(Bloomberg) -- Buyout firm Genstar Capital agreed to acquire a stake in AmeriLife Group, a life and health-insurance provider, from Thomas H. Lee Partners, according to a statement reviewed by Bloomberg News.

The deal values the company at more than $3 billion, including debt, according to a person familiar with the matter who asked to not be identified because the terms aren’t public. Genstar will become an equal investor alongside T.H. Lee as part of the deal, which is slated to close in the third quarter, the companies said.

Representatives for Genstar, AmeriLife and T.H. Lee declined to comment on the valuation. 

T.H. Lee acquired a majority stake in AmeriLife in 2020 from J.C. Flowers & Co. Since then, the insurer and registered investment adviser has invested heavily in its products and grown its base of adviser affiliates, according to Scott Perry, chairman and chief executive officer at AmeriLife. 

The Clearwater, Florida-based company has more than 90 offices and provides more than five million customers with life insurance, health insurance, annuities and other products, according to the statement. 

“We have followed the tremendous progress of Scott and his team since we first met in 2016,” Ryan Clark, president and managing director at Genstar Capital, said in a statement. “AmeriLife has proven that its model is the future of insurance marketing and distribution.”

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