The infusion of capital will be used to expand its geographic footprint
On the heels of its first partnership in Massachusetts with FBInsure, Patriot Growth Insurance Services has announced the closing of a new funding round aimed at helping the company’s aggressive acquisition and organic growth strategy. While the actual funding number was not disclosed, Patriot notes that the amount raised represents ‘a significant expansion of Patriot’s existing debt facility’. Investors partaking in the round included existing lenders Barings Global Private Finance and Antares Capital LP, and also includes new participant, Morgan Stanley Private Credit.
“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 has established 44 agency partnerships over the course of two years
Based in Fort Washington, PA, Patriot Growth Insurance Services was founded in 2019 by Matt Gardner. A former Regional President with AssuredPartners, Mr. Gardner boasts more than 30 years experience in the insurance distribution industry. Using that experience, he created Patriot by devising a highly autonomous operating model that differentiates itself from its competitors by letting high growth, well-run agencies join forces with a commitment to fostering “thoughtful collaboration amongst members of the Patriot network across the United States.” Since its inception two years ago, the company has grown exponentially, having completed approximately 44 agency partnerships spanning 19 states.
“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.”
For those who are interested in learning more about Patriot Growth Insurance’s first partnership in Massachusetts (and New England), please refer to our recent article entitled, “FBinsure Becomes The First New England Agency Partner For Patriot Growth Insurance Services.”
