Pritzker firm acquires minority stake in Lawley [The Buffalo News, N.Y.]

Buffalo News (NY)

Oct. 25—Pritzker Private Capital, an Illinois-based investment firm, has acquired a minority stake in Lawley, the Buffalo-based independent insurance broker and employee benefits firm.

Lawley's current owners and management team will remain the majority owners and continue to lead the business.

Lawley has been family owned and operated since it was founded in 1945. The firm, one of the 100 largest insurance brokers in the United States, has about 500 employees in three states; about half of them are based at Lawley's headquarters in Buffalo.

Last spring, Lawley began exploring finding a minority partner to support its growth plans, said Christopher D. Ross, Lawley's managing partner. Lawley's recent deal for Shoff Darby Cos. and its Shoff Darby Insurance Agency — the biggest acquisition in Lawley's history — accelerated those plans, he said.

With the help of an adviser based in Atlanta, Lawley narrowed its list of potential investor partners. The Pritzker firm emerged as the best fit for Lawley, Ross said.

"They're a big family business; we're a big family business," he said. "They're long-term investors. We like to think of ourselves as long-term players."

The Pritzker firm was also interested in Lawley's plans for growth and expansion, and brings a wealth of experience in business, Ross said.

"I think they would add a level of sophistication as we look to expand into other markets," he said.

The chairman and CEO of Pritzker Private Capital is Anthony Pritzker, an heir to the Hyatt Hotel fortune. He ranked No. 304 on the latest edition of the Forbes 400 rankings of the wealthiest people in the country.

Pritzker Private Capital focuses on investing in North American-based companies with leading market shares that have enterprise values between $200 million and $1.5 billion. Its investments are centered in the manufactured products and services sectors.

"We are proud to connect our family heritage with a growth-oriented independent focused on long-term success," said Anthony Cardona, principal at Pritzker Private Capital.