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Varnum Represents Acrisure in Series B-2 Capital Raise

June 2, 2022

Acrisure, a fast-growing financial technology leader that operates a top-10 global insurance broker, recently announced it has secured additional funding to fuel its ongoing global expansion. Acrisure closed $725 million in Series B-2 Preferred Equity and received a $23 billion valuation, representing a 31 percent increase from its last preferred equity raise in March 2021.

A wholly owned subsidiary of the Abu Dhabi Investment Authority led the round, with participation from Guggenheim Investments on behalf of certain clients and Oak Hill Advisors. 

The deal garnered coverage in a variety of business and legal publications, including Axios, Crain’s Detroit Business and Law360.

Varnum LLP and Skadden Arps acted as co-counsel to Acrisure in the matter. The Varnum team was led by partners Seth Ashby and Mike Wooldridge and supported by associate Alex Campbell. The Varnum team also served as co-counsel in the 2021 capital raise.

The new funding will allow Acrisure to continue pursuing value-accretive acquisitions, grow its tech-enabled solutions, increase marketing and brand awareness, and invest in human and technological infrastructure to support industry‑leading growth. The new equity raise immediately reduces Acrisure’s net debt leverage by 0.6x.

Acrisure’s insurance brokerage arm is one of the fastest-growing in the world, completing more than 700 acquisitions in the past several years. Varnum has served as legal counsel in almost all of these transactions.

More information about the matter can be found here: Acrisure Closes $725 Million Equity Funding, Valuing Business At $23 Billion.

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