FORT WASHINGTON, PA — Patriot Growth Insurance Services, LLC this week announced that it has closed on a new round of financing in support of its aggressive organic and acquisition-driven growth strategy. The additional capital represents another significant expansion of Patriot’s existing debt facility; this raise was co-led by existing lenders Antares and Morgan Stanley Private Credit. Barings LLC serves as Administrative Agent on the facility.
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 amongst members of the Patriot network across the United States. Over the course of its first two and a half years, Patriot has completed more than 50 agency partnerships, driven top-of-the-table organic growth, and established a broad national footprint spanning 20 states.
“While the common practice today is to quickly collect as many agencies as possible, Patriot continues to thoughtfully execute on its strategy of seeking to curate only the most efficiently run, fastest-growing agencies in the country,” said Matt Gardner, Founder and CEO of Patriot. “We believe the significant capital raised in this round of financing validates 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 Antares and Morgan Stanley Private Credit as we continue to drive industry-leading growth.”
“From its founding, Patriot has combined incredible energy and intense discipline in executing on its business plan,” said Justin Small, Senior Vice President at Antares. “We have been alongside Matt and his team from the beginning, and we are pleased with the opportunity to provide additional capital to support their growth story.”
“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 two and a half years,” said Matt Hamilton, Managing Director at Summit Partners and member of the Patriot Board of Directors. “With an agency-first mindset and a creative, disciplined approach to sourcing and execution, Patriot has quickly built an impressive, national network of insurance professionals. We are pleased to provide additional support to help fuel the Company’s continued growth.”
“We strongly believe that Patriot represents the gold standard in its category, and we are pleased to assist Summit Partners and the Company in its continued growth,” said Brian C. Baldwin, Managing Director in Barings Global Private Finance Group. “We remain focused on investing in top-tier businesses backed by best-in-class management teams and financial sponsors and are delighted to have supported Patriot since its founding.”
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