Lovell Minnick Partners Closes Significant Investment In Worldwide Facilities, LLC
Los Angeles, CA and Radnor, PA – July 6, 2015 – Lovell Minnick Partners has made a significant investment in Worldwide Facilities, LLC, a national wholesale insurance broker and managing general agent. Following the transaction, Worldwide Facilities will continue to be majority-owned by its employees. Terms of the transaction were not disclosed.
Founded in 1970 and based in Los Angeles, Worldwide Facilities is one of the largest wholesale insurance brokerage companies in the U.S. As a national wholesale broker, Worldwide Facilities places excess and surplus lines insurance on behalf of retail agents and brokers, and their insureds. The company also has been successful in growing its proprietary program and managing general agency businesses. Worldwide Facilities has more than 190 employees across 11 offices in major metropolitan areas including Atlanta, Chicago, Hartford, Houston, Irvine, Los Angeles, New York, Orlando, Phoenix, San Francisco and Seattle.
“We are enthused about our next chapter of growth and the capital base that we have put in place to support it. We look forward to continuing to invest in the development and growth of our company by creating new products, adding to our team of capable and seasoned producers, and making strategic acquisitions,” said Davis Moore, Chairman and Chief Executive Officer of Worldwide Facilities. “Lovell Minnick Partners has a strong track record in helping financial services companies such as ours advance their businesses. They share our vision for the future of Worldwide Facilities, and they have the resources and expertise to support our plan. We are excited to partner with them.”
“Worldwide Facilities is clearly a market leader, and has achieved impressive, consistent organic growth while developing deep expertise in specialized insurance solutions. Their strong relationships with retail agents and brokers and insurance carriers, and their dedication to client service, have put them in a position to further grow and thrive” stated Robert Belke, a Managing Director at Lovell Minnick Partners, which has made investments in a variety of brokerage businesses. “We look forward to working with this management team, led by Davis Moore and Ron Austin, to support and drive execution of their growth strategy.”
Waller Helms Advisors, LLC served as financial advisor, and Musick, Peeler & Garrett LLP acted as legal counsel to Worldwide Facilities. Keefe, Bruyette & Woods, Inc served as financial advisor, and Kirkland & Ellis LLP served as legal counsel to Lovell Minnick Partners.
About Worldwide Facilities
Worldwide Facilities, LLC is a national wholesale insurance broker and managing general agent. In business since 1970, the seasoned team of brokers and underwriters are industry leaders in providing specialized products in a wide range of specialty lines, as well as having extensive relationships with domestic and international carriers. For more information, please visit www.wwfi.com.