LEHI,
Utah, Aug. 1, 2023 /PRNewswire/ -- PCF Insurance
Services ("PCF"), a top 20 U.S. insurance brokerage, announced
today that it has closed $400 million
in incremental debt financing led by Blue Owl, a global alternative
asset manager that acted as lead arranger and admin agent. The
financing was upsized from $300
million to $400 million in
response to strong lender demand from new and existing lenders.
"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," said Felix
Morgan, Chief Financial Officer and Chief Operating Officer
for PCF Insurance. "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."
The deal included incremental term debt to fund near term
acquisitions and a delayed draw term loan to support mergers and
acquisitions (M&A). The financing is pari passu with the
existing senior facilities and will mature concurrently with
existing facilities. PCF Insurance last accessed the capital
markets in February 2023 when it
secured a $500 million preferred
equity investment co-led by Carlyle's Global Credit platform and
private equity firm HGGC. Blue Owl and Crescent Capital, both of
which have existing minority equity stakes in the business, also
participated in the preferred equity transaction.
"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," said Lukas Spiss, Managing
Director at Blue Owl Capital. "Coupled with the backing of a
stellar management team, we remain confident in PCF's ability to
achieve its long-term strategic objectives."
In 2022, PCF Insurance completed nearly 100 partner transactions
and increased its revenue to over $700
million, while maintaining organic growth of 10%. Fueled by
its proven practices, data-driven strategies, entrepreneurial
spirit and the strong local relationships of its Office Partners,
PCF Insurance leverages the industry knowledge and experience of
its more than 3,100 employees across 38 states to provide its
highly diversified suite of risk management, benefits design, and
insurance brokerage services.
About PCF Insurance Services
A top 20 U.S. broker
headquartered in Lehi, Utah, PCF
Insurance Services is a leading full-service consultant and
insurance brokerage firm offering a broad array of commercial, life
and health, employee benefits, and workers' compensation solutions.
Propelled by its people, PCF Insurance's office-centric operating
model and entrepreneurial environment support its tremendous growth
profile, offering partner offices alignment through equity
ownership, significant leadership incentives, and resources. Ranked
#20 on Business Insurance's 2023 Top 100 Brokers and #13 on
Insurance Journal's 2022 Top Property/Casualty Agencies, PCF
Insurance is a notable leader in the insurance space, with 3,100
employees across the U.S. Learn more at pcfins.com.
About Blue Owl
Blue Owl (NYSE: OWL) is a leading asset manager that is
redefining alternatives. With over $144
billion in assets under management1, we invest
across three multi-strategy platforms: Credit, GP Strategic
Capital, and Real Estate. Anchored by a strong permanent capital
base, we provide businesses with private capital solutions to drive
long-term growth and offer institutional and individual investors
differentiated alternative investment opportunities that aim to
deliver strong performance, risk-adjusted returns, and capital
preservation.
Together with over 570 experienced professionals across 10
offices globally, Blue Owl brings the vision and discipline to
create the exceptional. To learn more, visit blueowl.com.
1As of March 31,
2023
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SOURCE PCF Insurance Services