FORT WASHINGTON, PA--(BUSINESS WIRE)--
Patriot Growth Insurance Services, LLC (“Patriot”) today announced the formation of a new national retail insurance agency in collaboration with 17 independent insurance agencies and TRUE Network Advisors (“TRUE”). With financial backing from growth equity investor Summit Partners, the newly formed Patriot platform offers a collaborative, growth-oriented model that allows partner agencies to operate autonomously while benefiting from the combined resources, strength and experience of a national organization.
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Founded and led by CEO Matt Gardner, a 30-year insurance distribution industry veteran, Patriot selectively partners with forward-thinking employee benefits and property & casualty agencies seeking to expand their services as part of a larger network. With 21 offices in 7 states, Patriot is a top-60 U.S. privately held insurance agency that also ranks in the top-20 amongst privately held employee benefits agencies.
“We are building the company that I’ve always wanted to work for. Patriot is committed to partnering with like-minded entrepreneurs that share our vision of creating a world-class agency focused on operational excellence and a relentless pursuit of growth – both organically and through thoughtful, highly selective acquisitions,” said Matt Gardner, Founder and CEO of Patriot. “We’ve created an environment in which our partner agencies maintain meaningful ownership in the equity, culture and direction of the organization, and can leverage the Patriot platform to focus on delivering the highest quality service to their customers.”
In addition to Matt Gardner, Patriot’s national leadership team includes Chief Acquisition Officer Jay Grevers and Senior Vice President of Mergers & Acquisitions Steve Carroll, both of whom bring a unique blend of transactional and operational experience in the insurance industry.
Patriot’s founding partner firms include TRUE Network Advisors, one of the fastest-growing insurance agency membership organizations in the United States. Together with TRUE, Patriot offers current and future partners unique capabilities, solutions and strategic perspective focused on further accelerating growth.
Scott Smith, Founder and CEO of TRUE Network Advisors, will continue to lead TRUE as well as join the leadership team at Patriot. Scott added, “We are excited to partner with Matt and the entire Patriot team. Patriot’s mission presents a fantastic opportunity for TRUE as we look to expand our impact in the insurance and employee benefits markets. Our ability to help support the growth of independent agencies is now stronger than ever.” TRUE Network Advisors has grown to over 30 member agencies since its inception three years ago and is poised for continued success as part of the Patriot platform.
Patriot’s founding insurance agencies include:
Patriot was formed with financial backing from Summit Partners, a global growth equity firm with extensive experience supporting acquisition-based growth businesses in the insurance and financial services sector. “We believe the Patriot platform offers a tremendous opportunity for agency owners seeking to accelerate their growth,” said Matt Hamilton, a Managing Director of Summit Partners. “Matt Gardner and his team bring decades of combined experience in the insurance sector, formulating a vision for a thoughtfully integrated, growth-focused national operation. We are excited to partner with Matt and look forward to the opportunity ahead.”
Patriot management was advised by Jamieson Corporate Finance. MarshBerry served as financial advisor to the founding agencies.
About Patriot Growth Insurance Services
Founded in 2019, Patriot is a growth-focused national insurance services firm that partners with employee benefits and property & casualty agencies across the United States. Patriot’s collaborative model delivers resources and strategic support to its agencies, whose leaders continue to operate with a high degree of autonomy in their local markets. Patriot’s unique equity model creates true alignment with its partner agencies, and its operating philosophy fosters enhanced career opportunities for its dedicated and professional team. For more information, please visit www.patriotgis.com.
About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $14 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 475 companies in technology, healthcare and other growth industries. These companies have completed more than 140 public equity offerings, and more than 190 have been acquired through strategic mergers and sales. Notable insurance and financial services companies financed by Summit Partners include Acturis, Dorn Technology Group, Employee Benefit Plans, FLEETCOR, Fortegra Financial, Galtney Group, Invoice Cloud, Progressive Finance, SeaBright Insurance Holdings and Trewit. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, please see www.summitpartners.com or on Twitter at @SummitPartners.
In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11–12 St. James’s Square, London, SW1Y 4LB, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.
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