IMA Financial Group has completed a recapitalization valuing the North American insurance brokerage at $4 billion, with Oak Hill Capital, New Mountain Capital and HarbourVest Partners each taking minority equity positions.

Employees will continue to own a majority of the company, and existing backers SkyKnight Capital and The Stephens Group are exiting.

Headquartered in Denver, IMA provides risk management, employee benefits and investment advisory services.

The firm has grown revenue nearly 400% since 2020 and expanded its associate base from 700 to more than 3,000 across offices nationwide.

Oak Hill Capital, a middle-market private equity firm focused on services, and New Mountain Capital, a growth-oriented investor that has held a stake in IMA since 2020, will each hold minority interests.

HarbourVest Partners, a global private markets firm with $161 billion of assets under management, participated alongside institutional co-investors.

New Mountain exits its existing position and reinvests; SkyKnight Capital and The Stephens Group are selling their stakes as part of the transaction.

Ardea Partners served as lead financial advisor to IMA, with Houlihan Lokey and Reagan Consulting also providing financial advice.

Sidley Austin acted as legal counsel to the company.

Oak Hill was advised by William Blair and Paul, Weiss, while New Mountain used Jefferies and Ropes & Gray.

Chairman and CEO Rob Cohen said the structure keeps IMA independent and majority employee-owned while providing capital to invest in technology, talent and strategic partnerships.