Manhattan Beach-based private equity firm Lovell Minnick Partners has sold its position in Worldwide Facilities, a downtown-based wholesale insurance brokerage.

Genstar Capital, a San Francisco-based private equity firm, bought Lovell Minnick’s stake.

Financial terms of the transaction, which is expected to close by Sept. 30, were not disclosed.

Ryan Clark, Genstar’s president and managing director, said his private equity firm expects to support strategic acquisitions to Worldwide Facilities that will “further scale the business.”

Lovell Minnick, which first invested in Worldwide Facilities in July 2015, has helped the brokerage complete eight acquisitions in four years.

Since its inception in 1999, Lovell Minnick Partners has raised $3.2 billion in capital and completed investments in more than 50 companies including insurer National Auto Care and private banking and wealth management company Seaside National Bank & Trust, both based in Florida; and Attom Data Solutions, an Irvine-based national real estate data and analytics provider.

A wholesale insurance brokerage acts as an intermediary between a retail broker and an insurer while having no contact with the insured. Wholesale agents place business brought to them by retail agents.

Founded in 1970, Worldwide Facilities has more than 700 employees in 37 offices throughout the United States.

New York-based Morgan Stanley & Co. and Chicago-based Waller Helms Advisors acted as financial advisers to Lovell Minnick and Worldwide Facilities. Richmond, Va.-based law firm McGuireWoods served as legal counsel.

Woodmere, Ohio-based Marsh Berry & Co. acted as financial adviser and Boston-based Ropes & Gray as legal counsel to Genstar.

Finance reporter Pat Maio can be reached at [email protected] or (323) 556-8329. Follow him on Twitter @patmaio.