Recapitalization and Repurchase of Century Equity Partners Ownership
Ash Brokerage, one of the largest independent insurance brokerage general agencies in the United States, today announced a strategic recapitalization through its repurchase of Century Equity Partners’ interest in the company.
Boston-based Century Equity Partners acquired a minority interest in Ash Brokerage in September 2017, and subsequently worked in partnership with Ash Brokerage’s leadership team to complement the company’s organic growth through the establishment and execution of an M&A initiative focused on selective, strategically important acquisitions. Ash Brokerage acquired three firms during the partnership: Zenith Marketing Group (Mar. 2018), Target Insurance Services (Nov. 2018) and Bell & Associates Consulting (Sept. 2019).
As Ash Brokerage positions for continued success and growth, Tim Ash, CEO, felt it was important to return to a fully independent, closely held company.
“The plan was always for Century to exit when the time was right,” Ash said. “Looking at our success over the last three years, our partnership with Century allowed us to reach new markets and cultivate deeper relationships. It was an exciting phase of growth, and we are thankful for their partnership. Today we’re moving into a new decade with a renewed focus on providing an exceptional experience for our advisors, their clients, and the communities we all serve.”
Century echoes the sentiment.
“Ash was an excellent partner,” said Stephen Marquardt, managing director of Century Equity Partners. “Their leadership team sets ambitious goals and consistently drives to exceed them, all with a focus on doing what’s right for their clients, their employees and their community.”
In an increasingly complex operating and regulatory environment, Ash wants to send a message to the industry that they are here to stay.
“We have no plans of slowing down,” said Jason Grover, president of Ash Brokerage. “As we approach 50 years of operations, we’ve made investments back into our business to uniquely position us for continued growth. 2019 was our most successful year ever no matter how you measure it, in terms of lives impacted and total sales.”
Terms of the transaction were not disclosed.
As CEO of Ash Brokerage, Tim has fostered an environment of success with team-focused empowerment and client-centered service. Tim assumed leadership of the company in 1997. Since that time, the company has grown to become the largest independently owned insurance brokerage firm in the United States. It expanded from 50 employees in one location to more than 450 employees in offices across the country.
