May 8, 2018 | In the News
Propel Insurance, one of the nation’s leading insurance agencies, today announced that its management team and employee shareholders have partnered with Flexpoint Ford, a financial services focused private equity firm. Following the investment by Flexpoint, Propel Insurance’s current shareholders will retain a significant ownership. The new partnership will build on Propel’s track record of organic growth and provide funding for the Company’s ongoing geographic expansion program. Terms of the transaction were not disclosed.
Propel is the second largest independent insurance agency in the Northwest with six offices throughout Washington and Oregon. The Company is a recognized leader in providing innovative insurance solutions for its clients and has developed substantial expertise across a number of industry verticals, including construction, senior living, real estate, transportation, timber, consumer products and sports and recreation.
Kurt Carlson, CEO of Propel, commented, “We are excited 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 Propel and its service offerings, while adding to our team of industry experts via strategic acquisitions.” Carlson added, “Flexpoint’s deep understanding of the insurance sector and its access to capital will allow us to expand our geographic footprint and develop new areas of industry specialization. We will be actively seeking partnerships with agencies and select producers that share our values and entrepreneurial spirit and desire to join a growing agency platform with an exceptional team-based culture.”
Chris Ackerman, Managing Director of Flexpoint Ford, noted, “We have evaluated investment opportunities in the insurance brokerage industry for a number of years, and we are excited to partner with a management team with a consistent track record of successful growth and a shared vision for the future. Propel’s emphasis on building a fully-integrated agency with a single culture has positioned the Company to achieve substantial growth in the coming years. We look forward to working with this management team, led by Kurt Carlson, to support and drive the execution of its client focused growth strategy.”
Michael Ferreira, Executive Vice President of Propel, added, “Our focus remains on providing expert insurance solutions and continued high-quality customer service which has driven extraordinary organic growth at Propel. We are confident that our alignment with Flexpoint will provide us with strategic resources to accelerate our existing momentum.”
Dominic Hood, Principal of Flexpoint Ford, added, “We look forward to supporting Propel’s effort to strategically expand the Company’s footprint beyond the Northwest. We believe this partnership will create valuable future opportunities for Propel’s employees, an increased level of service for its customers and exciting growth opportunities for carrier partners.”
Waller Helms Advisors acted as financial advisor to Propel Insurance and Harlowe & Falk LLP acted as legal counsel in connection with the transaction. SunTrust Robinson Humphrey acted as financial advisor to Flexpoint Ford and Kirkland & Ellis LLP acted as legal counsel in connection with the transaction.
Dec 13, 2017 | In the News
Newton, MA – December 13, 2017 – Grove Street, a leading discretionary private equity and venture capital fund investor, is pleased to announce that Chris Quinn has been promoted to Managing Partner in recognition of his many achievements at the firm. Chris joins Frank Angella, Catherine Crockett, Barry Gonder, Bruce Ou and Christopher Yang as the firm’s leadership team. Chris joined Grove Street as the firm’s Chief Financial Officer in 2015. In his leadership role, Chris has been responsible for all aspects of client and firm operations including investment analysis, financial reporting and tax.
“We are excited to announce the promotion of Chris Quinn to Managing Partner of the firm,” said Catherine Crockett, Managing Partner and Founder of Grove Street. “Chris has been instrumental in leading the finance operations group to meet the evolving needs of our business and clients.”
Prior to joining Grove Street Advisors, Chris developed his strong finance, operations and tax skills while serving as the CFO of Regiment Capital. Chris was also a Tax Director at Bain Capital, Tax Manager at Highfields Capital and a Senior Tax Consultant at Deloitte. Chris is a Certified Public Accountant and has a BS in Business Administration (Accounting) from Bryant University and a MT (Taxation) from the University of Denver.
Jan 11, 2016 | In the News
Wellesley, MA – January 11, 2016 – Grove Street Advisors, a private equity fund investor with $5.3 billion in assets under management, announced today it recently closed three new investment programs totaling approximately $600 million. The commitments include follow-on vehicles for two existing clients and a new program for a public pension.
“We are pleased to launch these new programs as we continue to work closely with our clients to extend their reach and exposure to funds that are otherwise difficult for them to invest in directly, including both top tier brands as well as newer and spin-out teams,” said Frank Angella, a Managing Partner of Grove Street Advisors. “These new programs highlight the appeal of our customized separate account structure and demonstrate the success of our firm’s long-tenured management team, strategy and relationships with general partners.”
Each new program will be customized to the client’s specific objectives, but overall will target GSA’s focus segments of early stage venture capital, growth equity, smaller buyouts and operational turnaround funds.”
About Grove Street Advisors:
Grove Street Advisors was founded in 1998 as a private equity investment organization exclusively focused on building and managing customized separate accounts for institutional and large family office clients. The firm invests globally in all segments of private equity and is particularly focused on lower middle-market buyout, growth equity and venture capital. The majority of the Partners at Grove Street Advisors have worked together for 14 years and previously accumulated extensive operating experience across the full range of private equity, including positions at the portfolio company level, leading direct investments and building private equity organizations and investment strategies.
Jul 20, 2015 | In the News
Wellesley, MA – July 20, 2015 – Grove Street Advisors, a leading discretionary private equity fund investor, is pleased to announce that Bruce Ou has been promoted to Managing Partner in recognition of his many achievements at the firm. Bruce joins Frank Angella, Catherine Crockett, Barry Gonder and Christopher Yang as the firm’s leadership team.
Bruce has been a part of the investment team at Grove Street since 2007. During his tenure, Bruce has sourced and led investments across the firm’s venture, growth and private equity portfolios, and has worked closely with the firm’s clients.
“We are excited to announce Bruce’s promotion on the back of his many contributions to Grove Street and its clients,” said Frank Angella, Managing Partner of Grove Street Advisors. “The firm is experiencing great positive momentum and with Bruce we are continuing to build a multi-generational partnership for the long-term success of the firm.”
Prior to joining Grove Street Advisors, Bruce developed strong strategy consulting and corporate finance skills while working in Monitor Group’s M&A and Corporate Finance group for three years. Bruce has a BA in Economics and Asian Studies from Williams College and an MBA from the Tuck School of Business at Dartmouth, where he graduated as a Tuck Scholar with High Distinction.
Aug 19, 2014 | In the News
New York, NY (August 19, 2014) — KPS Capital Partners, LP (“KPS”) announced today that it signed a definitive agreement, through an affiliate, to sell its portfolio company Waupaca Foundry, Inc. (“Waupaca” or the “Company”) to Hitachi Metals, Ltd. (“Hitachi Metals”, TSE: 5486) for $1.3 billion in cash.
Waupaca is the largest iron foundry company in the world, producing gray and ductile iron castings using state-of-the-art technology. The Company is North America’s leading supplier of iron castings to the automotive, commercial vehicle, agriculture, construction and industrial markets.
David Shapiro, a Managing Partner of KPS, stated, “The success of our investment in Waupaca demonstrates KPS’ ability to see value where others do not, to buy right and to make businesses better. In 2012, we recognized the transformation of the North American iron foundry market and the unrivaled importance of Waupaca to its customers and the end markets that it serves. The sale of Waupaca to Hitachi Metals, a leading multinational corporation, is a great outcome for our investors, Waupaca, its management, employees and customers.
“KPS worked with management to improve every aspect of Waupaca’s business, resulting in profitability increasing by more than 40% in just over two years. The investment return generated for our investors in the Waupaca transaction is further validation of the KPS investment strategy, which we have successfully executed over many years and across numerous economic cycles. We are very proud to have had the opportunity to partner with Gary Gigante, his management team and all the dedicated employees of Waupaca. The material value created for our investors since 2012 is the result of their collective effort, for which we are very grateful. We are confident that Waupaca will continue to grow and prosper in the future as part of Hitachi Metals,” Mr. Shapiro concluded.
Gary Gigante, Chief Executive Officer of Waupaca, added, “KPS recognized the potential of our business two years ago. Working in partnership with KPS, we invested significantly in our operations and people, which included an expansion of our production capacity and launching numerous continuous improvement initiatives across all six of our foundries. We are very grateful to KPS for its leadership and its commitment to improving and growing our business. We are thrilled to join Hitachi Metals, which has the resources, foundry experience, access to capital and global reach that will enable Waupaca to achieve an even higher level of success.”
Completion of the transaction, which is expected during the fourth quarter, is subject to customary closing conditions.
Paul, Weiss, Rifkind, Wharton & Garrison LLP and Morgan Stanley & Co. LLC served as legal counsel and financial advisor, respectively, to KPS and Waupaca with respect to the transaction.
About Waupaca Foundry, Inc.
Waupaca Foundry, Inc., the largest iron foundry company in the world, produces ductile iron and gray iron castings using state-of-the-art technology. Waupaca is North America’s leading supplier of iron castings to the automotive, commercial vehicle, agriculture, construction, and industrial markets. Headquartered in Waupaca, Wisconsin, the iron metal caster operates six manufacturing facilities, located in Waupaca, Wisconsin (3 individual sites), Marinette, Wisconsin, Tell City, Indiana, and Etowah, Tennessee. Waupaca employs approximately 3,900 people. For more information, visit www.waupacafoundry.com.
About KPS Capital Partners, LP
KPS is the manager of the KPS Special Situations Funds, a family of investment funds with over $6.1 billion of assets under management. KPS seeks to realize significant capital appreciation by making controlling equity investments in companies across a diverse range of manufacturing industries experiencing a period of transition or challenged by the need to effect immediate and significant change. KPS creates value for its investors by seeing value where others do not, buying right and making businesses better. The KPS investment strategy is based primarily upon partnering with world-class management teams to effect material and sustainable improvements in the operations of its businesses. Thereafter, KPS focuses on growing its businesses, both organically and through strategic acquisitions. KPS portfolio companies have aggregate annual revenues of approximately $8.1 billion, operate 109 manufacturing facilities in 26 countries, and employ over 51,000 associates, directly and through joint ventures worldwide. The KPS investment strategy and portfolio companies are described in detail at www.kpsfund.com.
