VALDOSTA — The original founders of Life of the South, a holding company that specializes in insurance, insurance administration and marketing, are hoping their former firm expands now that Summit Partners of Boston has acquired 85 percent interest in the company.

Summit spent more than $100 million to acquire the controlling interest, the company announced this week. Fifteen percent remains under the control of the company founders who will continue to run it with no change in location, business model or personnel, said N.G. “Butch” Houston III, founder of Life of the South.

Life of the South had revenue of $180 million and a net income of $4.5 million in 2005. Summit is an investment company that has raised almost $9 billion in capital and has provided financing to more than 290 companies, a company press release said.

Life of the South employs 250 people and has moved its corporate headquarters from Nashville to Jacksonville with the sale to Summit. Life of the South’s sales offices were located in Jacksonville prior to the sale.

A few changes at the top tiers of administration also transpired with the Summit deal, according to a prepared announcement.

Houston, who founded the company in 1978, is retiring as chairman. He will be succeeded by president and CEO K. Ned Hamil. Chief Operating Officer Richard Kahlbaugh succeeds Hamil as president/CEO.

“All of the original founding investors were bought out and are stepping down and retiring,” Houston said Wednesday. “We capitalized in 1978 with $300,000. We had 15 investors who each invested $13,000. That original investment has earned each of those investors $2.5 million. That’s not bad at all.”

The sale to Summit enables Life of the South to expand and to provide liquidity for founding shareholders. The company founders approved of Summit’s acquisition because Summit has a firm track record of industry success and has a philosophy of supporting management teams and a shared vision for Life of the South’s future, Houston said.

“One of the main reasons we sold to Summit is because they agreed to keep the management in Jacksonville in place and the company in place,” Houston said. “The company, as a result, will be an ongoing entity. The people in Jacksonville are able to keep their jobs, maintain their careers and grow the company.”

As for the company’s insurance policy holders, nothing changes. “Insurance policies don’t change,” Houston said. “Everything remains constant except, I guess, me and the original investors who are all being bought out.”

Most of the original investors are from South Georgia, with some in Nashville, Tifton and Atlanta, he said.

The original investors had hoped to continue to grow the company to the point that it could be taken public, but whether that transpires is up to the new owners who will rely on existing management, Houston said.

“(Summit) are investors. They buy companies and invest in them,” Houston said. “They are not in the management business.”

The original key investors included Houston, Loyd Shaw, Lakeland; Paul Holmes, Monticello, Ga.; and Frank Sutton Sr., Pearson, Ga., Houston said.