Atlanta, GA and Palo Alto, CA, December 23, 2015 – Altamont Capital Partners (ACP) today announced a majority equity investment into Access Holdco Management, LLC (Access), a leading insurance managing general agency focused on the non-standard auto market. Led by founder Michael McMenamin, who will remain President and CEO, as well as a significant shareholder, Access has grown consistently by providing high-quality insurance services to its insurance companies, reinsurers, producers, and policyholders since its founding in 1994.
Michael, commenting on the investment, said: “We are very excited about this transaction and think that it positions Access very well for the future. With Altamont’s resources and capital base, we expect a greater opportunity to achieve our business goals while continuing to provide our producers and policyholders with the innovative technology and superior customer experience that have made our company so successful.”
Keoni Schwartz, Managing Director at Altamont said: “We are thrilled to partner with Access Holdco Management, LLC to build on the company’s successful history and support it in its future endeavors. The team’s achievement in profitably growing its business, and that of its insurance partners, is highly differentiated. Access also has very strong relationships with its independent insurance producers driven by the company’s focus on technology innovation to offer solid underwriting and great customer service.”
Terms of the transaction were not disclosed. Posternak Blankstein & Lund LLP and Estabrook Advisors served as Access’ legal and financial advisors, respectively. Altamont was advised by Ropes & Gray.
ABOUT ACCESS HONDLCO MANAGEMENT, LLC
Access is a full-service managing general agency that provides sales distribution, underwriting, policy administration, and claims processing for their insurance company partner. Through a distribution network of carefully selected independent insurance producers in 14 states, Access offers specialty property and casualty automobile insurance programs that include low down payments, flexible payment plans, easy reinstatements, and bilingual customer services to meet the needs of the nonstandard customer. Known as a leader in the insurance industry, the company’s focus on technology innovation ensures an enhanced customer experience through streamlined, accurate, and user-friendly processes. Access utilizes technology paired with human intellectual to efficiently manage over $230 million in premiums annually, partnering with 8,000 independent insurance producers to insure its policyholders. Access is the fifth largest non-standard auto provider in California, ranking in the top 30 non-standard auto groups in the USA. The company has consistently been recognized as a top privately-held company, and has received multiple awards for technology innovation in the insurance industry. Access was founded in 1994 and is headquartered in Atlanta, GA. For more information, visit www.access.com.
ABOUT ALTAMONT CAPITAL PARTNERS
About Altamont Capital Partners Altamont Capital Partners is a private investment firm based in the San Francisco Bay Area with over $1 billion of capital under management. Altamont is focused on investing in middle market businesses with leading management teams, helping its portfolio companies reach their full potential. The firm’s principals have significant experience building business success stories across a range of industries, including financial services, government services, consumer/retail, industrials, and healthcare, and have made numerous investments in the insurance sector.