White Mountains launched private equity investment division

Bermuda-based White Mountains Insurance Group has launched an investment unit to provide institutional capital to privately held businesses.

White Mountains Partners plans to invest up to $500 million over time to family, founder, and entrepreneur-owned businesses in the essential services, light industrial, and specialty consumer sectors.

The division, to be headed by John Daly, a former founding partner and principal of Alleghany Capital, plans to take majority positions in companies with $10 million to $50 million of EBITDA.

Manning Rountree, White Mountains' chief executive officer, said: "We are pleased to launch WM Partners, which will extend White Mountains' long-term, value-oriented approach into additional attractive sectors.

“We're thrilled to have a high calibre leader like John at the helm of the new business unit. John has deep experience in sourcing, executing, and managing control investments in private businesses within a public company setting."

Daly, who will be White Mountains Partners' CEO and managing partner, said: "I am excited to join White Mountains, and I am focused on building long-term value for its shareholders.

“At WM Partners, we will help families, founders, and entrepreneurs grow their businesses by delivering flexible capital, a proven value creation playbook, and a deep understanding and abiding respect for the unique qualities of their businesses."