NEW YORK--(BUSINESS WIRE)--NFP, a leading insurance broker and consultant that provides employee benefits, property & casualty, retirement and individual private client solutions, announced today that it has completed the previously disclosed transaction by which HPS Investment Partners, LLC (HPS), together with other investors, made a $750 million investment in NFP. The investment, led by HPS, a leading global investment firm, was announced on December 5, 2016. Madison Dearborn Partners (MDP), a leading private equity firm that took a control equity ownership position in NFP in 2013, will maintain a controlling stake in NFP, alongside NFP’s management and employees. Other terms of the transaction were not disclosed.
“Closing this deal is an affirmation of our success and future opportunity,” said NFP’s Chairman and Chief Executive Officer Douglas Hammond. “The full support of HPS and MDP enables NFP to continue to invest in our growth and world-class service.”
BofA Merrill Lynch served as the exclusive financial adviser to NFP. Barclays served as exclusive financial adviser to MDP. Ropes & Gray LLP served as legal advisor to MDP and NFP, and Fried, Frank, Harris, Shriver & Jacobson LLP served as legal advisor to HPS.
About NFP
At NFP Corp., our solutions and expertise are matched only by our personal commitment to each client's goals. We’re a leading insurance broker and consultant that provides employee benefits, property & casualty, retirement and individual private client solutions through our licensed subsidiaries and affiliates.
NFP has more than 3,400 employees and global capabilities. Our expansive reach gives us access to highly rated insurers, vendors and financial institutions in the industry, while our locally based employees tailor each solution to meet our clients' needs. We’ve become one of the largest insurance brokerage, consulting and wealth management firms by building enduring relationships with our clients and helping them realize their goals.
Recently NFP was ranked the 2nd fastest-growing US large-group employee benefits broker by Employee Benefit Adviser. In addition, Business Insurance ranked us as the 5th largest global benefits broker by revenue, the 4th largest US-based privately owned broker and the 11th largest broker of US business. PlanSponsor ranked us the 5th largest executive benefits provider of nonqualified deferred compensation by number of plans, and we were ranked 11th in personal lines P&C revenue by Insurance Journal.
About Madison Dearborn Partners
Madison Dearborn Partners (MDP), based in Chicago, is a leading private equity investment firm in the United States. Since MDP’s formation in 1992, the firm has raised seven funds with aggregate capital of approximately $23 billion and has completed approximately 130 investments. MDP’s seventh fund recently held a final close on $4.4 billion. MDP invests in businesses across a broad spectrum of industries, including financial and transaction services; business and government services; health care; telecom, media and technology services; basic industries; and consumer. Noteworthy financial and transaction services investments include Ankura Consulting Group, EVO Payments International and Towergate Insurance Limited. For more information, please visit www.mdcp.com.
About HPS
HPS Investment Partners, LLC (HPS) is a leading global investment firm. Established in 2007, HPS has approximately 100 investment professionals and over 200 total employees, and is headquartered in New York with ten additional offices globally. HPS was originally formed as a unit of Highbridge Capital Management, LLC, a subsidiary of J.P. Morgan Asset Management, and formerly known as Highbridge Principal Strategies, LLC. In March 2016, the principals of HPS acquired the firm from J.P. Morgan. As of January 2017, HPS had approximately $37 billion of assets under management.
