Entities affiliated with GRAM’s Americas Buyout Fund (GRAM ABF), the private equity division of Grupo Romero Asset Management (GRAM), have made a “majority investment” in Miami-based UniVista Insurance.
This deal values UniVista at more than $700m and is said to expedite its growth in core product areas and support its entry into new product lines.
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The company also plans to expand its presence through increased corporate store and franchise development across the US.
Established in 2009, UniVista offers products including auto, home, commercial, life and health insurance, serving the Hispanic communities in Florida and Texas.
It has more than 400 employees and operates over 200 franchised stores, 15 corporate stores and a managing general agent under the Loyalty Underwriter brand.
UniVista will continue to operate under the leadership of founder and CEO Iván Herrera, along with the existing management team.
UniVista CEO and founder Iván Herrera said: “GRAM ABF’s investment is a testament to the unique business we have built. Our commitment to serving Hispanic communities aligns perfectly with GRAM ABF’s mission of investing in the Hispanic market.”
GRAM ABF managing partner Eduardo Ramos stated: “Since launching GRAM ABF less than a year ago, we could not be more excited to partner with the founders and management team of UniVista in our inaugural investment.”
Private equity firm Avance Investment Management made a “significant investment” in UniVista Insurance in 2021.
Avance managing partner Luis Zaldivar stated: “Since our investment in UniVista three and a half years ago, the company has demonstrated remarkable growth, nearly tripling in size, through significant customer base expansion, introduction of new product lines and services, and entry into new markets like Texas.”
Piper Sandler & Co. provided financial advisory services, while Greenberg Traurig offered legal advice to Avance and UniVista in the transaction.
William Blair & Company and Akerman offered financial and legal advice, respectively, to GRAM ABF, with additional support from Debevoise & Plimpton and McDermott Will & Emery.
Financing for the transaction was spearheaded by Everberg Capital alongside partners Crestline Investors and 26North Partners.
