Edgewood got PE backing: EPIC acquisition by carlyle

The Carlyle group has announced to buy a controlling stake in California based Edgewood Partners Insurance Centre (EPIC).

EPIC was established in 2007 in partnership with Stone Point Capital. Company has core capabilities in commercial lines and employee benefit insurance plans.  Apart from core capabilities company has developed its business across real estate, hospitality, construction and renewable energy.  California based company has approximately $80 million annual revenues.  It employees about 300 personal in ten offices across California.

The Carlyle group is global alternate asset management fund with $185 billion of Asset Under Management spread across 122 funds and 81 fund

of funds.  Company offices are spread over six continents employing 1450 persons in 34 offices. Carlyle's major investors are public pension funds.

This acquisition is subject to regulatory approval and is expected to complete by day end.  Although terms of deal are unknown, but this investment will enable EPIC to move further with its organic growth strategy.  Funds are expected to support strategic acquisitions across complementary insurance distribution platforms across United States.  The funds for the deal are supposed to be sourced from Carlyle Global Financial Services Partners L.P. and Carlyle Global Financial Services Partners II L.P.