World Insurance Associates, a Tinton Falls, NJ-based full-service insurance brokerage, closed a majority investment from funds affiliated with Charlesbank Capital Partners.
The amount of the deal was not disclosed. As part of the transaction, the WIA management team and employee shareholders remain major shareholders alongside Charlesbank.
The funds will enable the company to accelerate its expansion program.
Founded in 2012 and led by Chief Executive Officer Rich Eknoian, WIA offers comprehensive insurance coverage, risk management strategies, and benefits consulting services for businesses and individuals. The company focuses on property and casualty lines, and has built centers of excellence in specialized industries such as transportation, hospitality, self-storage facilities, non-profits, and construction.
WIA operates 40 offices in 12 states.