Investment to support Bain Capital-backed partnership’s growth and M&A strategy
Keystone Agency Partners, a rapidly growing insurance brokerage platform, announced it has received a significant preferred equity investment from Flexpoint Ford Asset Opportunity Fund II. The investment will further enable KAP to execute its growth strategy and fund the expansion of the Company’s rapidly growing pipeline of platform partners.
KAP was founded with support from Keystone Insurers Group, Inc. (“KIG”) and Bain Capital, LP and is one of the largest insurance brokerage platforms in the industry. Since launching in 2020, KAP’s differentiated connected autonomy model has attracted what it believes are some off the best partners in the country, who have enabled the Company to rapidly become a top 50 agency with over $200 million of revenue and a meaningful presence across 17 states.
“This investment represents a significant next step in KAP’s growth trajectory and demonstrates the Company’s commitment to providing best-in-class services and capital support for its platform agencies,” said Matt Popoli, KAP’s Chairman and Global Head of Insurance at Bain Capital. “Flexpoint is a trusted partner to the companies in which it invests and brings significant institutional expertise and capabilities to the organization and we are excited to welcome them as a new financial and strategic partner for KAP.”
Flexpoint has approximately $7.8 billion of assets under management and specializes in privately negotiated investments in the financial services and healthcare industries. The new capital is being provided by Flexpoint Asset Opportunity Fund II, which leverages the firm’s institutional knowledge and relationships in financial services to complete opportunistic investments across the capital structure in financial services subsectors and financial assets.
“Flexpoint’s experience investing across the insurance value chain for nearly two decades will offer deep expertise and strategic insight as KAP continues to expand,” said KAP CEO Jeff Turner, “This new investment will enable us to drive additional value in our business and continue our fast-paced growth.”
David Boedker, Vice-Chair of KAP, added, “This transaction underscores the quality of agency partners that KAP has added to its platform and will be invaluable to Jeff and the KAP team as they continue to invest in accelerating organic growth and additional strategic acquisitions.”
“We are excited to support KAP management and the shareholders with our investment to further enable KAP to continue to execute on its impressive growth strategy,” said Mike Morris, Managing Director of Flexpoint. “Our partnership with KAP represents a great example of Flexpoint’s ability to combine our deep knowledge of the insurance sector with our experience structuring flexible capital solutions,” added Dominic Hood, Managing Director of Flexpoint.
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