THE GRAY CASUALTY & SURETY
Acquired by
PALOMAR
THE GRAY CASUALTY & SURETY acquired by PALOMAR
Target
THE GRAY CASUALTY & SURETY
Acquirer
PALOMAR
Context
Palomar Holdings acquired 100% of The Gray Casualty & Surety Company from Bernhard Capital Partners. The acquisition is a transformative step for Palomar's surety franchise, significantly increasing its market share and geographic reach. For BCP, the sale represents a successful exit from its 2021 investment, following an operational scaling of the business. Gray Surety's leadership, including President Cullen Piske, joined Palomar to lead the expanded surety operations.
The transaction values THE GRAY CASUALTY & SURETY at an EV/Revenue multiple of LOGIN.
This transaction is part of the Financial Services industry, which currently tracks an average EBITDA multiple of 14.0x since the beginning of 2026, 5.3% decrease compared to 2025. This data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.
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Target
The Gray Insurance Company is a Treasury-listed surety carrier specializing in contract bonds for mid-sized and emerging contractors. Licensed in all 50 states and operating through 13 regional offices, it has grown into a "Top 50" US surety carrier. The firm is recognized for its disciplined underwriting and a strong national footprint serving the construction and infrastructure sectors.
Ent. Value
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Equity Value
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Multiples Analysis
EV / Revenue
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EV / EBITDA
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EV / EBIT
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Historical Financials (EUR)
Other operations with THE GRAY CASUALTY & SURETY
mynth data is contributed by M&A / PE professionals and systematically cross-verified against private deal documents and official releases. All source materials are destroyed post-validation to guarantee data anonymity and compliance.