GI Partners, a private investment firm, announced the recapitalization of Patriot Growth Insurance Services LLC, a national insurance agency. The move comes in partnership with Patriot Founder and CEO Matt Gardner. Summit Partners, which invested in Patriot in 2019, and Patriot management will maintain significant minority ownership positions in the company.
Based in Fort Washington, Pennsylvania, Patriot was founded in January 2019 by Gardner, a 30-year veteran of the insurance distribution industry.. Since the company’s founding, Patriot has completed 64 agency partnerships.
Morgan Stanley & Co LLC and MarshBerry served as financial advisors to Patriot. Kirkland & Ellis LLP served as legal advisor to Patriot and Summit Partners. Jamieson Corporate Finance served as financial advisor and Katten Muchin Rosenman LLP served as legal advisor to the Patriot management team. Barclays served as financial advisor and Kirkland & Ellis LLP served as legal advisor to GI Partners. The transaction is expected to close in the fourth quarter of 2021, subject to customary closing conditions and regulatory approvals.
Source: GI Partners
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