Two giant global investment firms are buying USI Insurance Services in Valhalla.
KKR and Caisse de Depot et Placement du Quebec have agreed to buy USI from Onex Corp. in a deal valued at $4.3 billion, including debt.
USI is a middle market insurance broker and also provides employee benefit plans and retirement plans. Since its founding in 1994, it has grown from 40 employees to 4,400, one office to 140 and $6.5 million revenue to $1 billion.
KKR, founded by Henry Kravis and George Roberts in 1976, ended last year with $39 billion in assets, $1.9 billion in revenue and $951 million in net income. It invests in multiple asset classes, including private equity, energy, infrastructure, real estate, credit and hedge funds.
Caisse is a pension fund manager with $30 billion in assets under management.
The buyers and seller said in a joint news release that the deal is expected to close by this summer.
