Audax Invests in Corsair Capital’s Oakbridge Insurance

Audax announced an investment in Corsair-backed Oakbridge Insurance, an independent insurance and risk management agency.

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Financial services-focused Corsair Capital launched Oakbridge in 2020, backing CEO Robbie Smith after a stint as COO of Marsh & McLennan. Since inception, the firm has quickly executed a series of 25 smaller agency add-ons across the southeast, with a primary focus on property & casualty, employee benefits, surety, and risk management services.

Terms of the deal are undisclosed, though Corsair Capital will sell down its position to Audax. The Oakbridge management team rolled over a significant stake and will continue in their current roles.

Management and Audax plan to continue the inorganic growth strategy, with the sponsor pledging to support accelerated expansion.

Morgan Stanley and Piper Sandler served as financial advisors to Oakbridge, while Ardea Partners advised Audax. Simpson Thacher & Bartlett LLP served as legal counsel to Oakbridge and Kirkland & Ellis LLP served Audax.

Sam Hillier

Sam Hillier is a reporter at Transacted covering private equity and investment banking. He previously spent time as an investment professional focused on direct buyouts, as well as an earlier strategic advisory stint.