McCarthy Capital Corporation, recently partnered with management to complete an investment in Bearence Management Group, a Des Moines-based insurance and financial services firm. Bearence, which previously operated under the TrueNorth Companies brand, has rebranded itself and has established a new strategic objective. The management team of Bearence is actively looking for acquisition opportunities in other locations and communities.
OMAHA, Neb. (Business Wire EON) April 14, 2008 --
McCarthy Capital Corporation, recently partnered with management to
complete an investment in Bearence Management Group, a Des Moines-based
insurance and financial services firm. Bearence,
which previously operated under the TrueNorth Companies brand, has
rebranded itself and has established a new strategic objective. The
management team of Bearence is actively looking for acquisition
opportunities in other locations and communities.
Bearence is engaged in the sale and distribution of a broad array of
property and casualty, life and health, employee benefits, investments
and risk management products and services. Bearence currently has
offices in Des Moines, Davenport, Minneapolis, Kansas City, Indianapolis
and Nashville and continues to expand its operation in these cities.
Robert Bates, an experienced insurance executive and director of
McCarthy Group, has co-invested in Bearence with McCarthy Capital, and
will serve as chairman of Bearence’s holding
company.
“We are very excited to partner with McCarthy
Capital and Bob Bates,” said Joe
Teeling, CEO of Bearence. “Their
experience and wisdom will assist us greatly with our rapid expansion
plans.”
The investment in Bearence is consistent with McCarthy Capital’s
investment strategy – partnering with proven
management teams at leading companies in high-growth markets. McCarthy
Capital’s investment will support management’s
plan for growth through acquisition and providing a full suite of
risk-management solutions.
“We are very comfortable with this capable
and experienced management team as well as the involvement by Bob Bates,”
said Patrick
Duffy, a principal at McCarthy Capital. “We
look forward to providing our new partners the capital and strategic
resources to support the company’s plan for
substantial growth.”
About McCarthy Capital
McCarthy Capital Corporation is an Omaha-based private equity firm with
approximately $1 billion under management. McCarthy Capital is a
subsidiary of McCarthy
Group, LLC.
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