Rainier Partners invests in Apex Insurance Services, a Texas auto insurance MGA

Rainier Partners, a private equity firm investing in lower middle-market services businesses, said it has made an investment in Apex Insurance Services. Apex is a multi-brand managing general agency platform focused on the Texas non-standard auto insurance market and manages five MGAs, including Apollo MGA, Apollo Specialty, Newstar General Agency, Excellent Insurance Services and Ignition Insurance Services.

Apex is led by CEO Bryan Ward and has a distribution network of more than 1,000 independent agent contracts across roughly 2,500 retail locations statewide. The company said it plans to keep growing organically in Texas and possibly in new states, and will pursue strategic M&A and adjacent product categories. Sherman & Company served as sell-side advisor to Apex.