Key Takeaways
- • Audax Private Equity announced a partnership with management to invest in Oakbridge Insurance Agency LLC, with Corsair Capital divesting its majority stake in the transaction; deal terms remain undisclosed.
- • Oakbridge, formed in December 2020 by CEO and Co-Founder Robbie Smith alongside Corsair, has grown to over 300 employees and completed 25 acquisitions since inception, demonstrating significant M&A-driven expansion.
- • The company operates as a scaled insurance brokerage focused on commercial P&C, employee benefits, surety, personal P&C, and risk management services across specialized verticals including agriculture, construction, transportation, municipalities, senior living, and nonprofits.
- • Audax's investment represents a platform acquisition within the middle-market insurance and risk management sector, leveraging Oakbridge's established operating model and geographic footprint in the Southeast region.
- • The transaction reflects Audax's strategy of investing in middle-market companies with proven management teams and organic growth trajectories; Audax has invested in over 180 middle-market companies to date.
Summary
Audax Private Equity, a leading alternative investment manager focused on middle-market companies, announced its investment in Oakbridge Insurance Agency LLC alongside existing management. The transaction includes Corsair Capital's exit from its majority stake in Oakbridge; Corsair had been the initial co-founder investor since Oakbridge's formation in December 2020. Specific transaction terms and valuation were not disclosed by either party.
Oakbridge operates as a scaled insurance brokerage and risk management agency with a diversified service platform spanning commercial property and casualty insurance, employee benefits, surety bonds, personal P&C coverage, and risk management consulting. The company was initially formed through the combination of four insurance agencies with a stated mission to build a premier specialty brokerage serving the middle market, particularly across the Southeast region. Under the leadership of Chief Executive Officer and Co-Founder Robbie Smith, Oakbridge has developed an integrated operating model referred to internally as "One Oakbridge," emphasizing employee partnership and client service culture.
The company has demonstrated significant growth momentum through both organic expansion and strategic acquisitions. Since its December 2020 inception, Oakbridge has completed 25 acquisitions while maintaining consistent organic growth rates. The company currently employs over 300 professionals and maintains specialized service lines across key industry verticals including agriculture, construction, transportation, municipalities, senior living, and nonprofits. This vertical diversification provides multiple revenue streams and reduces client concentration risk across the platform.
Audax's investment represents its continued focus on acquiring platform companies within the professional services and insurance sectors. The firm has deployed capital into over 180 middle-market companies across its investment history. The Audax partnership with Oakbridge's existing management team signals confidence in the current operating strategy and growth trajectory, with the investment likely enabling further platform expansion through organic growth and add-on acquisitions consistent with Oakbridge's established M&A playbook.
Oakbridge operates as a scaled insurance brokerage and risk management agency with a diversified service platform spanning commercial property and casualty insurance, employee benefits, surety bonds, personal P&C coverage, and risk management consulting. The company was initially formed through the combination of four insurance agencies with a stated mission to build a premier specialty brokerage serving the middle market, particularly across the Southeast region. Under the leadership of Chief Executive Officer and Co-Founder Robbie Smith, Oakbridge has developed an integrated operating model referred to internally as "One Oakbridge," emphasizing employee partnership and client service culture.
The company has demonstrated significant growth momentum through both organic expansion and strategic acquisitions. Since its December 2020 inception, Oakbridge has completed 25 acquisitions while maintaining consistent organic growth rates. The company currently employs over 300 professionals and maintains specialized service lines across key industry verticals including agriculture, construction, transportation, municipalities, senior living, and nonprofits. This vertical diversification provides multiple revenue streams and reduces client concentration risk across the platform.
Audax's investment represents its continued focus on acquiring platform companies within the professional services and insurance sectors. The firm has deployed capital into over 180 middle-market companies across its investment history. The Audax partnership with Oakbridge's existing management team signals confidence in the current operating strategy and growth trajectory, with the investment likely enabling further platform expansion through organic growth and add-on acquisitions consistent with Oakbridge's established M&A playbook.
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