Patriot adds $500M in debt to continue M&As
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Acquisitive brokerage Patriot Growth Insurance Services LLC said Tuesday it has added $500 million in debt to “support its aggressive organic growth and acquisition strategy.”
The Fort Washington, Pennsylvania-based brokerage, which is backed by private-equity firms GI Partners LC and Summit Partners LP, has grown rapidly through acquisitions since its founding in 2019.
It is the 26th largest broker of U.S. business, according to Business Insurance’s most recent ranking. The brokerage has about 1,700 employees in 130 offices, according to a Patriot statement.
Patriot announced 16 acquisitions in the first half of 2023 and several deals in the third quarter, including agriculture insurance specialist Douce James Agency earlier this month and Sacramento, California-based CoreMark Insurance Services Inc. in August.
