Private Equity Firm Invests in Alliant National Title
April 5, 2018
Presidio Investors, a private equity firm specializing in mid-market companies, has agreed to partner and invest in Colorado-based underwriter Alliant National Title Insurance Co.
According to a release, leadership and personnel at Alliant National will remain the same. Alliant National partners with over 400 independent title agents as a licensed underwriter in 22 states with annual revenues exceeding $120 million.
Robert Grubb, Alliant National CEO and president, said the partnership can accelerate plans to expand its network of independent agents. He added that Presidio’s culture closely aligns with Alliant National.
“Alliant National believes in the essential role independent agents play in protecting the property rights of our mutual customers,” Grubb said Robert Grubb. “With the help of our trusted agents and our amazing team, we’ve built a thriving company aligned with the finest independent title insurance agents in the country.”
In a video to its agents, Grubb said the company’s possibilities will be wider than before to help title agents expand their business. “We will have the ability to consider and implement things that we have not been able to implement before,” he said.
Scott Hendrickson, Alliant National’s chief financial officer, said Presidio brings additional capital to the partnership and has connections with lenders, the real estate community, and in the technology and fintech space that the underwriter will be able to utilize.
“There’s a lot of value they can bring to the opportunity along with what we’ve already built,” Hendrickson added. “They like the differentiated business model where we only support independent agents. And that spurred their interest.”
Kyle Rank, Alliant National executive vice president of agency, added “This is an exciting opportunity for Alliant National and our agents. The trust our agents have placed in us has allowed us to grow to this degree, and we now have a chance to deliver something really meaningful back to them. We’ll be able to provide more solutions, add more value—and provide additional resources that can help our agents excel in their businesses.”
Presidio’s investment is pending approval from regulators and Alliant National’s current ownership group. Waller Helms Advisors served as the exclusive financial advisor. Brownstein Hyatt Farber Schreck served as legal counsel to Alliant National in the transaction.
Founded in 2007, Presidio focuses on investing in entrepreneur-led businesses in the lower middle market. Partner companies include Metropolitan Bank, CamTech, American Residential Communities, Interface Financial Group, National Health Finance and Hattrick Sports Group.
“We are excited to partner with Bob and his team to help Alliant National during its next phase of development,” said Chris Puscasiu, managing partner of Presidio. “Throughout the entire process, we have been impressed by the company’s entrepreneurial culture and drive. We believe that Presidio’s experience and access to additional capital will help Alliant National accelerate its growth and continue to improve its already strong service offerings to its independent agent partners.”
Contact ALTA at 202-296-3671 or [email protected].