UniVista Insurance – a leading distributor of insurance products and services to Hispanic communities in Florida and Texas – announced that it received a majority investment from entities affiliated with GRAM’s Americas Buyout Fund (GRAM ABF) in a deal that values UniVista at over $700 million. UniVista’s management, employees, and current capital partner, Avance Investment Management, will retain significant stakes in the company as part of the deal.
UniVista is a multi-product and multi-channel leader in providing insurance products and services through innovative approaches. Initially founded in 2009 as a family-run business, with continuing involvement from the founding family since inception, UniVista offers a wide range of insurance products, including auto, home, commercial, life, and health insurance, primarily serving the Hispanic communities in Florida and Texas.
UniVista employs over 400 individuals and operates under a franchisor and a corporate model, with over 200 franchised stores, 15 corporate stores, a corporate call center, and a managing general agent (MGA) operating under the Loyalty Underwriter brand. By utilizing technology, data, and analytics, UniVista drives high customer satisfaction, supports employee professional development, and engages with the communities it serves.
Through this investment from GRAM ABF, UniVista plans to accelerate the growth of its core product areas and expand its platform into new products. The Company will also expand its footprint through corporate store and franchise expansion in Florida, Texas, and across the U.S. UniVista will continue to be led by founder and CEO Iván Herrera and its current management team.
Piper Sandler served as exclusive financial advisor and Greenberg Traurig served as legal counsel to Avance and UniVista. William Blair & Company served as exclusive financial advisor, and Akerman served as legal counsel to GRAM ABF with support from Debevoise & Plimpton and McDermott Will & Emery. Everberg Capital led the financing for the transaction with partners Crestline Investors and 26North Partners.
KEY QUOTES:
“We are excited to embark on our next phase of growth with the GRAM ABF team. I am incredibly proud of the business that we as a team have built on the principles of honesty, integrity and teamwork. GRAM ABF’s investment is a testament to the unique business we have built. Our commitment to serving Hispanic communities aligns perfectly with GRAM ABF’s mission of investing in the Hispanic market.”
– Iván Herrera, Founder & CEO of UniVista
“Since launching GRAM ABF less than a year ago, we could not be more excited to partner with the founders and management team of UniVista in our inaugural investment. We have developed a strong fit and alignment with the UniVista team and look forward to driving value for the business in this next chapter.”
– Eduardo Ramos, Managing Partner of GRAM’s Americas Buyout Fund
“Essential services businesses in the middle-market are a key focus for GRAM ABF. UniVista fits our thesis perfectly and we aim to capitalize on the tailwinds that are supporting the company’s growth trajectory.”
– Marco Peschiera, CEO and CIO of GRAM
“Since our investment in UniVista three and a half years ago, the Company has demonstrated remarkable growth, nearly tripling in size, through significant customer base expansion, introduction of new product lines and services, and entry into new markets like Texas. We are pleased to have supported their success and look forward to our continued partnership as they capitalize on future growth opportunities with GRAM ABF.”
– Luis Zaldivar, Managing Partner of Avance
