KAP Secures Capital to Drive Growth Initiatives and Integration
HARRISBURG, Pa., Jan. 16, 2024 — Keystone Agency Partners (KAP), a rapidly growing insurance brokerage platform, announced today that it has amended and upsized its existing debt facility by securing an additional $330 million of financing. Apogem Capital led the financing which was significantly over-subscribed and jointly arranged by Crescent Capital, both existing lenders to KAP. Since May of 2021, the Company has raised nearly $1.0 billion to pursue its objectives of partnering with premier independent insurance agency platforms, delivering successful client solutions and accelerating growth through an integrated services and operations platform.
KAP completed 2023 approaching $300 million in run-rate revenue and has closed 88 transactions since 2020. With over 1,300 employees nationwide, KAP and its Platform Partners operate across 14 states, providing client-centric solutions in risk management, employee benefits and other financial services.
KAP CEO Patrick Kinney, expressed enthusiasm about the expanded facility, stating, “We are thrilled to broaden our reach and to continue delivering unparalleled value to our clients and partners. The future is promising, and we are strategically positioned to expand our impact in the industry.”
“This recent round of financing further validates the value of KAP’s unique and differentiated offering and that we are delivering exceptional financial results,” said Tony Rossi, Chief Financial Officer of Keystone Agency Partners. “We believe we are well positioned to achieve our ambitious organic and inorganic growth objectives by continuing to invest and elevate the level of services and integration we deliver to our Partners.”
Bill Kindorf, Managing Director at Apogem provided insights into the significance of this strategic round. “This significant facility expansion not only reflects our belief in KAP’s strategic vision but also fortifies their capacity to drive impactful growth in the insurance industry. We look forward to continuing our collaborative journey.”
In 2023, Business Insurance recognized KAP as the 40th largest among US Commercial Retail Brokers, based on its brokerage revenue in 2022. The additional $330 million of funding facility marks a pivotal moment in the company’s journey, propelling it towards even greater achievements in the dynamic and evolving insurance industry.
About Keystone Agency Partners
Keystone Agency Partners is a rapidly growing insurance brokerage platform that acquires and partners with independent insurance agencies throughout the United States. KAP provides best-in-class services and capital investment that unlocks potential and delivers outsized and profitable growth within its Platform agencies. Keystone Agency Partners was founded in 2020 in partnership with Keystone Insurers Group, Inc. and affiliates of Bain Capital, LP. For more information, please visit: www.keystoneagencypartners.com.
Media Inquiries
Stuart Kail, Director of Brand & Communications
[email protected]
SOURCE Keystone Agency Partners
