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Madison Capital Provides $105MM Senior Credit Facility to Keystone Agency Investors

May 18, 2021, 07:00 AM
Filed Under: Insurance

Keystone Agency Investors (“KAI”), a strategic partnership between Keystone Insurers Group and Bain Capital Credit, entered into a $105 million Senior Credit Facility with Madison Capital Funding, LLC.

The Company believes the Facility will significantly enhance and accelerate its ability to continue acquiring premier insurance agency partners within the United States. KAI expedited the close of the Facility to help facilitate the Company’s ninth strategic partnership since launching in July 2020. Over time, and subject to certain terms and conditions, KAI anticipates increasing the Facility.

"We are thrilled by the confidence and appreciate the partnership that Madison Capital affords our company and look forward to delivering on our commitments,” said Jeff Turner, Chief Operating Officer of KAI.

“This Facility provides us with the opportunity to capitalize on the unique partnership we offer agencies across the United States. It also signifies strong market support of the Company’s investment thesis, operational strength and distinct value proposition,” noted Tony Rossi, Chief Financial Officer of KAI.

Clayton Bruce, a Director within Madison Capital’s Insurance & Financial Services team, said, “As an institution, Madison Capital has a long history supporting and financing the insurance brokerage industry. We were very impressed with the KAI management team and look forward to supporting the next phase of their growth.”

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