Stephens Group sold its stake in IMA Financial Group to Oak Hill Capital, New Mountain Capital and HarbourVest, exiting the North American insurance brokerage through a $4.0 billion equity recapitalization.

The company serves businesses and individuals through risk management, employee benefits and investment advisory services across offices in the United States.

Oak Hill Capital and New Mountain Capital are each taking minority positions, with HarbourVest and institutional co-investors also participating.

IMA employees will retain majority ownership, and all associates will remain shareholders.

IMA has increased revenue by nearly 400 percent since 2020, driven by strategic partnerships and organic growth.

Its employee base has grown from about 700 associates in regional offices to more than 3,000 nationally.

The recapitalization provides liquidity to existing investors and capital for technology, talent and partnership investments.

SkyKnight Capital also exited in the transaction, while New Mountain exited its prior position and reinvested with the new investor group.

Stephens Group first backed IMA in 2020.

The firm manages more than $2 billion of private equity assets and has invested in more than 50 companies since 2006.