Reston, VA - August 4, 2015. LNC Partners ("LNC") is pleased to announce that on July 31, 2015, it invested senior debt and equity in Sunstar Insurance Group, LLC (“Sunstar” or the ”Company”) to support its acquisition of Missouri-based insurance brokerage W.E. WalkerLakenan, LLC. LNC has also committed substantial additional capital to support Sunstar’s continued growth strategy. Sunstar, based in Memphis, TN, is a regional insurance brokerage with offices across four states in the South and Midwest, serving its clients with a full range of P&C, benefits, and personal insurance product lines. Led by CEO and founder Casey Bowlin, Sunstar’s executive team has built a differentiated agency platform poised for continued rapid growth. W.E. Walker-Lakenan is the sixth acquisition completed on the Sunstar platform in the past three years.
“We are very excited about our partnership with LNC. They have both deep experience in the insurance sector and significant available capital to help us execute our growth strategy,” said Casey Bowlin, CEO of Sunstar. He went on to add, “LNC’s customized investment structure and their approach to the investment as a true partnership clearly differentiated their firm compared to other potential investors. Their deal team delivered on time and on their original terms. We are excited to continue working with them on future opportunities, as we have an active pipeline of potential acquisitions."
"We are extremely impressed by Sunstar’s exceptional management team, which has significant experience building successful insurance brokerage platforms through both organic growth and acquisitions. Casey and the rest of the Sunstar team represent ideal partners for LNC, and we are elated to support them in building a leading regional insurance brokerage firm,” said Matt Kelty, Managing Partner of LNC.
About LNC Partners
Based in Northern Virginia, LNC Partners is a licensed Small Business Investment Company with over $235 million of capital under management that provides debt and equity capital to lower middle market companies. LNC Partners invests across a broad range of industries and typically provides between $4 million to $20 million of capital to companies in support of buyouts, recapitalizations, refinancings, and acquisition and growth financings. The firm seeks companies that generate at least $2 million of EBITDA and places an emphasis on management-owned and family-owned businesses.
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