Genstar Capital teams insurance and leaders West Line Corporation Entrusts to create Seguros
New platform for investment plans to create the first national insurance brokerage dedicated to Hispanic consumers
San Francisco, CA - (Hispanic PR Wire - PR Newswire) - January 15, 2008 - Genstar Capital, LLC, a Middle Market Private Equity, its emphasis on investment in certain sectors of Life Sciences and Health Care Services, l industry-technology, business services and software, services, announced today that it has experimented with leaders of insurance companies and West Line Corporation, Entrusts Seguros, a platform to consolidate insurance brokerages in the first line focuses on Hispanic consumers. Along with the creation of this new company, Entrusts Seguros announced that its first investment in the west of Line, an insurance brokerage in California.
In the next three years, Genstar and management Entrusts Seguros Team, led by experienced insurance brokerage-CEO John Addeo, watching the construction of a national distribution agreement with a turnover of over $ 300 million, with an emphasis on major markets, including but not limited to, California, Arizona, Florida, Texas, Georgia and Nevada. The financing for future acquisitions by the commitment of Genstar and management of $ 75 million and a banking structure of the acquisition capacity of more than $ 200 million.
Mr. Addeo has carried out two successful consolidation of the market environment damage and accidents brokerages. Most recently he was president and CEO of Alliant Resources Group, a company he founded and built on more than $ 200 million in sales through 12 acquisitions. Previously, he was president and COO of USI Insurance Services, 90 where he acquired insurance companies and brokerages USI built in the sixth largest brokerage in USA
Mr. Addeo has acceded and a successful management team. Mordy mountain Roth, founder and president of Entrusts Seguros, played a role development experiences affairs of his tenure as executive and IDT Corp. Net2phone and run Strategy and Business Development, Stephen Provenzano, Executive Vice President & CFO, has more than 25 years of experience and finance operations Multi-Unit Retail businesses, and Andre Urena, Senior Vice President of Business Development, occurs with more than 20 years of experience in the insurance market Hispanic and CEO and founder of the Association of Latin American officers.
“The dynamic growth of this attractive market and new business opportunities, we will build the first national insurance brokerage with an emphasis on Hispanic consumers. Entrusts Seguros is also given us a multitude of other financial services and insurance products served the Hispanic community, “said CEO John Entrusts Seguros Addeo. “We welcome our new partnership with West Line and Genstar, whose financial support and experience of companies building is an important instrument, as we accelerate our growth.”
West Line, which is based in Cypress, California, is one of the largest distributors of non-standard, auto insurance products, since 29 branches across California. West Line offers its products through three brokerage: South Coast auto insurance, Solo insurance, insurance and Freeway. West Line serve as a platform to build operating in the region for California Entrusts Seguros. “West Line has successfully integrated several acquisitions brokerage in the past five years, and we had a working model of these agencies,” said John Klaeb, founder and CEO of West Line, COO, with Joe Waked, will continue to play a role in the operations and acquisitions California. “We are excited about the partnership with the team Entrusts Seguros Genstar capital and provide valuable insurance products in the Community.” John Klaeb serve as a member of Entrusts Seguros ‘Board of Directors, in addition to its role as CEO of West Line.
“This new investment is in line with our strategy of partnership with high calibre management teams and investment in quality platform of businesses in attractive markets of the consolidation of strong possibilities of entrepreneurship” , Said Ryan, J. Clark, Vice President of Genstar. “We have with the management teams of Seguros Entrusts line refine and West” business plan “and ensure that well-structured and active in achieving our strategic objectives. We welcome the collaboration with John and his team, and winners Line principles of the West as we build trust Seguros. ”
Elders in 2007, Genstar invested in another related insurance, 21 Services, a company based in Minneapolis, is a leading provider of life expectancy information that is currently in the life of the colony of industry For the secondary market for life insurance. The 21 supplyservices current life expectancy for the elderly on estimates of brokers, suppliers and investors because they determine the valuation of a policy.
About Genstar Capital, LLC
Based in San Francisco, Genstar Capital (http://www.gencap.com) is a leading private equity investment firm, is leveraging investments in the quality centre market. Genstar Capital works in partnership with management to restructure its portfolio of leading companies in the business sector. With more than $ 3 billion of capital under management and extensive experience in companies investing Genstar focuses on certain segments of the Life-Science services and health care, industrial technology, business services and software, services.
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