Integrity Marketing Group Welcomes Strategic Growth
Investment
Harvest Partners Joins HGGC and Integrity Management
to Accelerate Growth of
Senior Market Leader
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DALLAS, PALO
ALTO, Calif., and NEW YORK – August 28, 2019 – Integrity Marketing Group (“Integrity”), the nation's
largest independent distributor of life and health insurance products to
the Senior Market, today announced it received a strategic growth
investment from funds managed by Harvest Partners (“Harvest”), a New
York-based private equity firm with a 38-year history of investing in
middle-market companies. Current investors HGGC and the management team
will continue to collectively control a majority equity stake in
Integrity. Terms of the private transaction were not disclosed.
“We are very excited for
Harvest Partners to join the Integrity family as we look to continue our
pace of growth after three-straight years of organic and acquisitive
expansion,” said Bryan W. Adams, Co-Founder and CEO of Integrity. “We
believe Integrity has just begun to tap into its potential and adding an
outstanding investor like Harvest Partners alongside HGGC will ensure we
have the resources to help as many American seniors as possible through
execution of our national partnership-based distribution strategy.”
Since HGGC’s investment
in July 2016, Dallas-based Integrity has achieved 6x earnings growth and
successfully integrated over 20 add-on acquisitions. Integrity has
developed a national agent network, becoming the go-to-partner for all
major senior market insurance carriers. Today, Integrity provides
world-class products to over 215,000 independent agents throughout the
United States and sells more than $2 billion in annualized premiums.
Integrity’s unique product development and distribution capabilities
provide insurance carriers with a partnership platform to produce optimal
sales results, while maintaining a service culture that is unrivaled in
the industry.
“Bryan and Integrity’s
management team have done an incredible job growing the business into the
undisputed leader in the senior market,” said Jay Wilkins, Partner at
Harvest. “We look forward to a strong partnership with management and
HGGC as we collectively drive Integrity’s next phase of growth.”
More on Harvest
Partners’ growth investment in Integrity can be viewed in the following
video link:
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“The winning culture at
Integrity is based on a partnership-first mentality that ensures all
stakeholders are aligned,” added Steve Carlson, Partner at Harvest.
“We’re proud to be part of their team and believe further investment in
technology and talent will position the business to continue its
impressive trajectory.”
“Over the past three
years we have enjoyed a highly successful and collaborative partnership
with Bryan and his team of partners, who have surpassed our expectations
and show no signs of slowing down,” said Steve Young, President and
Co-Founder of HGGC, who will continue to serve as Chairman of the Board
of Integrity.
“With Harvest Partners
joining the existing group of management, Integrity partners and HGGC, we
are confident that Integrity can replicate its success over the next
three years and truly transform the industry,” added John Block, Partner
at HGGC.
Goldman Sachs and Morgan
Stanley served as financial advisors to Integrity and HGGC, while
Evercore acted as financial advisor to Harvest Partners. Owl Rock Capital
is acting as Administrative Agent and, together with Crescent Capital
Group and Antares Capital, serve as Joint Lead Arrangers and Joint
Bookrunners. Harvest Partners SCF provided additional financing.
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About
Integrity Marketing Group
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Integrity Marketing
Group, headquartered in Dallas, Texas, is the nation’s leading
independent distributor of life and health insurance products focused on
serving the Senior Market. Integrity develops and distributes life and
health insurance products with insurance carrier partners and markets
these products through its distribution network, which includes other
large insurance agencies throughout the country and over 215,000 independent
agents. Integrity’s 500 employees serve almost 4 million clients. In
2019, Integrity will help insurance carriers place over $2 billion in new
premiums. For more information, visit www.integritymarketing.com.
About
Harvest Partners
Founded in 1981, Harvest
Partners is a leading New York-based private equity investment firm that
focuses on investments in middle-market companies in the business
services & consumer, healthcare, industrial services, and
manufacturing & distribution sectors. This strategy leverages Harvest
Partners’ 38 years of experience in financing organic and
acquisition-oriented growth companies. For more information, please visit
www.harvestpartners.com.
About HGGC
HGGC is a leading
middle-market private equity firm with $4.3 billion in cumulative capital
commitments. Based in Palo Alto, Calif., HGGC is distinguished by its
Advantaged Investing approach that enables the firm to source and acquire
scalable businesses through partnerships with management teams, founders
and sponsors who reinvest alongside HGGC, creating a strong alignment of
interests. Over its history, HGGC has completed more than 130 platform
investments, add-on acquisitions, recapitalizations and liquidity events
with an aggregate transaction value of over $20 billion. More
information, including a complete list of current and former portfolio
companies is available at www.hggc.com.
Partnership
Inquiries:
Eric Pederson, Vice
President of Business Development
Integrity Marketing
Group
866-650-1857
Media Contacts
For HGGC and
Integrity:
Tom Faust
Stanton Public Relations
646-502-3513
For Harvest
Partners:
Caroline Luz
Blicksilver Public
Relations
203-656-2829
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