USI Insurance Services in Monday said existing shareholder KKR & Co. Inc. KKR, +2.35% is making a new equity investment of more than $1 billion in the Briarcliff Manor, N.Y.-based risk management, employee benefits and retirement consulting company.
KKR and USI will purchase more than 50% of the shares from Canadian investment firm CDPQ in a move for KKR to become USI’s largest shareholder. The deal comes after KKR and CDPQ acquired USI in 2017 in partnership with USI’s management and employees. At last check, USI now counts 10,000 employees, which has doubled in the past six years.
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