COLUMBUS, Ohio, July 28, 2016 /PRNewswire/ -- BroadStreet Partners, a top-20 national insurance brokerage, announced the addition of $195 million to its bank facility, which fuels the growth of its partner independent insurance agencies throughout the United States.
The bank facility grew to $445 million which funds agency acquisitions and perpetuation.
"Our independent agent partners are strong entrepreneurs growing their businesses through organic growth and acquisitions," said Rick Miley, CEO and president of BroadStreet Partners. "Our bank facility gives them immediate access to capital to fund new acquisitions, and continue the growth of their independent insurance agencies."
Since its founding 15 years ago, BroadStreet's core partners have grown their agencies through the acquisition of 250 smaller agencies.
"Our bank facility creates an advantage for our partners: they never have to worry about where the money is going to come from when an opportunity arises to make an acquisition," Miley said. "It doesn't matter if the opportunity is a book of business or a multi-location agency, they have our support as a stable and reliable capital partner."
The bank facility is a collaboration between BroadStreet Partners, Inc. and a syndicate of twelve stable and conservative banks with Royal Bank of Canada as Administrative Agent and Lead Arranger, and Sun Trust Bank, Bank of America, N.A., ING Capital LLC and The Bank of Nova Scotia as Joint Lead Arrangers. The Credit facility is now $445 million and can be increased by an additional $120 million. In 2016 BroadStreet Partners, Inc. executed a $195 million upsizing of the credit facility, increasing it from $250 million to $445 million.
BroadStreet has a unique business model, investing in high-performance independent insurance agencies with agents who want to continue to grow their businesses. These agents maintain an ownership interest and continue to run their businesses with control over their operations.
Since its founding in 2001, BroadStreet has grown to become the 15th largest insurance broker in the United States, and among the top 10 privately held brokers. Based in Columbus, Ohio, BroadStreet has approximately 2,300 colleagues nationwide.
BroadStreet's majority investor is the Ontario Teachers' Pension Plan, the largest single-profession pension plan in North America with over $190 billion under management.
Media Contact: John Millen, The Reputation Group, (614) 344-1975
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SOURCE BroadStreet Partners