A pair of private equity sponsors are backing IMA Financial in a recapitalization aimed at fueling the firm’s acquisition drive and organic growth.

The deal, announced May 14, gives the Denver-based insurance brokerage, wealth management and risk advisory platform additional capital to pursue add-on purchases and deepen its national footprint.

IMA Financial delivers property and casualty insurance, employee benefits, and wealth management services to a broad base of middle-market and large corporate clients.

With offices across Colorado, Kansas, Michigan, New York, Texas and other states, the company operates through multiple divisions, including a retail insurance broker that ranks among the country’s largest independently owned shops, a wholesale broker, a managing general underwriter, and an SEC-registered investment advisory practice.

Oak Hill and New Mountain are investing alongside management in the recapitalization.

The sponsors view the fragmented insurance brokerage sector as consolidation-ready, and the new capital is intended to accelerate IMA’s strategy of acquiring agencies and teams that extend its geographic reach and service capabilities.

The existing leadership team will continue to run the business.

The transaction positions IMA to compete more actively for add-on deals as private-equity-backed consolidators keep rolling up independent brokerages.