White Mountains completes sale of insurance distribution platform Bamboo
White Mountains Insurance Group has completed the sale of a controlling interest in Bamboo, a data-enabled insurance distribution platform, to affiliates of funds advised by CVC Capital Partners.
The transaction, originally announced in October, assigns Bamboo a valuation of $1.75 billion. At the time, White Mountains said it would continue to hold roughly a 15% fully diluted equity stake in the company, a position it will maintain under the final terms of the deal.
Manning Rountree, Chief Executive Officer of White Mountains, commented, “It has been our privilege to partner with Bamboo. Its rapid growth is a testament to the value and innovation it is bringing to the homeowners’ insurance market.”
John Chu, Chief Executive Officer of Bamboo, thanked the White Mountains team for their “valuable guidance” and support, stating that the deal is the result of years of dedication and hard work by the entire Bamboo team.
He continued, “While I’m incredibly proud of the growth we’ve achieved while staying true to our client-first values, we’re still in the early innings.
“We are thrilled to welcome CVC on as our new majority capital partner alongside White Mountains as we embark on the next phase of Bamboo’s growth journey.”
Daniel Brand, Partner at CVC, added, “Bamboo is a one-of-a-kind asset, deploying differentiated technology, speed and underwriting to serve the insurance needs of homeowners in California and Texas.”
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