Private equity firm GTCR said Tuesday it signed a definitive agreement to acquire martech firm FMG Suite from PE firm Aurora Capital Partners.
The transaction is expected to close in the current quarter, the firms said.
After the transaction closes, FMG will “expand AI capabilities, scale enterprise relationships and pursue front-office innovation” under GTCR’s ownership, the firms said in a news release.
The martech firm will continue building out its product suite and technology capabilities to “meet the evolving needs of its client base and expand its market reach,” according to the firms.
Founded in 2011, FMG provides “omnichannel” marketing automation solutions to wealth advisory and insurance professionals, including a content library and integrated compliance workflows.
FMG serves over 50,000 financial professionals and, through its Agency Revolution brand, more than 3,500 property and casualty insurance agencies, according to a news release.
“We are thankful for the support and strategic guidance that Aurora has provided over the past five years and are excited to partner with GTCR in FMG’s next phase of growth,” said Scott White, CEO of FMG.
“GTCR’s deep knowledge in wealth, marketing and insurance combined with a long track record of scaling category leaders, makes them an ideal strategic partner,” according to White.
“This transaction is a powerful endorsement of our vision, our team and the role FMG plays in fueling growth for financial and insurance professionals and enterprises,” White said.
“Scott and his team have built an exceptional business that is uniquely positioned to serve advisors and insurance professionals’ growing need for innovative and impactful tools to drive increased organic growth,” said Michael Hollander, Managing Director of GTCR.
“We’ve known Scott for many years and look forward to supporting him and the FMG team as they scale the platform and deliver increased value to more advisors and professionals, including building on their AI capabilities.”
“We are grateful to Scott and the whole FMG team for their partnership, creativity and relentless positive energy which translated into excellent results for clients, team members and investors,” said Rob Fraser, a Partner at Aurora. “We believe they have found an excellent partner in GTCR, and we wish them the best going forward.”
Agreeing with Fraser, Bianca Sganga, Principal at Aurora, said, “We enjoyed working closely with the FMG team on critical investments in organic and acquisition growth, and are proud to have been a part of the Company’s transformation in recent years. We are confident that FMG’s brightest days lie ahead.”
Lincoln International and William Blair served as financial advisors and Gibson, Dunn & Crutcher served as legal counsel to FMG for the transaction.
Ardea Partners, Baird and Harris Williams served as financial advisors and Simpson Thacher & Bartlett served as legal counsel to GTCR.
The FMG acquisition follows several other investments made by GTCR in wealth, marketing and insurance services and technology. GTCR’s current investments include AssetMark, AssuredPartners, CAPTRUST, Foundation Source, Simpli.fi and Winged Keel, the PE firm pointed out.
Since its inception in 1980, Chicago-based GTCR says it has invested over $30 billion in more than 290 companies. The firm currently manages about $50 billion in equity capital, it said.
Los Angeles-based Aurora, meanwhile, says it has $6 billion in assets under management (AUM).
Jeff Berman, Contributing Editor & Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
