AmeriLife Buyout

Reservoir Capital Group and Black Diamond Capital Partners have acquired Clearwater, Fla.-based insurance marketing company AmeriLife Group LLC, for an undisclosed amount.

 

PRESS RELEASE

AmeriLife Group, L.L.C. today announced the sale of the company by its founder to an investor group, the company's Chief Executive Officer, Timothy North, and other members of the company's senior management team. The investor group, which includes funds managed by Reservoir Capital Group, L.L.C. and Black Diamond Capital Partners, I, L.P., along with AmeriLife management, now own 100% of AmeriLife Group, L.L.C. Timothy North will continue to lead the company as its Chief Executive Officer.

 

AmeriLife Group, L.L.C. is the largest annuity, life and health insurance marketing organization focused on the U.S. senior market. AmeriLife develops annuity, life and health insurance products with its insurance carrier partners and markets these products through its multi-channel distribution network, which includes a captive career distribution system and over 100,000 independent agents.

 

Timothy North said, “We are very pleased to have Reservoir Capital Group and Black Diamond as our capital partners. Their capital resources, relationships and expertise in the insurance industry will allow us to continue to profitably grow and expand our distribution and administrative business and to offer innovative products and services to our existing agents, policyholders and insurance carriers.”

 

“With an experienced and talented management team, and a highly effective distribution network, AmeriLife is well positioned to take advantage of the attractive trends in the annuity and senior life and health insurance markets,” said Craig A. Huff, co-Chief Executive Officer of Reservoir Capital Group. “We are excited to partner with Tim North and the rest of AmeriLife's management team.”

 

Commenting on the transaction, Jay Novik, a Principal of Black Diamond Capital Partners said, “AmeriLife has an impressive distribution network and strong product development capabilities. We look forward to being an active long-term investor and strategic partner of AmeriLife, with the goal of continuing to expand the company's business.”

 

The transaction closed on Tuesday, September 25, 2007.

 

About AmeriLife Group, L.L.C.

AmeriLife Group, L.L.C. is the largest annuity, life and health insurance marketing organization focused on the U.S. senior market. AmeriLife develops annuity, life and health insurance products with its insurance carrier partners within its product development group and markets these products through its multi-channel distribution network, which includes approximately 800 captive career agents in its two captive career distribution systems and over 100,000 independent agents which are accessed by its marketing organization. The company's corporate headquarters is located in Clearwater, FL.

 

About Reservoir Capital Group, L.L.C.

Reservoir Capital Group, L.L.C. is a privately held investment management firm with an opportunistic 'hybrid' investment approach. Reservoir manages opportunistic investment funds which currently have over $3.0 billion under management. These funds invest directly in public securities and private investments, as well as in partnership with investment teams through the creation of hedge funds and private equity firms in which Reservoir is an owner.

 

About Black Diamond Capital Partners, I, L.P.

Black Diamond Capital Partners I, L.P. is a private equity firm that focuses on investments in the insurance industry. The firm was co-founded by its three principals, Jay Novik, Heidi Hutter and Jose Montemayor, in partnership with Reservoir, in 2005. The Black Diamond principals have deep insurance industry relationships and extensive operating, regulatory and investing experience in the sector.