{"id":17594,"date":"2024-10-29T12:46:33","date_gmt":"2024-10-29T17:46:33","guid":{"rendered":"https:\/\/www.bbinsurance.com\/?post_type=insight&amp;p=17594"},"modified":"2024-10-29T12:46:33","modified_gmt":"2024-10-29T17:46:33","slug":"acquisitions-for-agency-owners-how-do-private-equity-investment-returns-stack-up-in-the-current-ma-market","status":"publish","type":"insight","link":"https:\/\/www.bbrown.com\/us\/insight\/acquisitions-for-agency-owners-how-do-private-equity-investment-returns-stack-up-in-the-current-ma-market\/","title":{"rendered":"Acquisitions for Agency Owners: How Do Private Equity Investment Returns Stack Up In The Current M&#038;A Market?"},"content":{"rendered":"<p id=\"ember337\" class=\"ember-view reader-text-block__paragraph\">Significant changes in the financial environment over the past decade could potentially cut returns in half for certain private equity (PE) firms.<\/p>\n<p id=\"ember338\" class=\"ember-view reader-text-block__paragraph\">Fluctuations in the valuation landscape, inflation, and costs of doing business have contributed to large increases in acquisition multiples and interest rates while keeping exit multiples fairly flat, resulting in much lower returns today compared to a decade ago.<\/p>\n<p id=\"ember339\" class=\"ember-view reader-text-block__paragraph\">You may think this drastic shift would send PE firms running for the hills, but that\u2019s not necessarily the case. Some of the best firms are still achieving a profit \u2014 albeit a smaller one \u2014and PE firms are largely staying in the M&amp;A game.<\/p>\n<p id=\"ember340\" class=\"ember-view reader-text-block__paragraph\">What are the levers and how do they work?<\/p>\n<h3 id=\"ember341\" class=\"ember-view reader-text-block__heading-3\">2014: When Everybody Won<\/h3>\n<p>&nbsp;<\/p>\n<p id=\"ember342\" class=\"ember-view reader-text-block__paragraph\">A decade ago, the PE approach benefitted from:<\/p>\n<ul>\n<li>Acquiring insurance agencies at low EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) multiples<\/li>\n<li>Borrowing debt at low interest rates<\/li>\n<li>Selling for substantially higher multiples<\/li>\n<\/ul>\n<p id=\"ember344\" class=\"ember-view reader-text-block__paragraph\">This profitable scenario typically generated high returns, which meant all stakeholders were likely to walk away with positive outcomes.<\/p>\n<h3 id=\"ember345\" class=\"ember-view reader-text-block__heading-3\">2024: Now Someone May Lose<\/h3>\n<p>&nbsp;<\/p>\n<p id=\"ember346\" class=\"ember-view reader-text-block__paragraph\">Future returns are not predicated on past performance. Based on today\u2019s variables, it\u2019s unlikely that PE returns will continue at the pace we\u2019ve seen in the last few years:<\/p>\n<ul>\n<li>Insurance agencies are being acquired at 50% higher EBITDA multiples<\/li>\n<li>Interest rates on debt have almost doubled<\/li>\n<li>Reduced arbitrage between entry and exit multiples<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-17595 aligncenter\" src=\"https:\/\/www.bbrown.com\/wp-content\/uploads\/2024\/10\/MA-October-Graphic-300x168.png\" alt=\"\" width=\"450\" height=\"252\" srcset=\"https:\/\/www.bbrown.com\/wp-content\/uploads\/2024\/10\/MA-October-Graphic-300x168.png 300w, https:\/\/www.bbrown.com\/wp-content\/uploads\/2024\/10\/MA-October-Graphic-1024x573.png 1024w, https:\/\/www.bbrown.com\/wp-content\/uploads\/2024\/10\/MA-October-Graphic-768x430.png 768w, https:\/\/www.bbrown.com\/wp-content\/uploads\/2024\/10\/MA-October-Graphic-1536x860.png 1536w, https:\/\/www.bbrown.com\/wp-content\/uploads\/2024\/10\/MA-October-Graphic-2048x1147.png 2048w\" sizes=\"auto, (max-width: 450px) 100vw, 450px\" \/><\/p>\n<p id=\"ember350\" class=\"ember-view reader-text-block__paragraph\">Imagine two start-up PE-backed agencies, both starting with $100 million in revenue, both acquiring $25 million revenue annually and both growing organically at 5%.<\/p>\n<p id=\"ember351\" class=\"ember-view reader-text-block__paragraph\">The first PE-backed agency bought agencies for 8x EBITDA. They paid 5% interest on their debt and sold with an EBITDA multiple of 14x, earning an estimated internal rate of return (IRR) of 36%.<\/p>\n<p id=\"ember352\" class=\"ember-view reader-text-block__paragraph\">The second PE-backed agency will pay 12x EBITDA for agencies they are acquiring. They are paying 9% interest on their debt and will sell with a projected EBITDA multiple of 16x, earning a projected IRR of just 18%. (NOTE: Although an 18% IRR doesn\u2019t look bad, it provides a lot less cushion for unknown events. Changes in tax environment, changes in the economy, further changes in interest rates, etc., could further impact these returns.)<\/p>\n<p id=\"ember353\" class=\"ember-view reader-text-block__paragraph\">With an estimated 50% reduction in returns expected from an acquisition investment today compared to 10 years ago, the difference in profitability is significant. The PE model is designed to protect investor classes, and the reduction in returns will force PE firms and the agencies they acquire to find new ways to boost their returns.<\/p>\n<h3 id=\"ember354\" class=\"ember-view reader-text-block__heading-3\">Protect Your Business\u2019 Best Interests In An Acquisition<\/h3>\n<p>&nbsp;<\/p>\n<p id=\"ember355\" class=\"ember-view reader-text-block__paragraph\">If you\u2019re thinking about selling to a newer PE-backed firm, it\u2019s important to understand the buyer\u2019s exit strategy. Know what shares you will be entitled to and press for the best class of equity. Ask questions like:<\/p>\n<ul>\n<li>Will the firm be able to sell to another PE firm?<\/li>\n<li>If we sell to another PE firm, will I be required to roll some of my equity to the new firm?<\/li>\n<li>With 8x debt leverage, will we be able to go public?<\/li>\n<li>If we do public, how long will the stock be locked up?<\/li>\n<li>What does the initial public offering (IPO) look like for shareholders?<\/li>\n<\/ul>\n<p id=\"ember357\" class=\"ember-view reader-text-block__paragraph\">Look for acquisition models that not only deliver on the financial returns you deserve, but also use strategic resources and wide market reach to invest in your business\u2019 people. Join a Forever Company.<\/p>\n<p>&nbsp;<\/p>\n<p id=\"ember3091\" class=\"ember-view reader-text-block__paragraph\"><strong>Interested in speaking with our Mergers &amp; Acquisitions team? <\/strong>Email <a class=\"app-aware-link \" href=\"mailto:acquisitionsdept@bbins.com\" target=\"_self\" rel=\"noopener\" data-test-app-aware-link=\"\">acquisitionsdept@bbins.com<\/a> or contact us directly.<\/p>\n<table width=\"795\">\n<tbody>\n<tr>\n<td width=\"312\"><strong>Vaughn Stoll<br \/>\n<\/strong>Senior Vice President &amp; Director of Acquisitions<br \/>\n<a href=\"mailto:vstoll@bbins.com\"><strong>vstoll@bbins.com<\/strong><\/a>\u00a0 |\u00a0 (386) 239-8899<\/td>\n<td width=\"312\"><strong>Mark Prampero<br \/>\n<\/strong>Regional Director of Acquisitions<br \/>\n<a href=\"mailto:mprampero@bbins.com\"><strong>mprampero@bbins.com<\/strong><\/a>\u00a0 |\u00a0 (386)\u00a0 239-7292<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/www.linkedin.com\/pulse\/four-red-flags-look-ma-process-vaughn-stoll-ik4ac\/\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-15901\" src=\"https:\/\/www.bbrown.com\/wp-content\/uploads\/2024\/01\/Acquisitions-for-Agency-Owners_Vaughn-Stoll_1_24-300x300.png\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" srcset=\"https:\/\/www.bbrown.com\/wp-content\/uploads\/2024\/01\/Acquisitions-for-Agency-Owners_Vaughn-Stoll_1_24-300x300.png 300w, https:\/\/www.bbrown.com\/wp-content\/uploads\/2024\/01\/Acquisitions-for-Agency-Owners_Vaughn-Stoll_1_24-1024x1024.png 1024w, https:\/\/www.bbrown.com\/wp-content\/uploads\/2024\/01\/Acquisitions-for-Agency-Owners_Vaughn-Stoll_1_24-150x150.png 150w, https:\/\/www.bbrown.com\/wp-content\/uploads\/2024\/01\/Acquisitions-for-Agency-Owners_Vaughn-Stoll_1_24-768x768.png 768w, https:\/\/www.bbrown.com\/wp-content\/uploads\/2024\/01\/Acquisitions-for-Agency-Owners_Vaughn-Stoll_1_24-1536x1536.png 1536w, https:\/\/www.bbrown.com\/wp-content\/uploads\/2024\/01\/Acquisitions-for-Agency-Owners_Vaughn-Stoll_1_24-2048x2048.png 2048w\" alt=\"\" width=\"300\" height=\"300\" \/><\/a><\/p>\n<p><strong>Acquisitions for Agency Owners<\/strong><br \/>\n<em>by Vaughn Stoll, SVP &amp; Director of Acquisitions<br \/>\n<\/em><\/p>\n<p>Subscribe to Vaughn\u2019s Acquisition for Agency Owners and view this blog on LinkedIn\u00a0<a href=\"https:\/\/www.linkedin.com\/pulse\/how-do-private-equity-investment-returns-stack-up-current-stoll-ikwse\/\"><strong>here<\/strong><\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Significant changes in the financial environment over the past decade could potentially cut returns in half for certain private equity (PE) firms. You may think this drastic shift would send PE firms running for the hills, but that\u2019s not necessarily the case. Some of the best firms are still achieving a profit \u2014 albeit a smaller one \u2014and PE firms are largely staying in the M&#038;A game.<\/p>\n<p>What are the levers and how do they work?<\/p>\n","protected":false},"author":44,"featured_media":17596,"template":"","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"insight_category":[142,131,134,133],"class_list":["post-17594","insight","type-insight","status-publish","has-post-thumbnail","hentry","insight_category-acquisition","insight_category-merger-articles","insight_category-mergers-acquisitions","insight_category-thought-leadership"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.0 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Acquisitions for Agency Owners: How Do Private Equity Investment Returns Stack Up In The Current M&amp;A Market? - Brown &amp; Brown<\/title>\n<meta name=\"description\" content=\"Significant changes in the financial environment over the past decade could potentially cut returns in half for certain private equity (PE) firms. You may think this drastic shift would send PE firms running for the hills, but that\u2019s not necessarily the case. 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