US wholesale insurance broker AmWINS Group has completed the recapitalization with New Mountain Capital, a New York‐based private equity firm.

AmWINS CEO Steven DeCarlo said the newly established partnership is an important next step for the future of the company.

"It means a new chapter of endless possibilities for our firm and how we serve our clients, distribute our carrier partners' products, provide tools and resources for our employees and recruit new talent," DeCarlo added.

"In a relatively short time, New Mountain has already demonstrated that they are a true partner; together, we are excited to take our firm to the next level."

According to the AmWINS, employee shareholders will continue to own more than one third of the company.

Financial Technology Partners, Goldman Sachs & Co. and Willis Capital Markets & Advisory acted as financial advisers to AmWINS, while Credit Suisse and Macquarie Capital acted as financial advisors to New Mountain.

The credit facility was jointly managed by Credit Suisse and Goldman Sachs.

Headquartered in North Carolina, AmWINS is a specialty insurance broker placing over $7bn of premiums through its relationships with over 16,000 retail brokerage firms and more than 1,000 insurance carriers.