PCF Insurance Services in Woodland Hills has been acquired by HGGC, a middle-market private equity firm in Palo Alto. Financial terms of the transaction were not disclosed.
PCF will keep its headquarters in Woodland Hills, as well as its offices throughout the country. Management, owners and existing investors including private firm BHMS Investments will retain minority stakes in the insurance brokerage following the acquisition.
PCF has been extremely active, having completed 18 acquisitions of its own since 2018. Those transactions expanded its service areas outside of California to New York, Illinois, Nevada, Colorado, Arizona, Kansas, Kentucky and Florida. It has more than 400 employees nationwide.
In a statement, HGGC Co-President Steve Young said he’s excited by PCF’s “mix of diversified customers, blue-chip carriers, scalable financial profile and strong leadership. … Our proven ability to partner with portfolio companies to help them scale and drive strategic acquisitions will support PCF in building on its existing success, which includes growing more than 17 times since 2017."
Waller Helms Advisors acted as the purchase advisor to HGGC while Sica Fletcher and TAG Financial Institutions Group acted as sell-side advisors to PCF.