IMA Financial Hits $4B Valuation with Employee-Ownership Model Intact

DENVER – May 19, 2026 – IMA Financial Group, Inc., a rapidly expanding insurance brokerage, has completed a landmark equity recapitalization that values the firm at approximately $4.0 billion. The transaction marks a significant vote of confidence from the private equity world, bringing in new capital to accelerate growth while uniquely preserving the company’s majority employee-owned structure.

The deal provides a successful exit for The Stephens Group and SkyKnight Capital, who have backed IMA since 2020. It also ushers in a new consortium of minority investors, including Oak Hill Capital and HarbourVest Partners. In a strong endorsement of IMA's trajectory, New Mountain Capital, which also first invested in 2020, has exited its original position only to reinvest alongside the new partners.

Critically, the recapitalization ensures that IMA’s more than 3,000 associates will continue to own a majority of the company, with 100% of employees participating as shareholders. This move reinforces the firm’s commitment to a culture that has become its core strategic advantage.

Fueling Growth on a Proven Foundation

The infusion of fresh capital is earmarked to fuel IMA's already impressive growth engine. The company plans to make significant investments in technology, talent acquisition, and strategic partnerships. This strategy aims to build on the momentum that has seen the firm become a dominant force in the North American insurance market.

While backed by a powerful new set of financial partners, IMA's leadership emphasizes that the deal is fundamentally about preserving the firm's independence and its client- and employee-first culture. The structure of the transaction, with private equity taking minority stakes, allows IMA to leverage institutional resources without sacrificing its operational autonomy or its foundational ownership model.

This approach was cultivated during its partnership with the departing Stephens Group. "The Stephens Group understood our model, shared our values, and never pushed us to grow at the expense of our culture or our independence," said IMA Financial Group Chairman and CEO Rob Cohen. "They trusted management, took a long view and were invaluable to how we approached our most important decisions over the past five years."

The Anatomy of a 400% Growth Story

IMA's recent performance explains the intense investor interest. Since 2020, the firm has posted staggering growth, increasing its revenue by nearly 400 percent. This financial expansion has been mirrored by a dramatic increase in its workforce, which has ballooned from 700 associates in regional offices to a national presence of over 3,000.

This growth has been driven by a two-pronged strategy combining industry-leading organic growth with a series of strategic partnerships, including the integration of firms like Valent Group and The Richards Group. This has allowed IMA to expand its geographic footprint and deepen its expertise in complex and niche sectors such as energy, manufacturing, construction, and public entities.

In a crowded market with giants like Marsh, Aon, and Gallagher, IMA has carved out a distinct identity. By focusing on consultative risk management and investment advisory services, the firm manages nearly $2 billion in premiums for over 6,000 clients, positioning itself as one of the largest independent, employee-owned brokers in the United States.

Private Equity's Bet on Insurance Brokerage

The IMA recapitalization is a prime example of private equity's sustained appetite for the insurance brokerage sector. The industry's resilient, cash-flow-generative business model and opportunities for consolidation make it a perennial favorite for financial sponsors. However, the IMA deal showcases a particular interest in platforms that have a clear, scalable, and culturally embedded competitive advantage.

Oak Hill Capital, a firm focused on resilient services businesses, views IMA as a unique asset. In a statement, Oak Hill's leadership praised IMA as a "highly differentiated platform" with a demonstrated ability to scale its unique culture for the benefit of both clients and the firm.

Perhaps the most telling endorsement comes from New Mountain Capital's decision to reinvest. Having been an investor since 2020, New Mountain's move signals deep confidence in IMA's future. The firm, which has conducted extensive research into the insurance sector and holds investments in other industry leaders like AmWINS and OneDigital, sees IMA as being "positioned to further scale its platform while preserving its governance and structure." The addition of HarbourVest Partners, a major global private markets firm, further solidifies the institutional consensus forming around IMA's model.

The Employee Ownership Advantage

At the heart of IMA's success and its appeal to investors is its unwavering commitment to employee ownership. In an industry undergoing rapid consolidation, where talent is the primary asset, this model has become a powerful tool for attracting and retaining top professionals. By ensuring that every associate is a shareholder, IMA fosters an "owner's mindset" that aligns employee interests directly with client success.

This structure is widely seen as a driver of superior performance and a stronger, more stable culture. With a vested interest in the company's long-term success, employees are more motivated and dedicated, leading to lower turnover and more consistent, high-quality client service. This stability stands in stark contrast to the potential disruption that often accompanies acquisitions and mergers in the brokerage space.

For clients, the model translates into relationships with advisors who are not just employees, but partners invested in protecting their assets and helping them manage risk. It is this cultural and structural advantage that new investors are betting they can help scale on a national level.

A Blueprint for a Successful Exit

The transaction also closes a highly successful chapter for The Stephens Group. Their five-year partnership with IMA serves as a case study in value creation built on trust and strategic alignment rather than aggressive operational control.

"Our investment alongside IMA has been one of the most rewarding in our portfolio," said Stephens Group Senior Advisor Kent Sorrells. He noted that while the firm anticipated IMA's potential in 2020, the pace and quality of its growth exceeded expectations. "The growth speaks for itself, but the more impressive achievement is that IMA scaled without sacrificing the people-first culture that makes it special. We are proud of what we built together and grateful to have played a role in IMA's journey."

This successful exit underscores a private investment philosophy focused on long-term partnership and empowering strong management teams. As IMA moves forward with its new partners and a fortified balance sheet, it does so from a position of strength, ready to write the next chapter of its growth, firmly rooted in the principle that its people are its greatest asset.