Thoma Bravo to take Accelerant private in more than $4 billion deal
ARX•What Accelerant does and who is backing the deal
Founded in 2018 by a group of industry veterans, Accelerant operates as an insurance marketplace connecting niche underwriters with institutional investors, using data to make the process faster and cheaper.
"Accelerant has built something rare in specialty insurance," said Matt LoSardo, a principal at Thoma Bravo.
Thoma Bravo, a software-focused investment firm managing more than $172 billion in assets as of March 31, has invested in insurance technology and data businesses for years.
Last year, Thoma Bravo's Nearmap bought itel, an insurance technology firm focused on property and casualty claims services, for over $1.3 billion.
Accelerant shareholders will receive a ticking fee accruing at a rate of 6% per annum if the deal's closing is delayed by pending insurance regulatory approvals.
Buyout firm Altamont Capital Partners, Accelerant's largest investor, and the company's founders plan to retain equity ownership alongside Thoma Bravo.
Morgan Stanley advised Accelerant's board, Houlihan Lokey acted as an adviser to the special committee that reviewed the deal, while BMO Capital Markets and Wells Fargo advised Thoma Bravo.
Thoma Bravo agrees to buy Accelerant for more than $4 billion
Aug. 13 (Reuters) - Accelerant ARX.N said on Thursday that private equity firm Thoma Bravo will take the insurance marketplace private in an all-cash deal worth more than $4 billion just over a year after its New York listing.
Shareholders of Atlanta-based Accelerant will receive $20.25 per share, representing a over its previous closing price. Its shares jumped nearly in early trading.
