KKR and CDPQ Acquire USI, a Leading Insurance Brokerage and Consulting Firm
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With more than 4,400 professionals operating out of 140 local offices throughout
The investment will primarily be made through KKR and CDPQ's core private equity partnership which includes funds from KKR's balance sheet and from CDPQ's pool of capital. The partnership is designed to pursue attractive investment opportunities in high quality businesses with a longer duration and a lower risk profile in order to support strong management teams and facilitate long-term strategic business building.
KKR and CDPQ have a strong track-record in the financial services and insurance-related sectors and have been long-standing partners in multiple investments over the years.
"USI is a fantastic company and is uniquely positioned to help address the risk management, insurance and employee benefits-related needs of small and medium-sized business owners. We look forward to working with CDPQ in helping management achieve its long-term vision to grow the business through accelerated investments in USI's people, technology and solutions," said
"CDPQ and KKR are co-leading this investment and leveraging their respective expertise in the sector to support USI's world-class management as it pursues its strategic plan for long-term growth. Our partnership was established to implement both firms' patient, disciplined and collaborative investment approach," said Christian Puscasiu, Co-Head, Direct Investments, Private Equity at CDPQ. "USI operates in a resilient sector characterized by stable, long-term returns and serves small and medium-sized businesses, which are the cornerstone of the
"We are passionately committed to continuing and accelerating USI's growth and investment as a leader in our industry, leveraging and innovating our unique USI ONE Advantage," commented
The transaction is anticipated to close by the end of the second quarter 2017 subject to customary conditions including regulatory approvals.
KKR is a leading global investment firm that manages investments across multiple asset classes including private equity, energy, infrastructure, real estate, credit and hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation at the asset level. KKR invests its own capital alongside its partners' capital and brings opportunities to others through its capital markets business. References to KKR's investments may include the activities of its sponsored funds. For additional information about
ABOUT CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
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USI is a leading local and national insurance brokerage and consulting firm, delivering property and casualty, employee benefits, personal risk and retirement solutions throughout
KRISTI HULLER OR
Senior Advisor, Media Relations
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