Oracle RMS gets growth investment from Abry Partners

By David Bull

July 3 - (The Insurer) - Canadian insurance brokerage Oracle Insurance Risk Management Services (Oracle RMS) has secured a strategic investment from Boston-based private equity firm Abry Partners.

In a statement confirming the news, the Ontario-based commercial and personal lines intermediary said the investment marks a “significant milestone” as it prepares for its next phase of growth and expansion, including strategic M&A opportunities.

Oracle RMS was founded in 2011 by John Ferraro and Michael Di Nardo and has grown to become one of Canada’s largest independent brokerages, with over 300 staff across nearly 40 locations serving more than 60,000 clients, it continued.

“The company was built on the vision of delivering independent, expert advice tailored to the unique needs of its client while creating a workplace where the industry’s most talented and entrepreneurial brokers can thrive – a commitment that continues to drive its success today,” said the statement.

The Oracle RMS leadership team will retain significant equity ownership following the Abry Partners buy-in and will continue to lead the business.

The statement added that the investment and strategic support from Abry Partners will allow the intermediary to scale the resources it provides to producers and branches, enhance its capacity partnerships and pursue “strategic” M&A opportunities.

“This partnership with Abry Partners marks an exciting new chapter for Oracle RMS,” said Ferraro, CEO of Oracle RMS.

“Abry’s investment is a strong vote of confidence in the exceptional talent of our people, the strength of our proven business model, and our long-term vision for growth across Canada.”

Abry Partners focuses on the middle-market segment and has invested in a number of retail brokerage platforms across North America as well as underwriting platforms.

Current investments include U.S. retailer High Street Partners and London-based (re)insurer IQUW.

Past investments include Acrisure, Confie, Hilb Group, Innovisk Capital Partners, NSM Insurance Group and Socius.

The Oracle RMS investment marks the private equity firm's entry into the Canadian insurance distribution market.

Abry Partners principal David Coneway said: “We were highly impressed by Oracle RMS as a business, but even more so by its people and culture.

“The company embodies the client-first ethos and entrepreneurial spirit that have long defined exceptional brokers and combines it with a passion for meeting the evolving needs of its valued insurance markets. We are thrilled to partner with John and Mike to further support their growth.”

Oracle RMS president Di Nardo said that the broker is well positioned to accelerate the expansion of its branch and producer network with Abry’s support.

Nathan Ott, a partner at Abry Partners, added: “Abry has a long history of scaling insurance distribution platforms into perennial market leaders.

“Oracle RMS represents the continued evolution of our thesis in the retail brokerage market. We look forward to building a fully integrated, growth-oriented platform that empowers its producers and branches through scalable infrastructure and differentiated support.”

KPMG Corporate Finance was Oracle RMS’ exclusive financial adviser on the transaction.