Private equity firm Carlyle Group (CG.O) has agreed to buy a controlling stake in Edgewood Partners Insurance Center to support the retail insurance broker's plans to acquire insurance distribution companies in the United States.
Equity for the investment will come from Carlyle Global Financial Services Partners LP and Carlyle Global Financial Services Partners II LP, Edgewood Partners said.
"With the financial backing of Carlyle ... we can continue to execute our strategy of acquiring businesses and hiring proven teams that bring a strong client base as well as specialized placement capabilities to our company," Edgewood Partners Chief Executive John Hahn said in a statement.
Following the closing of the deal, whose terms were not disclosed, funds managed by Stone Point and Edgewood Partners employees will remain investors in Edgewood Partners.
The deal is expected to close at year-end, California-based Edgewood said in a statement.
(Reporting by Soham Chatterjee; Editing by Steve Orlofsky)