Update, 11/28/12, 10:45 a.m. EST: Attorneys for Alliant Insurance Service’s management have been added to the 10th paragraph below.
In the latest example of the recent trend toward private equity firms doing deals with each other, Kohlberg Kravis Roberts has agreed to acquire Alliant Insurance Services from the Blackstone Group for an undisclosed sum.
As The Wall Street Journal notes, the transaction—which was announced Friday and is expected to close by the end of the year, comes amid the spate of so-called secondary deals that private equity shops have been striking with rivals in order to unload properties purchased at the peak of the buyout boom. The twist in this instance is that Alliant is getting its third private equity owner in the past five years. Blackstone bought Alliant from buyout firm Lindsay Goldberg in 2007 for a reported $1.1 billion.
