Entities tied to GRAM’s Americas Buyout Fund (GRAM ABF), the private equity arm of Grupo Romero Asset Management (GRAM), have made a majority investment in Miami-based UniVista Insurance. The deal values UniVista at over $700 mn and aims to accelerate its growth in existing product lines while supporting expansion into new areas.
UniVista plans to grow its footprint by increasing corporate store openings and franchise development across the US.
Founded in 2009, the company provides auto, home, commercial, life, and health insurance, focusing on Hispanic communities in Florida and Texas. It operates over 200 franchised locations, 15 corporate-owned stores, and a managing general agent under the Loyalty Underwriter brand.
Founder and CEO Iván Herrera will continue leading UniVista alongside the current management team. Herrera stated that GRAM ABF’s investment reflects the strength of the business and aligns with its mission to serve Hispanic markets.
GRAM ABF managing partner Eduardo Ramos noted that this marks the fund’s first investment since its launch less than a year ago. He expressed enthusiasm about partnering with UniVista’s founders and leadership.
Private equity firm Avance Investment Management previously made a significant investment in UniVista in 2021. Avance managing partner Luis Zaldivar highlighted the company’s strong performance since then, nearly tripling in size through customer growth, new product introductions, and expansion into markets such as Texas.
Since our investment in UniVista three and a half years ago, the company has demonstrated remarkable growth, nearly tripling in size, through significant customer base expansion, introduction of new product lines and services, and entry into new markets like Texas.
Luis Zaldivar, Avance managing partner
Piper Sandler & Co. acted as the financial advisor for Avance and UniVista, with legal counsel from Greenberg Traurig.
GRAM ABF received financial advice from William Blair & Company and legal support from Akerman, with additional assistance from Debevoise & Plimpton and McDermott Will & Emery.
Everberg Capital, along with Crestline Investors and 26North Partners, led the financing for the transaction.
GRAM’s Americas Buyout Fund (ABF) is the private equity division of Grupo Romero Asset Management (GRAM). ABF focuses on investing in middle-market businesses that serve the Hispanic demographic across the Americas.
The fund targets sectors such as essential services and consumer businesses, aiming to drive transformational change and value creation in its portfolio companies. ABF leverages its team’s extensive experience and maintains access to a global network of industry experts to support the growth and expansion of the businesses it invests in.