PCF Insurance Services has secured $400m in incremental debt financing as it looks to accelerate its M&A strategy for expansion.
The top 20 U.S. insurance brokerage company secured the investment from Blue Owl, following strong lender demand from new and existing lenders, which saw the financing target upsized from $300 million to $400 million
The Utah-based organisation is now setting its sights upon expanding its Office Partner network, as well as accelerating its M&A strategy for growth.
The deal included incremental term debt to fund near term acquisitions and a delayed draw term loan to support M&A.
Felix Morgan, Chief Financial Officer and Chief Operating Officer for PCF Insurance said: “The oversubscription in the financing and upsize in deal speaks to the strength of PCF and the confidence that our investors have in our bright future and ability to deliver on our long-term, strategic growth objectives.
“We will use the financing proceeds to further fund the expansion of our Office Partner network, as we look to accelerate execution of our M&A strategy with the support of our great partner investors.”
Blue Owl, a global alternative asset manager, acted as lead arranger and admin agent throughout the process.
Lukas Spiss, Managing Director at Blue Owl Capital, was pleased with the success of the relationship between the two FinTech groups, stating: “We are pleased to continue serving as a capital provider to PCF and deliver the financing solutions needed for the company to execute on its growth strategy.
“Coupled with the backing of a stellar management team, we remain confident in PCF’s ability to achieve its long-term strategic objectives.”
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