Jacksonville, Fla. and BOSTON - Life of the South Corporation (LOTS) announced that its board of directors approved an agreement whereby Summit Partners, a private equity and venture capital firm, will buy approximately 85 percent of the issued and outstanding shares in Life of the South Corporation. LOTS’ senior management group will hold approximately 15 percent of the shares and continue the operations of the company, with no change in location, personnel, or business model.

The transaction provides LOTS with access to capital to continue its strong growth.

It will also provide liquidity for the founding shareholders and their families, and also allow the company to expand its presence in the market.

“This intermediate step will allow us to accomplish many of the company’s long-term strategic objectives, said N. G. Houston III, Chairman of Life of the South. “We have chosen to work with Summit Partners based on the firm’s track record of industry success, its philosophy of supporting management teams, and our shared vision for Life of the South.” Houston added that he would retire at the close of the transaction, as would Lloyd Shaw, long-term president of Life of the South Insurance Company.

In addition to shareholder approval, the transaction is subject to regulatory approval. Summit Partners and LOTS expect to file for regulatory approval. Approvals of transactions often take 60 to 90 days.