Varnum Represents Acrisure in $3.45 Billion Capital Raise
Global top-10 insurance brokerage Acrisure recently announced a $3.45 billion capital raise, consisting of a $3 billion refinancing of the company’s senior preferred and a $454 million private placement of junior preferred stock.
The deal garnered coverage in Bloomberg, Crain’s Detroit Business, MiBiz, and Grand Rapids Business Journal. It was the lead item in Law360's Weekly Deals Roundup feature.
Varnum LLP and Skadden Arps acted as co-counsel to Acrisure in the matter. The Varnum team was led by partners Mike Wooldridge and Seth Ashby and supported by partners Matt Maltz and Zach Meyer and associates Chris George and Justin Ooms.
Acrisure is one of the fastest-growing insurance brokers in the world, completing nearly 600 acquisitions in the past several years. Varnum has served as legal counsel in almost all of these transactions.
The capital raise announcement comes as Acrisure continues to successfully navigate the Covid-19 pandemic, relying on the strengths of its partnership model and culture. In 2020, Acrisure was able to maintain its industry-leading acquisition pace, acquiring 110 agencies, while also reducing its net debt leverage.
More about the transactions can be found at Acrisure Secures $3.4 Billion in Capital Raise | Business Wire.