitions.”
Blackstone bought into Alliant through a $1.1bn deal in 2007.
JP Morgan Chase and Blackstone Advisory Partners acted as advisers to Blackstone and Alliant on the transaction, which is expected to close before the end of the year.
Copyright © 2012 AltAssets