BBH Capital Partners (BBHCP) has acquired a majority stake in regional US insurance broker Sunstar Insurance Group.
While terms of the transaction were not disclosed, it has been confirmed that Sunstar management and key employees will remain significant shareholders alongside BBHCP.
The transaction with BBHCP provides Sunstar with additional capital to maintain its current momentum and accelerate long-term growth.
Sunstar has grown to become one of the largest independent insurance brokers in the US, having completed over 25 acquisitions within its core geography.
“We are thrilled to partner with the BBHCP team. Since our founding in 2012, Sunstar has been committed to creating the preeminent insurance broker in the Southeast and lower Midwest,” said Casey Bowlin, Sunstar’s Chief Executive Officer.
“The investment by BBHCP will enable us to create new opportunities for our employees, customers and carrier partners and will further accelerate our organic and M&A growth strategies.”
“Casey Bowlin and the Sunstar team have built an impressive insurance brokerage franchise. The BBHCP team looks forward to supporting Sunstar in its future growth initiatives,” said Patrick Kruczek, Managing Director at BBH and Co-Manager of BBHCP.
“With BBHCP as a flexible capital partner, we believe that Sunstar’s best days are ahead, and we are excited to be a part of this next chapter of growth,” added Michael Boylan, Managing Director at BBH and Co-Manager of BBHCP.
Piper Sandler & Co. served as exclusive financial advisor to Sunstar in this transaction, and Bass, Berry & Sims served as the company’s legal counsel. Katten Muchin Rosenman served as legal counsel to BBHCP.