August 23, 2023
Weil is advising funds advised by Goldman Sachs Asset Management, through its Private Equity and Hybrid Capital teams, in its definitive agreement to make a major investment in World Insurance Associates LLC (World), one of the fastest-growing insurance brokerages in the United States. Goldman Sachs will join Charlesbank Capital Partners as co-lead equity investors for World’s next chapter of growth. Weil is also advising Goldman Sachs in its concurrent subordinated debt financing that will support continued acceleration of World’s acquisition strategy and organic expansion.
Across both investments, Goldman Sachs will be investing more than $1 billion into World, which currently has a total enterprise valuation of approximately $3.4 billion. World’s management team and employee shareholders will remain major investors alongside Charlesbank and Goldman Sachs. The transaction is expected to close in the fourth quarter of 2023, subject to customary closing conditions and regulatory approvals.
The Weil team advising Goldman Sachs Asset Management is led by Private Equity partners Timothy Burns and Brian Parness as well as Capital Markets partner Michael Hickey, and included U.S. Private Equity Co-Head Chris Machera. The team also includes Private Equity associates Stephen Gobes, Caitlin Haefner, Hannah Schmitz, Dave Rossetti (Not Yet Admitted in New York) and Jiacong Wang (Not Yet Admitted in New York); Capital Markets partner Ashley Butler and associate Joseph Hahn; Antitrust/Competition partner John Scribner, counsel Michael Naughton and associate Savannah Logan; Banking and Finance partner Heather Viets and associates Evan Nichols and Nick Swan; Employment Litigation partner Gary Friedman and associates Kate Belsito and Sahar Merchant; Executive Compensation & Benefits partners Michael Nissan and Amy Rubin and associate Nate Gross (Not Yet Admitted in New York); Private Funds partner David Wohl; Regulatory Transaction Group partner Timothy Welch; Tax partner Jason Vollbracht and associate Griffin Baker; and Technology & IP Transactions partner Olivia Greer, and associates Meggin Bednarczyk, Sabrina Chishti, David Merck and Taylor Peterson.