Integro backed to make more acquisitions
US broker Integro will be seeking more acquisitions in 2015 following the announcement of additional financial commitments from NewStar Financial, its main backer.
NewStar Financial, a specialised commercial finance company, has agreed new credit facilities with Integro that will be used to target further growth.
The credit facilities were comprised of a revolving line of credit, which was undrawn at closing, and a combination of funded and delayed draw term loans. The transaction also included an accordion feature, which could significantly increase the size of the facilities at the company's request subject to lender approval.
The initial proceeds from the financing were used to refinance existing debt with significant undrawn borrowing capacity remaining available to support the company's future funding needs related to its growth strategy.
"As we approach our tenth anniversary, Integro is poised for exceptional growth both organic and through continued acquisition of specialty businesses," said William Goldstein, president of NewStar Financial. "The relationship with NewStar ensures that we have ready access to the resources to deliver on a growth strategy that includes an expanded geographic footprint and the addition of new products and specialties to Integro."
Launched in 2005, Integro is now one of the top 25 brokers in the US.
“We are very excited by the opportunity to back one of the leading independent insurance brokerage firms in the world as it continues to execute its strategic growth plan. With the ability to provide financing solutions up to $300 million, we believe that we will be able to partner with Integro for many years to come as they continue to grow the business organically and through acquisitions," said Jason Wendorf, a senior banker at NewStar.
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