Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Life Health > Life Insurance

Investment Firm To Acquire Control Over Life Of The South

By Staff Writer

X
Your article was successfully shared with the contacts you provided.

Summit Partners L.P. is helping the founders of a southeastern insurance company cash out.

Summit Partners, Boston, a private equity firm, is buying about 85% of the stock of Life of the South Corp., Jacksonville, Fla., a privately held company, the companies say.

The transaction “has been valued at more than $100 million,” according to Summit Partners.

N.G. Houston III, chairman of Life of the South, formed the company as Houston National Life in 1978. He renamed the company and moved the company’s official state of domicile to Georgia, from Arizona, in 1982, according to Summit Partners.

The company now sells life insurance policies, disability insurance policies and other policies designed to insure the ability of consumers to pay off loans and meet other types of financial obligations.

Houston and Lloyd Shaw, president of Life of the South, plan to retire once the Summit Partners transaction closes, according to Summit Partners.

K. Ned Hamil, who has been president of Life of the South, will become chairman, and Richard Kalbaugh, the chief operating officer, will become the president, Summit Partners says.

The new Life of the South senior managers will hold about 15% of the company’s stock, and the company’s location, personnel and business model will remain unchanged, Summit Partners says.

Three representatives from Summit Partners will join the Life of the South board.

In addition to providing cash for the founding shareholders and their families, the Summit Partners deal will provide capital that Life of the South can use to grow, Summit Partners says.

Life of the South has been expanding over the years, and it now holds life and property-casualty licenses in 40 states.

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.