New Mountain Capital replaces Parthenon Capital Partners as major investor

US broking group AmWINS has received a $1.3bn investment from private equity firm New Mountain Capital in return for an undisclosed stake in the firm.

AmWINS, which bought Lloyd’s broker THB at the beginning of this year, said there would be no changes to senior management, local management or operational teams as a result of the transaction. The transaction is expected to close in 60 days.

The company added that employee shareholders would continue to own more than 30% of AmWINS equity, valued at over $160m, following the New Mountain recapitalisation.

As a result of the transaction, AmWINS’ existing partnership with private equity firm Parthenon Capital Partners will close.

AmWINS described the capital injection as “growth-oriented”.

“This new partnership allows AmWINS to continue its growth trajectory both organically and through strategic acquisitions,” AmWINS chief executive  Steven DeCarlo said in a statement.

He added: “We are confident that New Mountain will be a value added partner as we focus on the growth and innovation initiatives that have made AmWINS’ first decade such an outstanding success.”