Woodland Hills-based Gaspar Insurance Services announced that as of Dec. 31, it agreed to join management company Foundation Risk Partners, or FRP. The transaction price was not disclosed.
Based in Daytona Beach, Florida, FRP is backed by $67 billion New York private equity firm Warburg Pincus. The giant fund is led by Timothy Franz Geithner, former U.S. secretary of the Treasury under President Barack Obama.
“This new alignment with FRP will allow us to operate much in the same way we do today, under our own brand,” Tim Gaspar, Gaspar’s founder and chief executive, said in a statement. “However, it will give us access to enterprise-wide tools and resources to better service our customers, provide new opportunities to our team members and continue to grow our presence in the nation.”
Gaspar Insurance is a full-service agency that works with more than 246 carriers provide individuals and businesses with personal, commercial, life and health insurance. Founded in 2008, the firm at 26161 Ventura Blvd. also has branches at 40 W. Cochran St. in Simi Valley and in Kingman, Arizona and Cherry Hill, New Jersey.
The agency joins FRP at a time when the firm has built out a network of 135 insurance agencies representing more than 1,500 employees. FRP has an annual revenue of $450 million.
Gaspar said he will continue as chief executive of the agency in Woodland Hills and that he will maintain his involvement with the local community. “The change will give me more resources and more time to give back,” he said.