Private equity firm DFW Capital Partners Inc. has taken a majority stake in ReSource Pro L.L.C., the New-York-based insurtech company said Tuesday.
Terms of the transaction were not disclosed.
ReSource Pro, founded in 2004, provides business process outsourcing services for agents, brokers, managing general agents, insurers and reinsurers, offering insurance process outsourcing and advisory services primarily for retail and wholesale insurance business models and back office processing functions, the company said in a statement.
The company will continue as a stand-alone entity with its existing management team, according to the statement.
“We’ve found a genuine partner in DFW both in terms the opportunity we see to support operational transformation in the insurance industry and also in the alignment of our business cultures,” Dan Epstein, CEO of ReSource Pro, said in the statement, adding management maintains a “significant investment and ownership in ReSource Pro.”
Teaneck, New Jersey-based DFW focuses on investing in middle market firms in the health care, business services and industrial services industries, the statement said.
“DFW’s strategy has been to invest in middle-market companies with strong management teams and consistent annual revenue growth,” Keith W. Pennell, managing partner of DFW, said in the statement.