Transaction to close by Q4
DOXA Insurance Holdings is set to join the portfolio of Goldman Sachs Asset Management following a definitive acquisition agreement.
This move by Goldman Sachs represents a strategic investment in DOXA and signifies a major leap towards further expansion for the underwriting company. The inflow of capital from Goldman Sachs will bolster DOXA’s strategy for acquiring complementary businesses and fuel its organic growth endeavors. Despite the change in ownership, DOXA’s management and employee shareholders will maintain a substantial stake in the company.
Established in 2016, DOXA’s operations encompass specialty managing general agent (MGA) services, wholesale, affinity programs, and alternative risk solutions, with over $600 million in written premiums. DOXA’s solutions are tailored for complex coverage needs, serving a wide array of specialized industries across the United States.
The completion of this transaction is slated for the final quarter of 2023, pending the satisfaction of standard closing prerequisites, and obtaining necessary regulatory consents. Waller Helms Advisors has acted as the exclusive financial advisor to DOXA, with Barrett McNagny LLP and Choate Hall & Stewart LLP providing legal counsel for the transaction. Piper Sandler & Co. and Goldman Sachs & Co. LLC were the financial advisors for Goldman Sachs, with Sullivan & Cromwell LLP handling the legal aspects of the deal.
“The investment from Goldman Sachs is a testament to the strong business and brand DOXA has created since inception. We are excited to work with Anthony and his team to accelerate DOXA’s strategic expansion and drive DOXA in its next chapter of evolution,” said Matt Sackett, DOXA founder and CEO.
“We are excited to partner with Matt and the entire DOXA team and have been impressed with the significant and differentiated capabilities they have assembled since launching in 2016,” said Anthony Arnold, private equity managing director at Goldman Sachs. “We look forward to bringing our resources to DOXA’s existing platform and to help them capitalize on the significant macro trends that are driving the broader MGA sector.”
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