Lightyear Capital Partners with BHMS and Management to Support the Exceptional Growth of King Risk Partners

Lightyear Capital LLC (“Lightyear”), a New York-based private equity firm, completed a growth investment in King Risk Partners (“King” or the “Company”) alongside existing shareholder BHMS Investments, LP (“BHMS”), which will roll a majority of its existing equity and invest additional capital, and the Company’s management team. King is one of the fastest-growing insurance brokerages in the US and aligns with Lightyear’s focus on growing companies at the nexus of financial services and technology, healthcare, and business services.

King Risk Partners is a retail insurance brokerage with deep expertise in personal and commercial insurance, offering a full line of coverage solutions to over 55,000 clients. Since its founding in 1974, King has achieved strong organic and acquisitive growth, driven by the Company’s ability to acquire and integrate retail agencies at scale. King has completed over 60 acquisitions to date. The new investment will support King’s continued expansion into new and existing geographies and end markets. With over 50 offices and a dedicated team of over 440 employees, King is committed to delivering and servicing insurance solutions tailored to clients across the Eastern US.

“We are thrilled to be partnering with Lightyear and BHMS as we continue to build our business and achieve our mission of delivering comprehensive insurance solutions,” said Malcolm "Chad" King, Chief Executive Officer of King. “Lightyear offers extensive industry knowledge and hands-on operating capabilities for fueling expansion. Working with BHMS has been very rewarding, and I look forward to collaborating with both teams as we explore new avenues for growth together.”

“We look forward to supporting King as part of the portfolio,” said Mark Vassallo, Managing Partner at Lightyear. “Chad and the King management team have built a dynamic insurance brokerage platform with incredible potential for scale. We look forward to leveraging our deep sector expertise and partnering with BHMS to grow the business.”

Trevor Pieri, Principal at Lightyear said, “Our investment in King is consistent with our long-term thematic focus on insurance distribution, and we are delighted to join King and BHMS as the Company enters this next chapter of growth.”

Anthony Recine, Managing Director at BHMS said, “King is a unique company in the insurance brokerage sector, which continues to be an attractive industry for us. We are proud to continue our partnership with the King team and are excited to welcome Lightyear as an investment partner.”

TAG Financial Institutions Group, LLC served as financial advisor to King. Sidley Austin LLP served as legal counsel to BHMS and King, and Davis Polk & Wardwell LLP and Foley & Lardner LLP served as legal counsel to Lightyear.

About King

King Risk Partners is a leader in the insurance industry, offering a wide range of insurance products and services designed to meet the diverse needs of its clientele. Known for its integrity, professionalism, and commitment to customer satisfaction, King Risk Partners continues to be a top choice for clients seeking reliable and comprehensive insurance solutions. King has been recognized as a top 100 US Insurance Broker by three of the insurance industry’s well-known publications: The Hales Report, The Insurance Journal and Business Insurance Magazine. Learn more at www.king-insurance.com.

About Lightyear Capital

Lightyear Capital is a New York-based private equity firm that partners with growing companies at the nexus of financial services and technology, health care and business services. For over 20 years, Lightyear has worked closely with management and leveraged its industry expertise, network of advisors and operating resources to accelerate growth and build market-leading businesses. As of December 31, 2024, the firm had assets under management of $7.2 billion. For more information, please visit lycap.com.

About BHMS

BHMS Investments, LP is a private investment firm focused on the North American middle market. The firm was founded in 2010 and is based in Westport, Connecticut. BHMS invests in a wide variety of control and structured equity opportunities ranging from consolidation strategies to conventional leveraged buyouts. The firm focuses on industries in which it has deep experience and relationships including business & insurance services. BHMS is currently deploying capital from its most recent fund, which it closed in July 2024. Additional information can be found at www.bhms.com.

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