Trucordia, formerly known as PCF Insurance Services, will receive a $1.3 bn investment from Carlyle’s Global Credit platform.
The deal, which values the company at $5.7 bn and is expected to close this month, will lower Trucordia’s debt and streamline its ownership structure through the repurchase of equity from minority investors.
This investment gives Trucordia greater long-term financial flexibility to support a range of strategic options.
The firm ranks among the top 20 insurance brokerages in the U.S., providing commercial and personal lines, life insurance, and employee benefits solutions.
CEO Felix Morgan stated that the Carlyle partnership will reinforce Trucordia’s capital structure and accelerate its growth plan, supported by recent changes to its platform model, leadership team, and acquisition activity.
This investment and partnership with Carlyle will meaningfully strengthen Trucordia’s long-term financial and ownership structure and accelerate our transformational growth strategy
Felix Morgan, CEO of Trucordia
“Alongside momentum from the recent rollout of our platform operating model, leadership appointments, and latest acquisitions, I’ve never been more excited about what the future holds for Trucordia”.
CFO Brandon Gray added that the investment improves the company’s balance sheet and positions it to make further strategic investments.
“The investment from Carlyle will reduce Trucordia’s leverage, fortify our balance sheet, and enhance our financial flexibility. We are well positioned to continue making the right investments in our business moving forward,” – Brandon Gray says.
Andreas Boye, Partner and Head of Carlyle Credit Opportunities in North America, said Trucordia’s leadership team and clear growth strategy place the firm in a strong position to benefit from long-term trends in insurance distribution.
Trucordia has quickly established itself as a category leader with an experienced management team and a clear strategic vision.
“We believe the company is well-positioned to capitalize on long-term growth opportunities in the insurance distribution sector, and we’re thrilled to support their continued success.” – Andreas Boye said.
Gary Jacovino, also a Partner in Carlyle’s Credit Opportunities team, highlighted Trucordia’s ability to deliver a high-quality client experience and scale its operations, adding that Carlyle is committed to supporting the company’s long-term goals.
