Altaris Completes Acquisition of Trean Insurance Group
21 April 2023 - 2:12PM
Trean Insurance Group, Inc. (“Trean” or the “Company”), a leading
provider of products and services to the specialty insurance
market, today announced the completion of the acquisition of the
Company by funds managed by Altaris, LLC (collectively with its
affiliates, “Altaris”) for $6.15 per share in cash. The transaction
was announced on December 16, 2022 and received approval from
stockholders on April 18, 2023. As a result, Trean’s common stock
ceased trading and will no longer be listed on Nasdaq.
“We are thrilled to begin the next chapter of
Trean’s successful partnership with Altaris, which will continue to
enhance our longtime focus on strong partnerships, underwriting
discipline and exceptional claims management to generate long-term
growth,” said Julie Baron, President and Chief Executive Officer of
Trean. “Starting with their original investment in 2015, Altaris’s
healthcare expertise and support have been critical in helping to
drive our Company’s transformation to become a leading national
provider of workers’ compensation and other specialty insurance
services. I would like to thank our entire team for their
outstanding efforts to bring this transaction to a successful
conclusion, delivering substantial value to our stockholders and
positioning the Company for future success.”
Ms. Baron will remain President and Chief
Executive Officer following the transaction, and Trean will
maintain its headquarters in Wayzata, Minnesota. Andrew O’Brien,
the founder of Trean and Executive Chairman of the Board, will
remain Executive Chairman of the Board as well as an investor in
the Company.
Advisors
Houlihan Lokey served as independent financial
advisor to the Special Committee of the Board of Directors of
Trean, and Morris, Nichols, Arsht & Tunnell LLP served as
independent legal advisor to the Special Committee. Bass Berry
& Sims PLC served as legal advisor to Trean. Kirkland &
Ellis LLP served as legal advisor to Altaris.
About Trean
Trean provides products and services to the
specialty insurance market. Trean underwrites workers’ compensation
and specialty casualty insurance products both through its program
partners and its own managing general agencies. Trean also provides
its program partners with a variety of services including issuing
carrier services, claims administration and reinsurance brokerage.
Trean is licensed to write business across 49 states and the
District of Columbia. For more information, please visit
www.trean.com.
About Altaris
Altaris is a healthcare investment firm with an
exclusive focus on building companies that deliver value to the
healthcare system through innovation and efficiency. Since
inception in 2003, Altaris has invested in 49 healthcare companies
which have generated significant value appreciation for
investors. Altaris is headquartered in New York City and
manages approximately $5.0 billion of equity capital. For more
information, please visit www.altariscap.com.
CONTACTS
Investor Relationsinvestor.relations@trean.com(952) 974-2260
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