The private equity business within Goldman Sachs Alternatives acquired FGI Worldwide, a provider of working capital financing and trade credit insurance solutions. The acquisition enables FGI to accelerate its growth and expand its suite of financing, risk and Insurtech solutions for clients.
In conjunction with the transaction, Sami Altaher, co-founder and president of FGI, succeeds David DiPiero as CEO.
“We are grateful to our team, customers, partners and investors who have made this milestone possible,” Altaher said. “I am incredibly proud of what we have built at FGI alongside my co-founders David DiPiero and Joseph Albertelli, and I am honored to take on the role of CEO as FGI enters its next phase of growth. Looking ahead, we are focused on thoughtfully scaling the business by investing in our platform and expanding our product capabilities, while remaining committed to serving small and medium-sized enterprises and the broader commercial finance industry. Goldman Sachs Alternatives shares our long-term vision to strengthen FGI’s leadership and deliver even greater solutions to our clients.”
Anthony Arnold, partner within private equity at Goldman Sachs, added, “We are thrilled to partner with Sami and the FGI team to help accelerate the company’s growth. FGI has built a differentiated offering supported by market-leading underwriting expertise and a technology-driven operating platform. As the company’s first institutional investors, we look forward to bringing the full scope of Goldman Sachs’ resources to help FGI capitalize on the significant opportunities ahead.”
Michael Coleman, managing director within private equity at Goldman Sachs, said, “We are impressed by the capabilities and operational sophistication FGI has built. FGI’s exceptional track record of innovation, growth and credit performance positions it well for continued success. We believe Goldman Sachs will be a value-added partner as FGI continues to scale its platform and advance the industry.”
Financial terms were not disclosed. Keefe, Bruyette & Woods, a Stifel company, served as financial advisor and Blank Rome served as legal counsel to FGI. Houlihan Lokey served as financial advisor and Sidley Austin served as legal counsel to Goldman Sachs Alternatives.
