Washington-based private equity firm The Carlyle Group will acquire a controlling stake in insurance brokerage and consulting company Edgewood Partners Insurance Center.
Reuters in a report said that The Carlyle Group made the deal to support the retail insurance broker's plans to buy insurance distribution companies in the US.
Equity for the investment will be provided by Carlyle Global Financial Services Partners LP and Carlyle Global Financial Services Partners II LP, Reuters said citing a statement made by Edgewood Partners.
The financial terms of the deal are yet to be disclosed. Following the closing of the buyout, the funds managed by private equity firm Stone Point Capital and Edgewood Partners employees will remain in Edgewood Partners, the report said.
Edgewood Partners chief executive John Hahn said in a statement that the financial backing of the global asset management firm will enable them to execute their corporate strategy. These would include acquiring businesses and hiring teams that could bring a strong client base and specialized placement capabilities to the company.
The deal is anticipated to close by the end of the year, Reuters said.
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