The Caisse de dépôt et placement du Québec (CDPQ) and KKR announced March 17 that they are jointly acquiring USI Insurance Services (USI) from Onex Corporation and its affiliates. USI is a leading U.S. insurance brokerage and consulting firm valued at US$4.3 billion (C$5.7 billion).
CDPQ and KKR, a global investment firm, will be partners with equal ownership in this transaction. Subject to regulatory approvals, the acquisition is anticipated to close by the end of the second quarter of 2017.
4,400 professionals in 140 offices
USI has more than 4,400 professionals operating out of 140 offices throughout the United States. It provides property and casualty, employee benefits, personal risk and retirement solutions.
"CDPQ and KKR are co-leading this investment and leveraging their respective expertise in the sector to support USI's world-class management as it pursues its strategic plan for long-term growth. Our partnership was established to implement both firms' patient, disciplined and collaborative investment approach," said Christian Puscasiu, Co-Head, Direct Investments, Private Equity at CDPQ. "USI operates in a resilient sector characterized by stable, long-term returns and serves small and medium-sized businesses, which are the cornerstone of the U.S. economy."