Houlihan Lokey Advises IMA Financial Group

Houlihan Lokey is pleased to announce that IMA Financial Group (IMA), a North American insurance brokerage firm specializing in risk management, employee benefits, and investment advisory services, has announced the completion of an equity recapitalization transaction. Oak Hill Capital and New Mountain Capital are each taking minority positions, with additional participation from HarbourVest Partners and a selected group of prominent institutional co-investors. The transaction values IMA at $4.0 billion, fuels growth, and preserves majority employee ownership. The transaction closed on May 13, 2026.

IMA is an independent broker, defining the future of insurance through comprehensive and consultative risk and investment advisory services. A majority employee-owned and managed company, its 3,000-plus associates in offices across the country are empowered by a shared mission to manage risk, protect assets, and make a difference.

Since 2020, IMA has increased revenue by nearly 400%, driven by both strategic partnerships and industry-leading organic growth. Its associate base expanded from 700 in regional offices to more than 3,000 nationally.

IMA employees will continue to own a majority of the company, with 100% of associates participating as shareholders. SkyKnight Capital and The Stephens Group will exit in connection with the transaction. New Mountain will exit its existing position and reinvest alongside the broader investor group.

The recapitalization fuels IMA’s already-strong growth, supporting investments in technology, talent, and strategic partnerships while preserving the firm’s independence and client- and employee-first culture.

Houlihan Lokey acted as financial advisor to IMA.

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