NEW YORK, April 2016 - Macquarie CAF Lending, part of Macquarie's Corporate and Asset Finance group, recently announced a customized financing solution to support the acquisition-driven growth strategy of World Insurance Associates ("World"), an insurance brokerage business based in Tinton Falls, New Jersey.
World is a leading privately owned insurance agency, with a focus on commercial and personal property and casualty insurance. The company was founded in 2011 by its current partners to acquire independent insurance agencies in the Northeastern US, and since then has completed 13 acquisitions. World currently has over 15,000 customers across 41 states, generating run-rate revenue of over $10 million annually.
The Macquarie CAF Lending financing facility will provide World's management team with significant capital to continue to scale the company, and may potentially result in Macquarie CAF Lending becoming a minority owner.
Richard Eknoian, Partner at World, said: "We are pleased to be partnering with the team at Macquarie, who have extensive experience in the insurance brokerage industry. The Macquarie team supports our vision to build a leading insurance agency platform through both strategic acquisitions and organic growth, and they bring the necessary resources and expertise to help us execute this vision."
Bill Eckmann, Managing Director at Macquarie CAF Lending, said: "We are excited to partner with the World management team to continue to scale the business they have built. World's scalable infrastructure makes it an ideal platform for consolidation in the insurance brokerage industry, and we look forward to working alongside them."
Phil Nisbet, Partner at World, stated: "Macquarie CAF Lending created a flexible, structured solution representative to our financing needs. Their ability to commit to a large solution that aligned with our growth strategy was critical to our selection of Macquarie CAF Lending as our financing partner for the next stage of our growth."
About Macquarie
Macquarie Group (ASX: MQG; ADR: MQBKY) is a leading provider of banking, financing, advisory, investment and fund management services. Founded in 1969, Macquarie Group employs more than 13,900 people in 27 countries.
About Macquarie CAF Lending
Part of the Macquarie Group's Corporate and Asset Finance business, Macquarie CAF Lending is the principal lending and investing arm of Macquarie focused on corporate and commercial real estate clients. As a leading primary lender across North America, Europe, and Australia, Macquarie CAF Lending has provided more than $30 billion of new lending commitments to over 450 clients globally since 2009.
In addition to the ability to deliver a one-stop unitranche financing for the acquisition or recapitalization of businesses with $10 million to $60 million EBITDA, Macquarie CAF Lending provides revolvers, senior and stretch senior loans, junior capital including second lien loans, mezzanine and holdco loans, structured or preferred equity financing, and asset, project and commercial real estate financing alternatives.
About World Insurance Associates
World Insurance Associates is an independent insurance agency headquartered in Tinton Falls, NJ, offering personal and business insurance solutions in 41 states. World Insurance Associates has expertise in specialized verticals such as transportation, hospitality, coastal properties, and high net worth personal lines. World Insurance Associates began business in 2012 and now serves more than 15,000 customers from 10 offices in New Jersey, Pennsylvania, New York, and Maryland. The company has completed 13 acquisitions. The company was ranked #32 on the list of New Jersey's 2015 50 Fastest Growing Companies.
Key Contacts
Bill Eckmann, Managing Director
Macquarie CAF Lending
Tel: +1 212 231 2354
Email: bill.eckmann@macquarie.com
Cole Magrath, Vice President
Macquarie CAF Lending
Tel: +1 212 231 6360
Email: cole.magrath@macquarie.com
Rich Eknoian, Partner
World Insurance Associates
Tel: +1 732 523 2106
Email: richeknoian@worldins.net
Phil Nisbet, Partner
World Insurance Associates
Tel: +1 732 380 0905
Email: philnisbet@worldins.net