Penfund, an independent provider of junior capital to North American middle market companies in Toronto, recently completed a $100 million second lien debt and equity co-investment in Columbus-headquartered BroadStreet Partners Inc., a portfolio company of Ontario Teachers’ Pension Plan Board.
Founded in 2000, BroadStreet has grown to become the 14th largest national insurance broker in the U.S. by supporting its partners’ organic and tuck-in acquisition growth strategies. The company’s approach is centered around a co-ownership model, allowing agency leaders to retain significant independence while participating in the benefits of being part of a larger agency network. BroadStreet specializes in offering tailored solutions to small and middle market commercial clients and is active across multiple property and casualty and employee benefits business lines.
“We are delighted to partner with Ontario Teachers’ and support the continued growth of BroadStreet. We believe there is considerable white space remaining for the company to keep executing on its differentiated consolidation strategy while delivering value to insurance carriers and clients,” Penfund Partner Joe Mattina stated.