Cincinnatus Partners Closes $30 Million Private Equity Fund, Will Focus on Insurance DistributionAugust 1, 2008
Cincinnati, Ohio, August 1, 2008 - Cincinnatus Partners has announced the initial closing of a private equity fund with over $30 million of committed equity capital. Cincinnatus Partners I, LP is an open fund and thus its investors will be able to increase their equity investments in the future if so desired. The fund is expected to grow to $150 million in committed equity capital over the next several years.
The fund is the firm's first private equity fund and will focus on insurance distribution. The fund will make investments in property-casualty independent insurance agencies throughout Midwestern and Western states that are predominately personal lines, agriculture and small commercial oriented. The fund will target independent insurance agencies with premiums between $5 million - $50 million. The fund is expected to make between 10-13 acquisitions of property-casualty independent insurance agencies.
John L. Ward, the firm's Chief Executive Officer, has over 30 years of experience in the insurance and financial services industry. When asked about this venture, Ward stated "this is a terrific opportunity for our investors, our firm and our future portfolio companies. I have had the opportunity to launch a new business and ultimately sell it, and to then be integrally involved in a number of private equity deals over the past four years. Managing this fund is a logical progression and I look forward to assembling our team and pursuing this unique investment strategy."
For further information, please visit the firm's website at www.cincinnatuspartners.com, or contact Cincinnatus Partners at (513) 381-2500.