Stephens Group Announces Exit of IMA Financial Group Via Equity Recapitalization Led by Oak Hill Capital, New Mountain Capital, and HarbourVest

Stephens Group Announces Exit of IMA Financial Group Via Equity Recapitalization Led by Oak Hill Capital, New Mountain Capital, and HarbourVest

May 19, 2026

Transaction values IMA at $4.0 billion, fuels growth, preserves majority employee ownership

DENVER, CO - MAY 19, 2026 - The Stephens Group, LLC ("Stephens Group") announced today that it has exited its investment in IMA Financial Group, Inc., a North American insurance brokerage firm specializing in risk management, employee benefits and investment advisory services, via the completion of an equity recapitalization transaction. Oak Hill Capital and New Mountain Capital are each taking minority positions, with additional participation from HarbourVest and a select group of prominent institutional co-investors.

IMA employees will continue to own a majority of the Company, with 100% of associates participating as shareholders. SkyKnight Capital also exited in connection with the transaction. New Mountain exited its existing position and reinvested 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.

Since 2020, IMA has increased revenue by nearly 400 percent, 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.

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

"Our investment alongside IMA has been one of the most rewarding in our portfolio. When we first backed Rob and the team in 2020, we saw a company with a differentiated culture and a compelling platform - what we didn't fully anticipate was the pace and quality of what they would build. 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," said Stephens Group Senior Advisor Kent Sorrells.

ABOUT IMA FINANCIAL GROUP

IMA Financial Group 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.

ABOUT OAK HILL CAPITAL

Oak Hill Capital is a thematic, middle-market private equity firm focused primarily on investing in resilient, defensive growth-oriented services businesses in North America. The firm takes a systematic approach to identifying and building enduring franchises aligned with high conviction themes in (i) digital infrastructure; (ii) financial services; and (iii) essential services. Headquartered in New York City, with offices in Menlo Park and Stamford, over its ~40-year history, Oak Hill and its predecessors have invested in over 115 companies and has raised over $25 billion of initial capital commitments and co-investments since inception. For more information, please visit https://www.oakhill.com.

ABOUT NEW MOUNTAIN CAPITAL

New Mountain Capital is a New York-based investment firm that emphasizes business-building and growth rather than excessive risk as it pursues long-term capital appreciation. The firm currently manages private equity, strategic equity, credit, and net lease real estate funds with nearly $60 billion in assets under management. New Mountain seeks out what it believes to be the highest-quality growth leaders in carefully selected industry sectors, then works intensively with management to build the value of these companies. For more information, visit https://www.newmountaincapital.com.

ABOUT HARBOURVEST PARTNERS

IMA Financial Group 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.

ABOUT THE STEPHENS GROUP, LLC

The Stephens Group, LLC is a private investment firm that partners with talented management teams to help build valuable businesses. Backed by the resources of the Witt Stephens, Jr. and Elizabeth Campbell families, the firm combines the operational expertise of a private equity firm with the flexibility provided by long-term capital. With over $2 billion of private equity assets under management, the firm has a long history of providing informed, sophisticated expertise and working with owners and managers to help them successfully achieve their strategic visions and build long-term value. Since 2006, Stephens Group has invested in over 50 companies, targeting investments in industries across the U.S., including industrial products and services, specialty distribution, and vertical software.