PCF Insurance Services (PCF), a top 20 US insurance brokerage firm, has announced that it has secured a US$500 million preferred equity investment in a transaction co-led by Carlyle’s Global Credit platform and private equity firm HGGC, an existing minority investor. PCF Insurance, led by Founder, Chairman and CEO Peter C. Foy and Chief Financial Officer and Chief Operating Officer Felix Morgan, also received significant investment participation in the transaction with funds managed by Owl Rock, a division of Blue Owl, and Crescent Capital, both of which have existing minority equity stakes in the business. At the time of investment, the valuation of PCF Insurance is US$4.7 billion. J.P. Morgan served as the sole placement agent to PCF Insurance in connection with the transaction.
Latham & Watkins LLP represented Carlyle Global Credit in the preferred equity investment with a corporate team led by New York partners Stelios Saffos, Peter Sluka, and Andrew Blumenthal, with associates Claire Solimine and Adam Weber. Advice was also provided on tax matters by New York partner Jocelyn Noll, with associate Ted Gkoo; on insurance matters by New York partners Gary Boss and Kirsten Gaeta and New York counsel Dean Agnos; and on sanctions/export controls matters by Washington, D.C. partner Erin Brown Jones.
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