H.I.G. Capital Completes the Sale of Buck

Rhea-AI Summary

H.I.G. Capital announces the sale of its portfolio company, Buck, to Arthur J. Gallagher & Co (NYSE: AJG). Buck, founded in 1916, specializes in retirement plan consulting, health and welfare consulting, and technology-enabled benefits administration. H.I.G. acquired Buck in August 2018, transforming it into a standalone entity and fostering significant growth. CEO Jack Freker expressed gratitude towards H.I.G. for their support and looks forward to future growth under Gallagher. The transaction was advised by Harris Williams, while Kirkland & Ellis provided legal counsel.

Positive

• Successful transformation of Buck into a standalone entity under H.I.G.'s ownership.
• Significant growth and operational improvements achieved during H.I.G.'s management.
• Continued legacy and expertise in integrated HR and retirement consulting.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- H.I.G. Capital ("H.I.G."), a leading global alternative investment firm with $55 billion of equity capital under management, is pleased to announce the sale of its portfolio company, Buck (“Buck” or the “Company”), to Arthur J. Gallagher & Co (NYSE: AJG).

Founded in 1916 and headquartered in New York, NY, Buck is a leading provider of retirement plan consulting services, health & welfare consulting, employee communications & engagement consulting, and technology-enabled benefits administration services. Buck’s clients include large global corporations, mid-market and regional companies, and governmental agencies throughout North America and Europe.

H.I.G. acquired the Company in August 2018 in a corporate carve-out transaction and successfully re-established Buck as an independent standalone organization. Through several strategic initiatives, investments, and synergistic add-on acquisitions, the Company achieved impressive growth and operational improvements during H.I.G.’s ownership period, culminating in an attractive outcome for all stakeholders.

Jack Freker, Buck’s CEO, commented, “We appreciate H.I.G.’s commitment to Buck over the last five years, adding significant value to our business and our leadership team while supporting investments across our business. We are excited to enter the next chapter of our growth story with Arthur J. Gallagher & Co.”

Matt Lozow, Managing Director at H.I.G. Capital, commented, “The Buck team has done a phenomenal job executing on strategic initiatives and growing the business during our partnership. We are proud to have played a role in continuing Buck’s legacy as the leader in the integrated HR and retirement consulting space.”

Aaron Tolson, Managing Director at H.I.G. Capital, added, “We have been thrilled with the partnership with Buck’s management and are excited to follow the Company’s future success.”

Harris Williams acted as the financial advisor to Buck and Kirkland & Ellis LLP acted as legal counsel to H.I.G. Capital and Buck, in connection with the transaction.

About Buck
Buck is an integrated HR, pensions, and employee benefits consulting, technology, and administration services firm. Founded more than 100 years ago as an actuarial consultancy, Buck has evolved to serve organizations and trustees across the health, wealth, and career spectrum.

With the ultimate goal of securing the futures of clients’ employees and members, Buck develops tech-enabled programs that engage individuals and drive organizational performance. Buck’s award-winning engagement solutions and people-first approach empower the world’s most forward-thinking organizations to protect the physical and financial wellbeing of their employees and members and improve how their people work and live. For more information, visit www.buck.com.

About H.I.G. Capital
H.I.G. is a leading global alternative assets investment firm with $55 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach:

1. H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
2. H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
3. H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
4. H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector.

Since its founding in 1993, H.I.G. has invested in and managed more than 400 companies worldwide with combined revenues in excess of $52 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.

^{* Based on total capital commitments managed by H.I.G. Capital and affiliates.}

View source version on businesswire.com: https://www.businesswire.com/news/home/20230403005813/en/

Matt Lozow

Managing Director

mlozow@higcapital.com

Aaron Tolson

Managing Director

atolson@higcapital.com

Source: H.I.G. Capital

FAQ

What company did Arthur J. Gallagher & Co acquire recently?

Arthur J. Gallagher & Co acquired Buck from H.I.G. Capital.

When was Buck acquired by H.I.G. Capital?

H.I.G. Capital acquired Buck in August 2018.

What services does Buck provide?

Buck offers retirement plan consulting, health and welfare consulting, and technology-enabled benefits administration services.

What is the stock symbol for Arthur J. Gallagher & Co?

The stock symbol for Arthur J. Gallagher & Co is AJG.