FORT WASHINGTON, Pa.–(BUSINESS WIRE)–Patriot Growth Insurance Services, LLC (“Patriot” or the “Company”), one of the country’s largest and fastest-growing national insurance agencies, today announced that it has closed on a new round of financing in support of its aggressive acquisition and organic growth strategy. The additional capital raised is a combination of equity and debt from existing investor Summit Partners and an expansion of Patriot’s existing debt facility co-led by Barings Global Private Finance and Antares.
Based in Fort Washington, PA, Patriot was founded in January 2019 by CEO Matt Gardner, a 30-year veteran of the insurance distribution industry. The Company has differentiated itself in a crowded, competitive field through its highly autonomous operating model, a laser focus on partnering with high-growth, well-run agencies, and a commitment to fostering thoughtful collaboration across the United States. Over the course of the last 18 months, Patriot has completed more than 35 acquisitions, driven strong organic growth and established a broad national footprint across 14 states.
“Despite the economic headwinds created by COVID-19, Patriot continues to execute on its strategy of partnering with some of the fastest-growing agencies in the country,” said Matt Gardner, Founder and CEO of Patriot. “We believe the capital raised in this round of financing is a strong validation of the work we are doing and our position as a partner of choice for America’s top insurance agencies. We are thrilled to expand our relationships with Summit Partners, Barings and Antares as we continue to drive industry-leading growth.”
“It has been a privilege to work alongside Matt and the Patriot team during a period of strong growth over the course of the last 18 months,” said Matt Hamilton, Managing Director at Summit Partners and member of the Patriot Board of Directors. “With a partner-driven mindset and a highly disciplined approach to execution, Patriot has quickly built an impressive, national network of insurance professionals, partnering with high-growth agencies across the country. We are pleased to provide additional support to help fuel the Company’s continued growth.”
“Patriot is exactly what we look for in a borrower: thoughtful, pragmatic industry leaders that execute their plan with discipline and creativity. That has been especially evident since the onset of the COVID-19 pandemic,” said Brian C. Baldwin, Managing Director of Barings Global Private Finance. “It has been exciting to be a part of what the Patriot team has accomplished thus far, and we are pleased with the opportunity to provide additional capital to support their growth story.”
About Patriot Growth Insurance Services
Founded in 2019, Patriot is a growth-focused national insurance services firm that partners with employee benefits and property & casualty agencies across the United States. In its first year of operation, Patriot was ranked the 53rd largest insurance broker in the U.S. by Business Insurance. With nearly 600 employees operating in 57 locations across 14 states, Patriot’s collaborative model delivers resources and strategic support to its agencies, whose leaders continue to operate with a high degree of autonomy in their local markets. Patriot’s unique equity model creates true alignment with its partner agencies, and its operating philosophy fosters enhanced career opportunities for its dedicated and professional team. Patriot is backed by growth equity investor Summit Partners. For more information, please visit www.patriotgis.com.
About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $21 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 500 companies in technology, healthcare, consumer, financial and business services, and other growth industries. Summit maintains offices in North America and Europe and invests in companies around the world. For more Summit stories and to learn more about #TheSummitPartnersNetwork, please see www.summitpartners.com or follow on LinkedIn.
In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11-12 Hanover Square, London, W1S 1JJ, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.