Audax Private Debt announced that, as Joint Lead Arranger and Bookrunner, it provided a unitranche credit facility to support the acquisition of SIAA (Strategic Insurance Agency Alliance or the “Company”) by Odyssey Investment Partners (“Odyssey”), a private equity investment firm with offices in New York and Los Angeles.
Headquartered in Hampton, NH, SIAA is the nation’s leading alliance of independent insurance agencies. Originating in 1983 with the SAN Group, SIAA was formed in 1995 and will continue operations under the established model. At year-end 2020, the Company reached $9.6 billion of total in-force premium, up from $8.9 billion at YE 2019, and also signed 527 new member agencies.
“SIAA has experienced decades of tremendous success as the original and largest network of independent insurance agencies in the country,” said Steve Ruby, Managing Director at Audax Private Debt. “We look forward to working with Odyssey and the SIAA team to support the Company in this exciting next chapter.”
“Audax Private Debt once again operated in a flexible and thoughtful manner to support our financing needs, and we appreciate their continued partnership over the years,” said Jeff Moffett, Managing Principal at Odyssey Investment Partners. “We’re pleased to be working with the Audax team as we pursue new growth opportunities for SIAA.”
SIAA is dedicated to the creation, retention, growth and evolution of the independent insurance agency. To learn more about SIAA, visit siaa.net.