Allstate Insurance Earmarks $40 Million for Industry Acquisitions

NEW YORK—Allstate Private Equity, the private equity investment fund of the Allstate Insurance Co. of Chicago, has engaged Sunrise Securities, based here, to assist it in acquiring a portfolio of herbal products, nutraceuticals, natural foods and dietary supplement companies. The insurer has earmarked up to $40 million for such acquisitions, says Lorne Caplan, managing director of Sunrise Securities.

“We seek to invest in companies that … would like to have a professional financial partner that understands the industry from its roots as well as the need to strategize for the future,” Caplan says. “We believe in the industry and are prepared to invest in the right management team and product line.”

Allstate Private Equity is an $800 million investment fund. Sunrise Securities, an investment and merchant banking company founded in 1992, in the last three years has led more than $260 million in public and private financings for micro-cap companies, Caplan says.