PCF Founder and CEO Peter Foy said: "Our success stems from the commitment and dedication of our employees. We're all in this together, and we're excited to make good on our long-standing promise that we will all share in our collective prosperity." (Credit: ngad/Adobe Stock)
PCF Insurance Services' management team is dividing $8.2 million evenly among 1,800 employees this holiday season, the company reported.
This news follows a management- and partner-led buyout, which valued the business at $2.2 billion, from financial sponsor HGGC, LLC a California-based private equity firm.
"This is an exciting time for our organization," PCF Founder and CEO Peter Foy said in a release. "Our success stems from the commitment and dedication of our employees. We're all in this together, and we're excited to make good on our long-standing promise that we will all share in our collective prosperity. We work together and we win together. Simply put, we are reinvesting in our people. It's worth it for us to spend every dime we can on those who directly contribute to our collective success."
PCF reported that since 2020, it has completed more than 100 partner transactions and is set to finish this year as one of the industry's top three acquirers. The company expects to finish 2021 with nearly $400 million in revenue.
"I cannot express how much I love working at PCF. Management's generosity just confirms what I already know — that this company is where I want to be for a long time," said Veronica Ho Ching, executive assistant, in a release. "Hearing people crying at their desks because they received this amazing gift makes me very proud to say that I am an employee here."
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