Onex-backed USI agrees to buy 42 Wells Fargo insurance brokerage locations
USI Insurance Services Inc, a portfolio company of Canadian private equity firm Onex Corp, has agreed to purchase 42 U.S.-based insurance brokerage and consulting locations from Wells Fargo Insurance, a part of San Francisco-based banking and financial services firm Wells Fargo & Co. USI will finance the undisclosed transaction with available debt and cash on hand. The company said the acquisition will further expand USI's presence as a leading mid-market insurance brokerage and consulting firm. The Valhalla, New York-based USI has completed fourteen acquisitions since Onex acquired the business for approximately US$2.3 billion in Dec. 2012.
27 January 2014•3 mins read
