Patriot Growth Insurance Services Raises Additional Capital to Support Continued Growth
February 23, 2021
FORT WASHINGTON, PA — February 23, 2021 9:00 AM EST
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 represents a significant expansion of Patriot’s existing debt facility. The raise is co-led by existing lenders Barings Global Private Finance and Antares Capital LP, and also includes new participant Morgan Stanley Private Credit.
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 years, Patriot has completed 44 agency partnerships, driven top-of-the-table organic growth, and established a broad national footprint spanning 19 states.
“Throughout a challenging 2020, Patriot remained focused on its strategy of partnering with only the fastest-growing agencies in the country,” said Matt Gardner, Founder and CEO of Patriot. “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 Barings and Antares, and we welcome Morgan Stanley to our company as we continue to drive industry-leading growth.”
“Patriot continues to execute its plan with discipline and creativity, delivering outstanding results during a year that challenged so many,” said Brian C. Baldwin, Managing Director of Barings Global Private Finance. “The future is very bright for Patriot, and we are pleased to provide additional capital to support the company on its growth journey.”
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 850 employees operating in 65 locations across 19 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 Morgan Stanley Private Credit
Morgan Stanley Private Credit, part of Morgan Stanley Investment Management, is a private credit platform focused on direct lending and opportunistic private credit investment in North America and Western Europe. The Morgan Stanley Private Credit team invests across the capital structure, including senior secured term loans, unitranche loans, junior debt, structured equity and common equity co-investments. For further information, please visit the website: https://www.morganstanley.com/privatecredit.