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PCF INSURANCE SERVICES SECURES $500 MILLION PREFERRED EQUITY INVESTMENT CO-LED BY CARLYLE GLOBAL CREDIT AND HGGC

PR Newswire - Fri Feb 17, 2023

Valuation of $4.7 billion driven by 10% organic growth

LEHI, Utah, Feb. 17, 2023 /PRNewswire/ -- PCF Insurance Services ("PCF"), a top 20 U.S. insurance brokerage firm, today announced that it has secured a $500 million preferred equity investment in a transaction co-led by Carlyle's Global Credit platform and private equity firm HGGC, an existing minority investor. PCF Insurance, led by Founder, Chairman and CEO Peter C. Foy and Chief Financial Officer and Chief Operating Officer Felix Morgan, also received significant investment participation in the transaction with funds managed by Owl Rock, a division of Blue Owl, and Crescent Capital, both of which have existing minority equity stakes in the business. At the time of investment, the valuation of PCF Insurance is $4.7 billion. J.P. Morgan served as the sole placement agent to PCF Insurance in connection with the transaction.

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Provided Content: Content provided by PR Newswire. The Globe and Mail was not involved, and material was not reviewed prior to publication.