GCP Capital Partners Closes Single-Asset Continuation Vehicle Transaction in Partnership with Apollo S3 to Support the Continued Growth of ALKEME Insurance

Business Wire

NEW YORK--(BUSINESS WIRE)--
GCP Capital Partners (“GCP”), a leading middle market private equity firm, today announced the closing of a single-asset continuation vehicle transaction to support the continued growth of ALKEME Insurance (“ALKEME” or the “Company”), a full-service middle-market insurance brokerage in the United States offering comprehensive solutions spanning property and casualty commercial, employee benefits, personal and other financial services. Apollo S3 anchored the transaction, which also included support from a high-quality syndicate of institutional investors. GCP will continue to control ALKEME and remains a significant investor in the Company, along with ALKEME management.

ALKEME was founded in 2020 through the consolidation of several well-established brokerages in Southern California, and with the support of GCP, has rapidly scaled with over 1,000 employees operating across 29 states and more than $1 billion of premiums written annually. The Company provides tailored solutions that address complex risk management needs for a diverse range of clients and continues to execute its acquisition strategy to efficiently expand into new geographies and specialty product lines.

GCP Co-Managing Partner Boris Gutin said, “This transaction represents an important milestone for ALKEME. The Company has grown substantially since its founding, and this transaction reinforces our conviction in ALKEME’s differentiated positioning and provides ample runway for continued growth. We are pleased to welcome Apollo S3 as an aligned partner and look forward to leveraging their strategic support as we guide ALKEME’s continued evolution as a next-generation insurance brokerage.”

ALKEME Founder and CEO Curtis Barton said, “ALKEME has undergone a tremendous transformation over the past five years, disrupting an increasingly dynamic insurance industry with a novel platform focused on empowering our agency partners and delivering exceptional client service. GCP’s guidance and backing has been instrumental in our growth journey, and we look forward to working with the Apollo S3 team as we continue to execute on our strategy.”

Apollo Partner and Co-Head of S3 Veena Isaac said, “We are pleased to partner with GCP and the ALKEME management team to help drive ALKEME’s next phase of growth as it seeks to continue scaling its operations and enhancing its service offerings through additive acquisitions. With an innovative operating model, highly experienced management team and strong institutional support, we believe ALKEME is well positioned for future success.”

Houlihan Lokey and Sica Fletcher served as financial advisors and Winston & Strawn LLP served as legal counsel to GCP. Latham & Watkins LLP served as legal counsel to Apollo S3.

About GCP Capital Partners

GCP Capital Partners, LLC ("GCP") is a middle-market private equity investment firm with $2.0 billion in committed capital since its formation. GCP has completed over 70 transactions since its inception in 2000. GCP's principals have over 100 years of combined private equity experience and have substantial personal capital invested in the funds. GCP has made investments in a number of industries, including tech-enabled business services and financial services. GCP has a partnership approach in working with management teams and takes pride in its reputation for integrity in dealing with business owners, shareholders, and employees.

About ALKEME

ALKEME is a full-service insurance agency providing businesses and individuals with an extensive array of commercial and personal insurance, employee and executive benefits, retirement and wealth management services. Since its founding in 2020, ALKEME has completed over 45 acquisitions and serves its customers from over 45 locations in 29 states. ALKEME is ranked by Insurance Journal one of the top 35 largest agencies in the United States and by Business Insurance as the #5 fastest growing broker. Founded by owner/operators with a unique vision, ALKEME is fueled by its proven operating methodologies providing its partner agencies with the autonomy, resources and support to grow and thrive in an ever-changing insurance landscape. Visit https://alkemeins.com for more information.

About Apollo S3

S3 is Apollo's Sponsor & Secondary Solutions business. S3 provides flexible capital solutions to asset managers and limited partners across the risk-reward spectrum. S3 is a natural extension of Apollo's global investment platform, offering partner-oriented capital across asset classes including private equity, private credit, infrastructure and real estate. To learn more about S3, please visit http://www.apollos3.com/.