HARRISBURG, PA – June 25th, 2021 – Keystone Agency Investors (“KAI”), a strategic partnership between Keystone Insurers Group, Inc. and Bain Capital Credit, recently announced its acquisition of Garrett Insurance Agency in Texas and The Yurconic Agency in Pennsylvania’s Lehigh Valley and its securing a $102.5 million senior credit facility with Madison Capital Funding, LLC.
Penwell Law provided legal counsel to KAI in all three transactions. “KAI continues its crusade to build a national insurance brokerage business through securing a senior credit facility and acquiring two more premier platform agencies. Yurconic is a well-respected and longtime Keystone franchisee, while Garrett represents Keystone’s first foray into the state of Texas,” said Scott Penwell, partner and co-founder of Penwell Law LLC.
“This $102.5 million credit facility provides us with the ability to capitalize on the unique opportunity we offer agencies across the United States. Penwell Law has been with us every step of the way in the senior credit facility and the Garrett and Yurconic acquisitions. Their expertise and focused legal work were invaluable in getting these three very significant transactions across the finish line and in a timely manner,” noted David Boedker, CEO of both KAI and Keystone.
About Keystone Agency Investors LLC
Keystone Agency Investors LLC is a retail insurance brokerage and wealth advisory firm that helps insurance agencies grow and thrive into the future through strategic acquisition and partnership. Through autonomy, financial security and access to its agency resources, KAI affords owners preservation of their operations and local presence while monetizing their assets and providing an unrivaled blueprint for maximizing value. KAI was formed in 2020 as a strategic partnership between Keystone Insurers Group, Inc. and Bain Capital Credit. For more information, go to https://kaiagencies.com.
About Penwell Law LLC
Penwell Law LLC was formed in 2017 by Scott Penwell to provide big-firm corporate, securities and insurance work in a smaller, more creative, efficient and nimble environment. The firm has expanded to four lawyers and regularly provides legal services in the areas of corporate governance, corporate finance and securities, franchising, and mergers and acquisitions, as well as offering unique expertise to clients in the insurance agency and insurance company industries.
