Audax Private Equity has announced a partnership alongside management to invest in independent insurance and risk management agency Oakbridge Insurance.
Oakbridge is an insurance brokerage firm focused on commercial P&C, employee benefits, surety, personal P&C, and risk management services. It was formed in December 2020 by CEO and Co-Founder Robbie Smith and Corsair Capital.
According to Audax, the transaction includes the sale by Corsair of its investment in Oakbridge. The Oakbridge management team and employee base are set to maintain a significant ownership position.
Robbie Smith, CEO of Oakbridge, commented, “We’re thrilled to partner with Audax for our next phase of growth given their experience accelerating expansion efforts organically and inorganically. We want to thank the team at Corsair for their partnership and support over the past three years.”
Bill Allen, Managing Director at Audax, said, “Oakbridge has built a best-in-class insurance brokerage platform, driven by the exceptional level of service offered to clients and the Company’s expertise across numerous specialized offerings and capabilities.
“As Robbie and the Oakbridge team continue to execute their strategy, we believe there is a compelling opportunity to accelerate growth throughout the Southeast.”
Jeremy Schein, Partner at Corsair, noted, “We invested in Oakbridge because we saw an opportunity to build one of the premier insurance agencies in the Southeast through best-in-class organic growth and strategic partnerships.
“We are extremely proud of all we have accomplished in scaling Oakbridge alongside Robbie, Matt, and the entire management team.”
Adam Abramson, Partner at Audax, added, “We’re excited to partner with Robbie and the entire Oakbridge team to support the company and build on its impressive growth.
“Given Oakbridge’s established track record of acquiring and successfully integrating add-on acquisitions, we feel the company is well-positioned as an acquirer of choice of insurance brokerages and risk management agencies.”
Morgan Stanley & Co. LLC and Piper Sandler & Co. served as financial advisors to Oakbridge, while Ardea Partners advised Audax on the deal. Simpson Thacher & Bartlett LLP served as legal counsel to Oakbridge and Kirkland & Ellis LLP served in the same capacity to Audax.
