GS Capital Partners acquires USI Holdings in deal worth $1.4 billion

By Lisa Kerner

Charlotte, N.C., May 4 - GS Capital Partners announced it completed the acquisition of USI Holdings Corp. for $17 per share. USI entered into an agreement on Jan. 15 with Compass Acquisition Holdings Corp., a corporation controlled by GS Capital Partners and Compass Merger Sub, under which the private equity group would acquire USI in a transaction valued at approximately $1.4 billion, including debt.

"We are pleased to complete this transaction," David Eslick, who will remain USI's chairman, president and chief executive officer, said in a company news release.

"We are extremely excited about the next chapter in USI's history and our opportunity to partner with GS Capital Partners, one of the world's largest private equity firms. We share a vision of the future which involves investing in our people and delivering value for our clients and customers."

USI is a Briarcliff Manor, N.Y., distributor of insurance and financial products and services.

Goldman Sachs is an investment banking firm based in New York.

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