Jul 03, 2018
Mill Point Capital Announces Carve-Out of Affinion Insurance Solutions
Affinion Insurance Solutions Enters Next Chapter of Growth as a Standalone Entity
Franklin, TN – July 3, 2018 – An affiliate of Mill Point Capital, a middle-market private equity firm focused on control-oriented investments in North America, and Affinion Group, LLC today announced that they have entered into a definitive purchase agreement for Mill Point to acquire Affinion Insurance Solutions (“AIS” or the “Company”), a leading business services platform with deep expertise in the distribution, marketing and administration of a broad range of simplified, guaranteed-issue insurance products. The acquisition is expected to close in the third quarter of 2018.
The Mill Point team employs an Executive Partner model and has extensive experience investing in carve-out transactions in the business services space, including the recent acquisition of Avenu Insights & Analytics.
Over its more than 40-year history, AIS has established a sophisticated, proprietary data analytics platform as well as marketing capabilities that drive high, predictable returns for clients. The Company markets, distributes and administers accidental death and dismemberment (“AD&D”) and other insurance products underwritten by A+ rated carriers through leading financial institutions. AIS is the leading provider of full scale administration combined with advanced marketing expertise.
Michael Duran, Founder and Managing Partner of Mill Point, said, "AIS has a long history of success and is led by an outstanding management team. We are excited to partner with the Company and optimize the business as a standalone entity.”
“AIS is well positioned given its proprietary database of recorded experience and world class marketing services capabilities,” said Rick Bennet, an Executive Partner with Mill Point who will be serving as Chairman of AIS going forward. “We look forward to supporting management’s growth plans, which include expansion into marketing for other insurance products.”
Robert Dudacek, President of AIS, commented, “I am very proud of the terrific track record that AIS has achieved and look forward to building upon our success as a standalone company. We are excited to partner with Mill Point given their deep understanding of the power and predictability of the direct marketing business model and their commitment to our growth plans moving forward.”
Jefferies LLC was the sole financial advisor and Jefferies Finance LLC was the sole financing provider to Mill Point.
About Affinion Insurance Solutions
Headquartered in Franklin, TN, AIS is a leading business services platform with deep expertise in the distribution, marketing and administration of a broad range of simplified, guaranteed-issue insurance products. The Company serves over 3,200 financial institutions and affinity associations, representing over 19 million insured members. For more information, please visit www.affinion.com/solutions/insurance-solutions.
About Mill Point Capital
Mill Point Capital is a middle-market private equity firm focused on control-oriented investments in the business services and industrial sectors. The firm works with Executive Partners to leverage its investment professionals' experience, while providing strategic and operational guidance designed to drive long-term value creation in its portfolio companies. Mill Point is based in New York, NY. For more information, please visit www.millpoint.com.