King Insurance closes financing transaction with Madison Capital Funding

GAINESVILLE, Fla., Jan. 12, 2022 /PRNewswire/ -- King Insurance ("King" or the "Company"), a fast-growing full-service insurance brokerage firm that provides a variety of property & casualty as well as employee benefits solutions, announced today the completion of its financing with Madison Capital Funding, LLC. ("Madison"). 

Since partnering with BHMS Investments, LP ("BHMS") on July 9, 2021, King has completed 7 acquisitions in Florida and Georgia, more than doubling in size. As part of its growth strategy, this is the Company's first round of debt financing to support future acquisitions. Jay Grevers, Chief Financial Officer of King Insurance, said, "This is a major milestone for us and gives us the cash resources to execute on our growth strategy of acquiring 12 to 18 agencies per year." 

Jason Schryver, Managing Director and Head of Insurance & Financial Services, said, "Madison has a long history within the insurance brokerage industry as well as with BHMS and we look forward to supporting the next phase of King's growth." 

Chad King, Chief Executive Officer of King, added, "Madison is the preeminent financing partner to the insurance distribution industry, and we are excited to build a relationship with them as we continue to bring great agencies onto the King platform." 

About King:
Founded in 1974 and headquartered in Gainesville, Florida, King is a full-service insurance brokerage firm which provides a broad array of property & casualty and employee benefits solutions.  Additional information can be found at www.king-insurance.com.

About BHMS:
BHMS Investments, LP is a private investment firm focused on the North American middle market.  The firm was founded in 2010 and is based in Westport, Connecticut. BHMS invests in a wide variety of control and structured equity opportunities ranging from consolidation strategies to conventional leveraged buyouts. The firm focuses on industries in which it has deep experience and relationships including Business & Insurance Services. BHMS is currently deploying capital from its most recent fund, which it closed in January 2021. Additional information can be found at www.bhmsinvestments.com.

About Madison Capital:
Madison is a market leader in supporting middle market private equity sponsors with cash-flow based corporate finance products.  Since its founding in 2001, Madison has invested over $43.7 billion in net funded commitments in 1,393 transactions.  Additional information can be found at www.mcfllc.com.

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SOURCE King Insurance Agency