White Mountains Insurance Group has announced a definitive agreement to sell a controlling interest in Bamboo (a data-driven insurance distribution platform focused on homeowners’ coverage in California and Texas) to private equity firm CVC Capital Partners. The deal values Bamboo at $1.75 billion and is expected to close by the end of the fourth quarter of 2025, pending regulatory approvals and standard closing conditions. Notably, the deal is not contingent on financing.
Bamboo has emerged as a tech-forward player in the residential property insurance market, leveraging data to streamline underwriting and distribution. Its platform has gained traction by offering tailored insurance products in two of the most complex and high-risk states for property coverage. The company’s growth and innovation have made it an attractive acquisition target as insurers increasingly seek digital solutions to meet evolving consumer demands.
White Mountains anticipates a significant financial impact from the transaction. The company expects to realize a gain of approximately $310 per share in book value and receive around $840 million in net cash proceeds. Despite selling its majority stake, White Mountains will retain a 15% fully-diluted equity interest in Bamboo, valued at $250 million based on the terms of the deal. This ongoing stake reflects continued confidence in Bamboo’s long-term potential.
The acquisition by CVC Capital Partners signals a strategic move to deepen its presence in the insurance technology space. With Bamboo’s data-enabled platform and market footprint, CVC is positioned to support further expansion and innovation in the homeowners’ insurance sector.
For Bamboo, the deal represents a new chapter of growth, backed by one of the most experienced investment firms in the world. The company will continue to operate independently, with no expected changes to its customer relationships, product offerings, or operational structure.
Advisors: Evercore Group acted as lead financial advisor, Piper Sandler acted as financial advisor, and Cravath, Swaine & Moore served as legal counsel to White Mountains and Bamboo. Willkie Farr & Gallagher acted as legal advisor to Bamboo management. Latham & Watkins acted as legal advisor to CVC.
KEY QUOTES:
“It has been our privilege to partner with Bamboo. Its rapid growth is a testament to the value and innovation it is bringing to the homeowners’ insurance market.”
Manning Rountree, Chief Executive Officer of White Mountains
“This transaction is a win-win for both White Mountains shareholders and Bamboo management and employees. We want to thank John and the entire Bamboo team for all of their hard work, and we look forward to continued partnership with them and CVC.”
Liam Caffrey, President and Chief Financial Officer of White Mountains
“We are extremely gratified by the success of Bamboo during our ownership. This is a prime example of our approach to partnering with highly talented management teams in the insurance sector and supporting them with value-added resources and expertise to drive superior results for all stakeholders. We look forward to working with our new partners at CVC to support Bamboo’s next chapter of growth.”
Chris Delehanty, Head of M&A of White Mountains
“We thank the White Mountains team for their valuable guidance and support throughout our partnership. They have been instrumental in making our vision a reality. This milestone represents the result of years of dedication and hard work by the entire Bamboo team and was only achieved with the support and confidence of our valued partners. We could not be happier with the outcome. While I’m incredibly proud of the growth we’ve achieved while staying true to our client-first values, we’re still in the early innings. We are thrilled to welcome CVC on as our new majority capital partner alongside White Mountains as we embark on the next phase of Bamboo’s growth journey.”
John Chu, Chief Executive Officer of Bamboo
“Bamboo is a one of a kind asset, deploying differentiated technology, speed and underwriting to serve the insurance needs of homeowners in California and Texas. We believe Bamboo’s mix of high growth, recurring revenue and value to its partners make it an optimal fit for CVC’s US portfolio.”
Daniel Brand, Partner at CVC. Lorne Somerville, Managing Partner and Co-Head of CVC US
