Julie & Holleman is investigating the proposed acquisition of Accelerant Holdings by private equity firm Thoma Bravo and potential conflicts involving Accelerant’s controlling stockholder, Altamont Capital Partners.
What happened
On August 13, 2026, Accelerant announced that it had agreed to be acquired by Thoma Bravo in an all-cash transaction valued at more than $4 billion. Accelerant’s Class A and Class B stockholders would receive $20.25 per share in cash. The transaction was unanimously approved by Accelerant’s board following the recommendation of a special committee of independent and disinterested directors.
Altamont Capital Partners affiliates hold shares representing approximately 82% of Accelerant’s outstanding voting rights and have entered into an agreement to support the transaction. The merger filing also discloses that, with the special committee’s permission, Thoma Bravo has held preliminary discussions with Altamont concerning a potential rollover or reinvestment of a portion of Altamont’s Accelerant equity alongside Thoma Bravo. As of the merger agreement date, Altamont had not made a binding commitment to do so.
Why we're looking at it
Accelerant’s controlling stockholder occupies a potentially different position from the company’s public stockholders. While public stockholders would receive cash for their shares, Altamont has discussed the possibility of retaining an investment in Accelerant following the transaction.
We are investigating the circumstances surrounding the proposed transaction, including the process leading to the agreement with Thoma Bravo, the interests of Accelerant’s controlling stockholder, and whether the transaction treats Accelerant’s public stockholders fairly.
What we're investigating
We are investigating whether Accelerant’s directors, officers, controlling stockholder, and others involved in the transaction fulfilled their legal obligations to the company’s public stockholders.