HARRISBURG, Pa. (December 22, 2021) – Keystone Agency Partners, a fast-growing independent insurance agency partnership platform, today announced that it has amended and upsized its existing Senior Credit Facility (“the Facility”) with an expanded syndicate of lenders led by Madison Capital Funding LLC. This is an additional $160 million to the facility the company closed with Madison Capital for $105 million in May 2021.
The Company intends to use the facility to continue building its premier independent insurance agency platform and deliver on the services it provides to platform partners. Keystone Agency Partners has already completed 9 platform partnerships and 10 tuck-ins since its founding in April 2020 and has a robust and diverse pipeline of potential agency partnerships.
“Broadening our lending syndicate enables us to continue partnering with exceptional agencies who are looking to reach the next level of success and growth,” said Tony Rossi, Chief Financial Officer of Keystone Agency Partners. “Our team continues to be deeply engaged with the leadership teams of our platform partners as we pursue our aggressive growth objectives in 2022 and beyond. With this facility and our partnership with Madison Capital, we believe we are well positioned to execute on delivering our unique offering to the independent insurance agency market.”
Clayton Bruce, a Director on Madison Capital’s Insurance & Financial Services team, said, “We are proud to continue our long history of supporting and financing the insurance brokerage industry. Keystone Agency Partners has experienced impressive growth and we believe their strategy, management team, and unique operating approach will continue to produce strong results.”
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About Keystone Agency Partners
Keystone Agency Partners is a fast-growing independent insurance agency partnership platform which provides strategic, technology, financial and operational support to reignite an entrepreneurial spirit and support profitable growth within their platform agencies. Keystone Agency Partners was founded in 2020 in partnership with Keystone Insurers Group, Inc. and affiliates of Bain Capital, LP. For more information please visit: www.keystoneagencypartners.com.
About Madison Capital Funding
Founded in 2001, Madison Capital Funding, LLC is a market leader in supporting middle market private equity sponsors and their investment companies with cash-flow based corporate finance products. Since inception, Madison Capital Funding has invested $43.7 billion in 1,393 middle market transactions with 335 private equity sponsors. For more information, please visit: https://www.mcfllc.com/.