Full support of Madison Dearborn Partners and HPS to fuel NFP’s
NEW YORK–(BUSINESS WIRE)–NFP, a leading insurance broker and consultant that provides employee
benefits, property & casualty, retirement and individual private client
solutions, announced today that it has completed the previously
disclosed transaction by which HPS Investment Partners, LLC (HPS),
together with other investors, made a $750 million investment in NFP.
The investment, led by HPS, a leading global investment firm, was
announced on December 5, 2016. Madison Dearborn Partners (MDP), a
leading private equity firm that took a control equity ownership
position in NFP in 2013, will maintain a controlling stake in NFP,
alongside NFP’s management and employees. Other terms of the transaction
were not disclosed.
“Closing this deal is an affirmation of our success and future
opportunity,” said NFP’s Chairman and Chief Executive Officer Douglas
Hammond. “The full support of HPS and MDP enables NFP to
continue to invest in our growth and world-class service.”
BofA Merrill Lynch served as the exclusive financial adviser to NFP.
Barclays served as exclusive financial adviser to MDP. Ropes & Gray LLP
served as legal advisor to MDP and NFP, and Fried, Frank, Harris,
Shriver & Jacobson LLP served as legal advisor to HPS.
At NFP Corp., our solutions and expertise are matched only by our
personal commitment to each client’s goals. We’re a leading insurance
broker and consultant that provides employee benefits, property &
casualty, retirement and individual private client solutions through our
licensed subsidiaries and affiliates.
NFP has more than 3,400 employees and global capabilities. Our expansive
reach gives us access to highly rated insurers, vendors and financial
institutions in the industry, while our locally based employees tailor
each solution to meet our clients’ needs. We’ve become one of the
largest insurance brokerage, consulting and wealth management firms by
building enduring relationships with our clients and helping them
realize their goals.
Recently NFP was ranked the 2nd fastest-growing US large-group employee
benefits broker by Employee Benefit Adviser. In addition, Business
Insurance ranked us as the 5th largest global benefits broker by
revenue, the 4th largest US-based privately owned broker and the 11th
largest broker of US business. PlanSponsor ranked us the 5th
largest executive benefits provider of nonqualified deferred
compensation by number of plans, and we were ranked 11th in personal
lines P&C revenue by Insurance Journal.
About Madison Dearborn Partners
Madison Dearborn Partners (MDP), based in Chicago, is a leading private
equity investment firm in the United States. Since MDP’s formation in
1992, the firm has raised seven funds with aggregate capital of
approximately $23 billion and has completed approximately 130
investments. MDP’s seventh fund recently held a final close on $4.4
billion. MDP invests in businesses across a broad spectrum of
industries, including financial and transaction services; business and
government services; health care; telecom, media and technology
services; basic industries; and consumer. Noteworthy financial and
transaction services investments include Ankura Consulting Group, EVO
Payments International and Towergate Insurance Limited. For more
information, please visit www.mdcp.com.
HPS Investment Partners, LLC (HPS) is a leading global investment firm.
Established in 2007, HPS has approximately 100 investment professionals
and over 200 total employees, and is headquartered in New York with ten
additional offices globally. HPS was originally formed as a unit of
Highbridge Capital Management, LLC, a subsidiary of J.P. Morgan Asset
Management, and formerly known as Highbridge Principal Strategies, LLC.
In March 2016, the principals of HPS acquired the firm from J.P. Morgan.
As of January 2017, HPS had approximately $37 billion of assets under
Chuck Dohrenwend or Kate Murray