Oak Hill Capital, New Mountain Capital, and HarbourVest recapitalized IMA Financial Group, an insurance brokerage specializing in risk management, employee benefits and investment advisory services.

The equity recapitalization values IMA at $4.0 billion and includes minority positions for Oak Hill Capital and New Mountain Capital.

The Stephens Group, LLC and SkyKnight Capital exited their investments in connection with the transaction.

New Mountain Capital also exited an existing position and reinvested alongside the investor group, which includes HarbourVest and institutional co-investors.

IMA serves businesses and individuals through insurance brokerage, risk management, employee benefits and investment advisory offerings.

The company has more than 3,000 associates in offices across the United States, up from about 700 associates in regional offices in 2020, and revenue has increased by nearly 400 percent since then.

Employees will continue to own a majority of IMA, with all associates participating as shareholders.

Proceeds and new investor backing are intended to fund technology, talent and strategic partnerships while preserving the company’s independence and employee ownership model.