Owl Rock Capital (NYSE:ORCC) and the management of PCF Insurance Services are buying the insurance company from private equity firm HGGC in a deal valuing PCF at more than $2.2B, the Wall Street Journal reports.
HGGC will remain a minority stakeholder in the insurance broker, which the private equity firm first backed in early 2020.
The buyout deal — led by PCF Insurance founder Peter Foy, PCF's executive team, Owl Rock (ORCC), and advisory firm Sica Fletcher — includes over $1B in financing, the WSJ said.
Owl Rock (ORCC) will get a seat on PCF Insurance's board, Foy said.
Since HGGC's investment in the insurance broker, PCF Insurance's annual revenue has increase from ~$70M to an expected $400M this year, Foy told the WSJ.