Peugeot Invest has announced a $125m (€111.41m) investment in BroadStreet Partners, a insurance brokerage, as part of a consortium led by Ethos Capital.
The transaction forms a key component of the company’s capital reorganisation.
Last month, the consortium, which includes Ethos Capital, British Columbia Investment Management and White Mountains, agreed to acquire an ownership position in BroadStreet.
With this, the Ontario Teachers’ Pension Plan, which has been the majority shareholder since 2012, will maintain a co-control position alongside the new investors.
BroadStreet Partners, which operates across the US and Canada, specialises in property and casualty insurance for businesses and individuals, as well as employee benefits solutions.
The company’s co-ownership structure involves equity held by more than 800 colleagues in Core Agencies.
Founded in 2001, BroadStreet has grown to report more than $2bn in revenue.
Peugeot Invest CEO Jean-Charles Douin said: “Peugeot Invest continues to execute on its selective investment strategy by making significant minority investments in priority sectors and geographies, alongside renowned partners.
“Our investment in BroadStreet Partners clearly reflects this ambition: the company boasts an attractive business model, combining high profitability, recurring revenues and strong cash flow generation. We are pleased to welcome this new addition to our investment portfolio.”
“Peugeot Invest to invest $125m in BroadStreet Partners ” was originally created and published by Life Insurance International, a GlobalData owned brand.
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