Thoma Bravo has agreed to acquire Accelerant in an all-cash transaction with an enterprise value of more than $4 billion, taking the specialty insurance platform private subject to shareholder approval, required regulatory approvals and other customary closing conditions.
Accelerant Class A and Class B shareholders will receive $20.25 per share in cash, representing a 49% premium to Accelerant’s closing share price on August 12, 2026.
The transaction was unanimously recommended by a Special Committee made up solely of independent and disinterested directors before receiving unanimous approval from Accelerant’s Board of Directors. Karen Meriwether, Chair of the Special Committee, said the committee believed the transaction recognised the platform and ecosystem built by Accelerant while providing immediate value to shareholders at a substantial premium.
Completion is currently expected in the first half of 2027. Entities affiliated with Altamont Capital Partners, Accelerant’s largest investor, hold shares representing approximately 82% of the company’s outstanding voting rights and have agreed to vote in favour of the transaction.
The agreement also addresses potential regulatory delay through a ticking-fee provision. Under certain circumstances, shareholders will receive a ticking fee accruing at a rate of 6% per annum if closing is delayed by certain pending insurance regulatory approvals. The acquisition is not subject to a financing condition, with Thoma Bravo providing an equity commitment to fund the purchase.
Accelerant Chairman and CEO Jeff Radke said returning to private ownership would combine Thoma Bravo’s technology and software expertise and financial resources with further investment in Accelerant’s data-driven platform.
A.J. Rohde, Senior Partner at Thoma Bravo, pointed to continued growth in the MGA market and demand among underwriters for technology-focused partners capable of supporting programme growth and underwriting innovation. Matt LoSardo, a Principal at Thoma Bravo, highlighted Accelerant’s model of connecting underwriters with risk capital and supplying both sides with data to support risk pricing.
Altamont Capital Partners and Accelerant’s founders intend to retain equity ownership alongside Thoma Bravo, with the terms to be finalised before closing. Once the acquisition is completed, Accelerant will become a private company and its common shares will no longer be listed or traded on the New York Stock Exchange.
The Merger Agreement identifies Cherry Tree BidCo as the parent entity and Cherry Tree Merger Sub as its wholly owned subsidiary. Accelerant intends to file a proxy statement with the Securities and Exchange Commission in connection with a special shareholder meeting to approve the transaction. Accelerant and certain participants also intend to file a transaction statement on Schedule 13E-3 if required.
The transaction involves separate financial and legal advisers for Accelerant, its Special Committee, Thoma Bravo and Altamont Capital Partners.
Morgan Stanley & Co. LLC is serving as exclusive financial adviser to Accelerant’s Board of Directors. Paul Hastings LLP is U.S. legal counsel, Sidley Austin LLP is special insurance counsel and Maples Group is Cayman Islands legal counsel to Accelerant. Houlihan Lokey is financial adviser and Conyers Dill & Pearman legal counsel to the Special Committee.
Goodwin Procter LLP is legal counsel to Thoma Bravo, while Skadden, Arps, Slate, Meagher & Flom LLP is special insurance counsel and Walkers is Cayman Islands legal counsel. BMO Capital Markets and Wells Fargo are serving as financial advisers to Thoma Bravo. Ropes & Gray LLP is legal counsel to Altamont Capital Partners.
Thoma Bravo had more than $172 billion in assets under management as of March 31, 2026. Over the past 20-plus years, it has acquired or invested in approximately 590 companies representing more than $320 billion of aggregate value. Altamont, founded in 2010, has invested in over 50 companies and currently manages over $4 billion of capital.
