NU Online News Service, June 9, 12:37 p.m.EDT

Richmond, Va.-based insurance broker The Hilb Group, LLC,received a financial boost to its acquisition strategy with theannouncement that BHMS Investments, LP, completed a controllingequity investment in the brokerage firm.

John Austin, chief financial officer for Hilb Group told NUOnline News Service that the partnership with BHMS will allowthe firm to continue its growth strategy to acquire agenciesprimarily in the Eastern region of the United States.

While not revealing the equity stake BHMS has laid out for Hilb,Austin did say the equity partnership will allow the firm tocomplete two to four acquisitions a year in the revenue range of $2million to $6 million.

He calls the partnership a “terrific” opportunity for Hilb andthe firm is examining “a number of opportunities,” but he says thefirm is not in a position to disclose those prospects “at thisstage.”

Hilb was formed in 2009 by former senior executives of HilbRogal & Hobbs Co., which was acquired by insurance brokerWillis Group in 2008. The company's aim is to build a middle marketcommercial property and casualty brokerage through a series ofretail agency acquisitions.

Hilb currently provides a broad array of property and casualty,life and health and employee benefits products and services. Hilbsays the firm's senior management team will continue to hold asignificant ownership stake in the business.

Robert J. Hilb, chief executive officer of Hilb, says in astatement, “The industry continues to offer a tremendousopportunity for consolidation and The Hilb Group has adifferentiated value proposition that agency owners have shownexcitement around. This transaction provides the company withsignificant equity capital to continue to execute on our plan.”

Kevin Angelis, managing partner at BHMS, adds, “The Hilb Groupwas an opportunity that from the onset fit the BHMS mandate well.We are very excited about investing alongside the Company's highlyaccomplished management team and look forward to a rewardinglong-term partnership.”

BHMS is a New York-based private equity firm founded in 2010 bytwo partners, Angelis and Robert L. Salamon.

Angelis was previously with Morgan Stanley and Salamon was withKohlberg, Kravis Roberts & Co.