M&A Deal Summary

Warburg Pincus Acquires Keystone Agency Partners

On July 16, 2025, private equity firm Warburg Pincus acquired insurance company Keystone Agency Partners from Flexpoint Ford

Acquisition Highlights
  • This is Warburg Pincus’ 19th transaction in the Insurance sector.
  • This is Warburg Pincus’ 239th transaction in the United States.
  • This is Warburg Pincus’ 12th transaction in Pennsylvania.

M&A Deal Summary

Date 2025-07-16
Target Keystone Agency Partners
Sector Insurance
Buyer(s) Warburg Pincus
Sellers(s) Flexpoint Ford
Deal Type Secondary Buyout
Advisor(s) Barclays Investment Bank
Goldman Sachs
Dowling & Hales (Financial)
Kirkland & Ellis (Legal)

Target

Keystone Agency Partners

Harrisburg, Pennsylvania, United States
Keystone Agency Partners is an insurance brokerage platform that acquires and partners with independent insurance agencies. Keystone Agency Partners was founded in 2020 and is based in Harrisburg, Pennsylvania.

Search 214,238 Deals Now

SEARCH BY

  • Buyer Type (PE or Strategic)
  • Deal Size ($10M to $10B+)
  • Sector (60 Sectors)
  • Deal Type
  • Geography
  • & More

Try Free

Buyer(S) 1

Buyer

Warburg Pincus

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1966
PE ASSETS 83.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Warburg Pincus is a mega-sized, global private equity firm focused on investment opportunities across North America, Asia, and Europe. Warburg will consider investing at various company stages, from early-stage opportunities to distressed situations. Warburg Pincus is organized by industry groups. Verticals include financial services, healthcare, technology, media & telecommunications, energy, consumer & industrial, and real estate. Within financial services, Warburg will consider asset/wealth managers, banks, exchanges, financial technology, insurance, transaction processing, private banking, and specialty/consumer finance. Within healthcare, specific areas of interest include medical devices, healthcare services, and biotech/pharmaceuticals. Within technology/media/communications, Warburg targets software, media/internet/information, financial technology, telecom, business services, and systems/semiconductors. Within energy, specific areas of interest include oil/gas exploration, power generation/transmission, and alternative energy. Warburg Pincus raised its first fund in 1966 and is based in New York City.


DEAL STATS #
Overall 488 of 492
Sector: Insurance M&A 19 of 19
Type: Secondary Buyout M&A Deals 67 of 70
State: Pennsylvania M&A 12 of 12
Country: United States M&A 239 of 241
Year: 2025 M&A 5 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-07-08 A-LIGN

Tampa, Florida, United States

A-LIGN is a cybersecurity and compliance solutions provider that specializes in helping businesses navigate the complexities of regulatory and business-driven security and compliance needs. It provides security and compliance solutions in the form of assessments, audits, and cyber risk advisory and testing services for companies ranging from small-medium-sized businesses to large enterprises. A-LIGN was founded in 2009 and is based in Tampa, Florida.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-07-28 NEOGOV

El Segundo, California, United States

NEOGOV is a talent management software platform focused on government, education and public sector clients. NEOGOV provides market major software-as-a-service (SaaS) talent management solutions to automate and streamline the recruitment, onboarding and performance evaluation processes for government and other public sector institutions. NEOGOV was founded in 2000 and is based in El Segundo, California.

Sell -

Seller(S) 1

SELLER

Flexpoint Ford

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2005
PE ASSETS 7.8B USD
Size Mega
Type Sector Focused
DESCRIPTION

Flexpoint Ford is a private equity firm focused on investments in healthcare and financial services companies. Flexpoint prefers control based investments and looks to commit $50 to $500 million per transaction. The Firm is flexible when it comes to investment structure and asset class. Flexpoint Ford was formed in 2005 and is based in Chicago, Illinois.


DEAL STATS #
Overall 22 of 23
Sector: Insurance M&A 6 of 6
Type: Secondary Buyout M&A Deals 6 of 6
State: Pennsylvania M&A 2 of 2
Country: United States M&A 22 of 23
Year: 2025 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-06-11 Elliott Davis

Greenville, South Carolina, United States

Elliott Davis is an accounting and advisory firm that delivers tailored solutions to diverse businesses, organizations, and individuals. Elliott Davis was formed in 1920 and is based in Greenville, South Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-12-01 Purchasing Power

Atlanta, Georgia, United States

Purchasing Power is a voluntary benefits provider for employers, whose services enable employees to purchase large ticket items such as computers, electronics, appliances, and furniture through a monthly payroll deduction. Purchasing Power was founded in 2001 and is based in Atlanta, Georgia.

Sell $420M