Originally published in PEI, “Where next for wealthtech?” by Nicholas Neveling.

Private equity sponsors continue to target tech companies developing mission-critical technology for the lucrative and rapidly evolving wealth management industry.

Dealmakers on the hunt for wealthtech targets have had a difficult year, with FinTech Global recording a staggering 68 percent dip in deal volume and a 66 percent fall in funding in H1 2025 compared with H1 2024.

The short-term deal activity drop, however, is mainly down to dealmaker caution in the face of wider market volatility. Wealthtech continues to display attractive long-term commercial fundamentals and private equity players are actively combing the sector for deals.

A big attraction for dealmakers deploying capital into wealthtech is the steady growth of the wealth management industry it serves.

Demand for wealth management advice has grown in line with the increase in global financial wealth, which reached an all-time high of $305 trillion in 2024, according to Boston Consulting Group. As consumers have become wealthier, they have become more willing to pay for advice on how to navigate the expanding range of financial products available on the market and manage their assets as life expectancies extend.

“For any technology investment, a sponsor will want to back a business that is selling into a market that has great fundamentals, and wealth management fits that criterium,” says Alec Ellison, a managing director and global head of the fintech group at Houlihan Lokey.

Digital wave
In addition to its attractive growth dynamics, the wealth management industry is also at a digital inflection point, with advisers and asset managers having to transition from legacy systems and manual processes to digital alternatives. Front-office wealth management, for example, has been completely transformed during the last 10-15 years, with digital-first disruptors reshaping customer expectations around digital platforms and functionality, pushing incumbents to upgrade their own client portals.

Wealth managers and advisers have also faced increasing regulatory and compliance obligations, and have turned to technology to streamline legacy operations and improve back-office efficiency to help carry the higher regulatory load.

“The wealth management sector is growing, but it is an industry that hasn’t fully automated and still relies on inefficient, manual processes,” says Fernando Chueca, a managing director and partner at Carlyle Europe Technology Partners, who led Carlyle’s recent investment in wealth management software business Intelliflo, as well as the exit of global funds network Calastone.

“As demand for advice and wealth management services increases, addressing inefficiencies through technology will help the industry to become cheaper for clients and more profitable for wealth management companies.”

This broad spectrum of opportunities across wealthtech presents dealmakers with a large and diverse pool of assets to invest in. According to Kyle Griswold, a partner at FTV Capital, investment opportunities range from the digitalisation of the customer-facing experience to the automation and streamlining of mid- and back-office processes.

“Wealthtech companies can focus on providing technology to improve a specific process, or target a particular customer subset, such as high-net-worth individuals, with a full-stack technology solution,” Griswold says.

Advisory and alternatives
Within the deep addressable market of dealflow across the wealthtech space, financial advisory is one area where sponsors are particularly active.

On both sides of the Atlantic, the financial adviser ecosystem is fragmented and going through a phase of rapid consolidation (often led by private equity sponsors) as advisers either seek out succession solutions or the scale of a larger platform to keep up with intensifying regulatory workloads. In the US, for example, the registered investment adviser market has experienced unprecedented levels of consolidation during the last 12-18 months, according to consultancy Capco.

“There is a significant movement away from banks – the traditional sources of managing money – to independent advisers, who are not pushing products and are free from any potential conflicts of interest,” says Daniel Edelman, a managing director at financial services-focused private equity firm Flexpoint Ford. “This is driving significant adviser consolidation and increasing demand for technology that can make independent adviser operations more efficient.”

Indeed, technology has become an essential part of sustaining profitability and meeting rising demand. McKinsey estimates that by 2034, at current productivity levels, the US adviser industry could face a shortage of up to 100,000 advisers. By driving improvements in productivity, wealthtech will play a key role in mitigating forecast shortfalls.

“Adviser numbers in the US and Europe have been flat for 10 years, but client numbers are increasing, AUM is increasing, the number of products is increasing and regulation is increasing. If adviser numbers are flat, there is just no way to manage that increasing workload without technology that facilitates automation and efficiency,” FTV’s Griswold says.

Another driver of demand for wealthtech will be the democratisation of alternative assets. In a recent State Street survey, 56 percent of institutional investor respondents predicted that retail-style investment vehicles would account for at least half of private market capital flows within the next two years. This presents a significant growth opportunity for wealth managers, but technology will be essential for managing the complex onboarding, reporting and regulatory requirements that come with giving non-institutional investors private markets exposure.

“Opening access to alternatives is fraught with gatekeepers, regulation and workflow frictions, and several wealthtech players are trying to tackle that,” says Chris Pedone, a managing director in Houlihan Lokey’s fintech group.

AI-driven growth
The application of data analytics and artificial intelligence in wealthtech is also attracting dealmaker attention. A PwC survey of asset and wealth managers found that 80 percent of respondents see disruptive technology like generative AI fuelling revenue growth, while 59 percent are adopting or considering big data analytics in their investment operations.

Private equity sponsors have recognised the power of AI as a growth driver, and have targeted companies where data can be mined and monetised more effectively.

“Data-rich wealthtech deal targets unlock the AI opportunity,” says Chris Grey, a partner and global co-head of tech M&A at law firm Ashurst. “AI allows companies to go back through old data and unlock new correlations and insights that haven’t been spotted before. It also cuts back on compliance costs and process inefficiencies.”

Dealmakers, however, are taking a pragmatic approach to where AI can deliver the biggest impacts. “AI’s ability to work through huge amounts of data is very powerful, but it is there to augment rather than replace the adviser,” says Carlyle’s Chueca.

“There was great excitement about robo-advisers a few years back, but I can’t see AI replacing the human in the loop.”

Flexpoint Ford, a specialist private investment manager focused on financial services, today announced that Chris Ackerman, Managing Partner, has been appointed Chief Executive Officer. Founder Don Edwards will remain at the firm full-time as Executive Chairman, after serving 20 years as CEO. The promotion of Ackerman is part of a long-term transition plan designed to ensure continuity of leadership for the firm’s investors and employees. 

Said Edwards, “Chris has been with me at Flexpoint since shortly after our founding, and he has demonstrated both exceptional leadership skills and investment acumen throughout his long tenure at the firm.  Since his appointment as Managing Partner four years ago, he and I have worked together deliberately to prepare for this transition. I could not be more excited for Chris to lead our outstanding team of investment professionals for many years to come.”  

As Executive Chairman and the senior member of the Investment Committee, Edwards will focus on firm and fund strategy, portfolio composition and investment decision making.

“Flexpoint’s success is driven by an exceptional team and a disciplined strategy focused on our distinctive strength at the intersection of financial services private equity and niche, financial assets.  It has been a privilege to work so closely with Don for so long, and I look forward to leading Flexpoint into the future, building on the success we established over the past 20 years,” said Ackerman. Under the leadership of both Edwards and Ackerman, Flexpoint has sharpened its focus by integrating the operations of its Private Equity and Asset Opportunity teams to fully leverage its distinctive expertise across both private equity and niche, financial assets.  In addition, as Managing Partner for the last four years, Ackerman has led the expansion of the firm’s leadership team and infrastructure in areas including accounting, compliance and investor relations. 

AFH is pleased to announce the acquisition of Avidity Wealth Management Limited, a well-established financial planning firm based in St Albans, Hertfordshire, as part of its ongoing national growth strategy.

Avidity will be rebranded as ‘AFH Wealth Management St Albans’, further developing AFH’s presence in the South-East.

The team will integrate with AFH immediately, rather than becoming a subsidiary.

Supporting clients across the UK

This acquisition marks another milestone in AFH’s strategic expansion, with 139 firms acquired over the last two decades, further enhancing AFH’s ability to support clients across the UK with comprehensive financial planning.

Founded in 2010, Avidity Wealth Management has built a strong reputation for delivering holistic financial planning services to both individual and corporate clients. The firm advises on investments, pensions, tax planning, and protection advice, with over £750 million in Funds Under Management and approximately 1,800 clients.

The team comprises 11 qualified financial advisers and 13 administrative staff, collectively bringing more than 150 years of industry experience – now backed by the broader resources and support that AFH can provide.

Client-first values

Alan Hudson, CEO of AFH, commented: “We are delighted to welcome the Avidity team to AFH. Their depth of experience, client-first values, and strong regional presence make them an excellent fit for our business. This acquisition not only strengthens our footprint in the South-East but also reinforces our commitment to delivering high-quality, personalised financial advice across the UK.”

Tim Yates, Founder & Managing Director of Avidity, added: “This partnership is an exciting new chapter for our clients and team. AFH shares the same values and client-first mentality that have always been at the heart of Avidity’s approach. Their scale and expertise will allow us to enhance the services and support available to our clients, while maintaining the personal, relationship-driven advice we are known for.

“All Avidity advisers will continue in their current roles, ensuring continuity and a seamless experience for clients. Together with AFH, we look forward to building on our shared commitment to providing exceptional financial planning and wealth management services.”

Originally published in the Business News section of Billboard. Written by Elizabeth Dilts Marshall.

Morris also discusses the UMG-Downtown deal, the potential he sees in overseas markets and why Flexpoint isn’t in “the quick-hits business.”

Mike Morris is one of music’s biggest new investors — and he’s placing his bets on the indies. The managing director of Chicago-based private equity firm Flexpoint Ford has overseen what Billboard estimates is more than $375 million of investments in some of music’s most influential independent companies since 2023. After initially backing the front-line music business at Nettwerk, the label that broke Sarah McLachlan and Barenaked Ladies, that same year the firm announced a “significant investment and partnership” in Goldstate Music, the catalog investment firm founded by former BMG president/COO and J Records co-founder Charles Goldstuck. Last year, Flexpoint led a $34 million equity financing round for Duetti, a music investment company that focuses on indie rights, and led a $165 million investment in Create Music, a music distribution, publishing and data analytics company.

Morris, who has previously held positions at Northleaf Capital Partners, H.I.G. Capital and Moelis & Co., says that Flexpoint’s focus on high-return middle-market companies serving independent artists has resulted in “repeated success.”

“We’ve really leaned into the independent sector of the music industry — it is just growing much faster than the traditional majors ecosystem,” Morris says. “This part of the market is so large and fragmented and there is so much growth…and tremendous opportunity for innovation.”

What do you think of the maneuvers by the majors, like Universal Music Group’s proposed acquisition of Downtown Music, that target the growth of the indie segment?

They are evidence enough of the fact they have been losing share to the independent ecosystem. They wouldn’t be buying these companies if it weren’t the case. We think our platform companies — whether one or more of them ends up in a major at some point, we’ll see — can outcompete because they don’t have the legacy infrastructure that some of the majors do. And they can complement the majors in serving this vast, fragmented and growing part of the market.

What are the new modes of monetization you have talked about that excite you?

I’m talking about everything outside of the traditional streaming platforms: Meta, TikTok, YouTube, which is where Create started out. YouTube rights management, if you know how to do it correctly, is a very attractive and important area. Synch placement in video games, fitness apps — all of these tangential revenue streams. Not everyone knows how to monetize those streams, and it is core to the strategy for all of our portfolio companies.

What makes Create special?

Create has only been around for about 12 years. They are a digitally native service and capital provider to the independent sector. It doesn’t have the legacy baggage around infrastructure that some of the services and labels have. Create started out as a pure-play rights management business and then went through a natural evolution, tacking on distribution, accounting systems, publishing — all built on this digitally native background. Their numbers aren’t public, but if they were, they’d speak for themselves.

Duetti was the first, but likely not the last, company to acquire the masters and publishing rights of indie artists bubbling under the mainstream radar. How are they prepped for competition?

This is something [Duetti CEO Lior Tibon] has thought a lot about. They do have a first-mover advantage. But the reason no one else is doing it is because it’s really hard to do. Buying these small catalogs involves a high degree of sophistication, data, AI [artificial intelligence] and operational discipline to acquire thousands of catalogs and thousands of individual tracks. Most music companies and other funds in the space have not set themselves up to do that in a way that’s scalable. More competition is something we’ve planned for at the board level and among the shareholder group and management team. We feel like it’s going to be very hard to replicate the strategy at this kind of scale.

Goldstate Music is more traditional compared with the other companies in your portfolio. What do you like about their method of investing in music intellectual property [IP], and would Flexpoint directly acquire catalogs itself?

Charles Goldstuck is a best-in-class operator who’s proven over decades in and around the music business that he knows how to start businesses, take on institutional capital like ours, identify attractive parts of a market and use capital to create attractive returns for his investors. [He has a] sophisticated, important piece of the strategy: working on them actively to get the most juice out of those assets. Things like changing and optimizing distribution contracts, synch placements, creating remixes and derivative works, getting [name, image and likeness] rights and doing merch and working actively with those artists.

Songs by Xania Monet, an AI artist that Hallwood Media signed to a multimillion-dollar agreement, are climbing the Billboard charts. How could the commercial success of AI music affect the value of catalogs?

It’s fascinating to see AI-powered artists now being signed by labels. Yes, they’ll compete for listening time and could take some share. But in practice, I think it makes high-quality, authentic catalogs and artists even more valuable. So I don’t see AI destroying catalog value. Instead, I see it widening the gap: disposable, machine-made music on one side and enduring, human-driven catalogs on the other. The latter will continue to command attention, cultural relevance and investor confidence.

What are you currently working on?

The most interesting things I’m seeing right now [include] international opportunities in Asia, the Middle East [and Latin America], both on the catalog side and with music service providers. Music-adjacent service providers and IP businesses in music-adjacent spaces like film, TV and video games are heavy users of music. We’re looking at a business in Korea right now that is in some ways like Create. It has evolved organically in the Korean music ecosystem to provide services focused on artists’ and independent labels’ needs.

How long do you plan to be involved with portfolio companies?

We’re not quick-flip investors. We’re not in the quick-hits business. We’re about partnering with entrepreneurs and founders to build enduring businesses that can compound value over a long period of time. We think exits take care of themselves, as long as we’re helping build enduring businesses. Sometimes it takes three years, sometimes five and sometimes 10.

Many companies, including Duetti and Create, are exploring raising funds through issuing asset-backed securities. Why is this a good strategy, and what are the potential drawbacks?

To me, this is just music catching up to what other asset classes have been doing for decades. When you have reasonably predictable cash flow streams, it is a more efficient form of financing — no different from bank financing. But it’s in a more regimented form and checks the boxes the buyers of these types of bonds want. It’s a clear positive for the industry. The only real drawback is it is a significantly bigger undertaking in terms of the documentation and the ratings process than going to a bank and getting a loan. So it does require time, attention and effort from management teams and us.

It’s hard to predict the staying power of songs. Do you have any concerns about very young songs being used to collateralize this type of bond or companies with high loan-to-debt rates adding to their debt this way?

I hear all the same things. The performance of these bonds — both public and the private — has been 100%: no defaults, no issues. But it’s a relatively young asset class in the securitization market. So you might see some folks use the leverage very aggressively, which would be unwise. But I think the buyers of these bonds are sophisticated enough to know what they’re getting into and to analyze these cash flows and to structure them in a way that makes sense. These investors have a lot of experience now in both music and other asset classes where the modeling isn’t very different. It’s all a function of risk/reward tolerance and pricing appropriately.

SageSure, one of the largest managing general underwriters focused on catastrophe-exposed markets, announced today that it has entered into a definitive agreement to acquire Gemini Financial Holdings Corporation (“Gemini Financial”) and its subsidiaries, including Olympus MGA Corp. (“Olympus MGA”). Olympus MGA, an established underwriting franchise in Florida, is the managing general agent for Olympus Insurance Company (“Olympus Insurance”), which serves the mass-affluent homeowners segment.

As part of the transaction, Valence Insurance Holdings, the parent company of SageSure’s carrier partners Auros and Interboro Insurance, will acquire Olympus Insurance and captive reinsurer Radiant, Ltd.

The strategic acquisition will enhance SageSure’s position in the Florida property insurance market, resulting in a combined ~130,000 inforce policies, ~$700 million in gross written premium, and a network of ~1,500 independent agents across the state.

“It takes extreme discipline, strategy, and differentiation to succeed in the Florida market of the last several years as Olympus has,” said Terrence McLean, President and CEO of SageSure. “With a management team committed to serving the specific needs of the mass-affluent homeowners segment, a highly differentiated claims experience, and a track record of exceptional financial performance, Olympus is a strong strategic fit for SageSure. What’s even more impressive is that Olympus was able to deliver these results prior to Florida’s recent legislative changes. We look forward to continuing Olympus’ winning strategy together.”

Tim Stroble, CEO of Olympus, said, “Our company’s purpose is to deliver the superior insurance experiences people deserve, and we see that mission reflected in SageSure’s market leadership. We are excited for this new chapter with SageSure that will further enhance Olympus’ performance, growth, and stability in one of the most complex insurance markets in the US.”

SageSure’s existing debt facility with long-standing capital partner Ares Management will expand to support the acquisition.

Goldman Sachs & Co. LLC is serving as exclusive financial advisor to SageSure on the transaction, with Willkie Farr & Gallagher LLP serving as SageSure’s legal counsel.

Evercore Group L.L.C. is serving as exclusive financial advisor to Gemini Financial on the transaction, with Eversheds Sutherland LLP serving as Gemini Financial’s legal counsel.

The transaction is expected to close in the first quarter of 2026, subject to the receipt of required regulatory approvals and other customary closing conditions.

Ryan Specialty (NYSE: RYAN) (“Ryan Specialty”), a leading international specialty insurance firm, is pleased to announce the formation of a new collateralized reinsurance vehicle, Ryan Alternative Capital Re, Ltd. (“RAC Re”), that will deliver additional capacity to Ryan Specialty Underwriting Managers’ (“RSUM”) portfolio of syndicated delegated authority P&C insurance business. RSUM is the delegated authority underwriting division within Ryan Specialty.

This flagship sidecar will provide reinsurance capital on a risk-attaching basis over a multi-year period to further support the potential growth of RSUM’s delegated platform. RAC Re raised approximately $400 million in committed capital from funds managed by Flexpoint Ford, LLC (“Flexpoint”) and Sixth Street. RAC Re will provide RSUM with an anticipated $900 million in multi-year premium capacity and has been launched through a strategic trading relationship with global specialty (re)insurer AXIS Capital (NYSE: AXS). AXIS will support the transaction via its Lloyd’s of London syndicate 1686.

Commenting on this launch, Miles Wuller, CEO of RSUM, said, “We believe this sidecar’s unique scope makes it the first of its kind in the (re)insurance marketplace. RAC Re is a multi-year, multi-class P&C vehicle that provides capacity for specialty cat and non-cat property and casualty risks across our diverse, largely non-correlated portfolio of MGAs. This vehicle marks a significant opportunity for RSUM to accelerate solution delivery to the industry and rapidly respond to future market dislocation. We are excited to launch this opportunity in collaboration with AXIS and with the support of Flexpoint and Sixth Street, both exceptional insurance investors with long track records in the specialty ecosystem. AXIS has been a committed ally to the thought leadership and innovation that brought this transaction to life. Further, we appreciate Lloyd’s of London’s constructive support of AXIS, the transaction structure, and welcoming our entire syndicated portfolio to the London market.”

Daniel Draper, Group Chief Underwriting Officer of AXIS, added, “Through this collaboration, we are advancing our specialty leadership ambition while expanding our reach into highly targeted markets. We worked closely with Ryan Specialty to carefully select an attractive portfolio of specialty MGAs that fit our risk reward parameters and align with our delegated underwriting strategy and partnership criteria. This relationship reflects the progress AXIS had made in expanding our ability to drive profitable growth with our trading partners, delivered responsibly and sustainably, with established controls to ensure underwriting discipline and careful risk selection.”

Danny Arnett, Managing Director of RSUM Alternative Capital, remarked on the transaction, “We are pleased to launch this pioneering transaction that includes cat and casualty combined in a single ILS structure. This undertaking is a testament to the strength, quality, and diversity of the RSUM platform. We are proud to collaborate with AXIS, Flexpoint, and Sixth Street and expect that we will be able to replicate many times over this innovative capital solution now that we have successfully proven its viability as an executable transaction.”

Deutsche Bank Securities acted as the sole structuring and placement agent for this transaction. The transaction was led by Deutsche Bank’s FIG & Insurance Solutions business which structures and arranges capital and financing trades.

Sidley Austin LLP and Conyers, Dill and Pearman served as legal counsel to Ryan Specialty in the transaction. Mayer Brown LLP served as legal counsel to Flexpoint and Sixth Street.

Flexpoint Ford, a specialist private equity firm focused on financial services and complementary industries, including business and healthcare services, announced today that Steve Baranowski has joined the Firm as Chief Financial Officer, based in the Chicago office.

Mr. Baranowski joins Flexpoint from Adams Street Partners, where he most recently served as Partner and Head of Client Operations. In that role, he led a team of more than 50 professionals across investment accounting, middle office, tax, treasury operations, and performance reporting and analysis. Prior to joining Adams Street Partners, Mr. Baranowski served as a Tax Managing Director at KPMG, advising private equity, mutual funds, banking, and other investment fund clients. Mr. Baranowski holds an MBA from the University of Chicago Booth School of Business and a BBA from the University of Notre Dame.

“We are thrilled to welcome Steve to Flexpoint,” said Chris Ackerman, Managing Partner. “His deep expertise across operations, finance, and reporting will be instrumental in strengthening our fund administration infrastructure and advancing our mission to deliver growth and value to our investors and portfolio companies.”

“Steve’s leadership experience will be an asset to Flexpoint as we continue to grow,” added Don Edwards, Chief Executive Officer at Flexpoint. His ability to build strong teams and implement best-in-class processes will help ensure Flexpoint remains well-positioned for the future.”

“I am honored to join Flexpoint at such an exciting time in the Firm’s growth,” said Mr. Baranowski.  “I look forward to partnering with the leadership team to enhance our finance and operations capabilities and to support the continued success of our investors and portfolio companies.”

The Firm also announced that Steve Haworth, who has served as Chief Financial Officer since 2005, will continue in his role as Managing Director and assist Mr. Baranowski in his transition. Flexpoint is deeply grateful for his many contributions over the past two decades and is pleased that he will continue to provide leadership and guidance in the Firm’s next chapter.

Bridgehaven Europe Holdings Limited (Bridgehaven), the UK’s leading risk-taking hybrid insurer in commercial and specialty lines, has entered into an agreement to acquire the Dublin-based insurer, SureStone Insurance DAC (SureStone). It will see the hybrid insurer transition SureStone into its first European Subsidiary to underwrite EU risks via the rapidly evolving MGA market.

The move puts Bridgehaven at the forefront of supporting MGAs in an EU market which we expect to grow to £50 billion premium over the next three to five years.

SureStone has been in run off since the end of 2019, having specialized in a range of property and casualty risks. Bridgehaven will continue to fulfil all existing financial and regulatory commitments to policyholders, claimants and business partners.

Paul Jewell, Bridgehaven CEO said “This first acquisition is an important milestone for the business. In under two years, we’ve built a business writing over £350m binder premium via our UK MGA partners and facility arrangements. Going forwards, we will support MGAs who require EU commercial and specialty products across the 27 EU states. Our aspiration is to be the leading hybrid insurer supporting MGAs, linking quality reinsurance capital to a diversified and profitable portfolio.”

The deal, for an undisclosed fee, is subject to regulatory approval and customary closing conditions being met.

Elliott Davis, a top 50 U.S. accounting and advisory firm, is pleased to announce a strategic growth investment from Flexpoint Ford, a private equity investment firm specializing in the financial services sector. The partnership will accelerate the firm’s growth, expand its service offerings and geographic reach, and enhance its ability to attract and retain top talent—all in support of its mission to deliver exceptional service to clients and team members. Existing shareholders will remain significant owners in the firm.

As part of this new chapter, John Otten has been named Chief Executive Officer effective July 1, 2025. Otten, who has held several leadership roles over his 28-year tenure at Elliott Davis, succeeds Rick Davis, who led the firm for more than 18 years and will transition to an advisory role. This planned leadership succession reflects the firm’s commitment to leadership continuity and long-term strategic alignment.

“The future is bright with John at the helm,” said Davis. “He has long been a trusted advisor to our clients and a respected leader within our firm. John lives our values, embraces our mission, and is fully prepared to guide Elliott Davis into its next chapter.”

Under the new structure, Elliott Davis will operate in an alternative practice structure.  Attest services will continue to be provided by Elliott Davis, LLC, a licensed CPA firm. Business advisory and non-attest services will be delivered by Elliott Davis Advisory, LLC, which will operate as a separate entity and will not be a licensed CPA firm.

“This marks an important milestone for Elliott Davis,” said Otten. “We are making significant investments in people, technology and services to meet the evolving needs of our clients and ensure we remain a destination employer. Our partnership with Flexpoint Ford positions us well for continued expansion through both organic growth as well as through strategic acquisitions.”

Flexpoint Ford has a long-standing track record of supporting founder- and partner-led businesses across the financial services landscape, including several successful investments in the professional services sector. Through this partnership, Flexpoint Ford will provide strategic insight, growth capital, and operational support to help Elliott Davis navigate the evolving complexities of both the accounting profession and today’s dynamic marketplace.

“Elliott Davis stands out for its client-first approach and one firm culture—hallmarks of an exceptional professional services platform,” said Dominic Hood, Managing Director at Flexpoint Ford. “We are excited to partner with John and the broader leadership team as they build on the firm’s legacy and drive its next phase of growth.”

Jennifer Kim, Principal at Flexpoint Ford, added, “We look forward to supporting Elliott Davis’s expansion through the continued recruitment and development of exceptional talent, alongside a disciplined and strategic M&A strategy designed to enhance capabilities and extend market reach.”

Guggenheim Securities, LLC and Koltin Consulting Group advised Elliott Davis, and Nelson Mullins Riley & Scarborough LLP and Vedder Price P.C. served as legal counsel to Elliott Davis. William Blair & Company, LLC advised Flexpoint Ford, and Simpson Thacher & Bartlett LLP and Hunton Andrews Kurth LLP served as legal counsel to Flexpoint Ford.

Public Trust Advisors, LLC (Public Trust), founded in 2011 to manage the investment needs of local governments across the nation, and the PMA Companies (PMA), founded in 1984 to provide customized, integrated financial solutions to the public sector and other institutions, announced the completion of a transaction to combine the firms. Together, Public Trust and PMA offer a wide array of financial products and services that aim to strengthen communities from coast to coast, including local government investment pool administration, investment advisory services, term investments, cashflow analysis, bond proceeds management, and public finance services for public entities, plus stable deposit funding solutions for financial institutions.

The combined firm works with clients across 26 states to provide customized financial solutions to over 12,000 local governments and other public entities. The organization also partners with over 1,000 financial institutions to offer competitive deposit rates to public entities, in addition to helping banks and credit unions expand their local footprints with sources of stable deposits. Every client in the firm’s network benefits from a solution-based approach, including access to industry expertise, comprehensive financial products, and advanced technology to support them and their communities in achieving their goals.

Todd Alton, former CEO of Public Trust, will lead the new firm as CEO, with Jim Davis, former CEO of PMA, serving as Executive Chairman of the Board of Directors. Both Denver, Colorado, and Naperville, Illinois, remain primary operational hubs of the combined firm, which now has more than 270 total employees.

“We’ve admired each other’s businesses for many years and have complementary products. Together we can provide our clients a comprehensive platform for treasury, cash, and liquidity management solutions, in addition to municipal advisory and other financial products and services,” explained Alton. “It’s truly a one plus one equals three opportunity, by immediately accelerating our efforts to help address the financial pain points that public sector clients experience,” added Davis.

Both Public Trust and PMA will continue to serve clients with the same exceptional service and solution-based approach to meeting their financial needs. Client service teams and primary office locations also remain the same and, on an operational level, our storied and well-known individual names, Public Trust Advisors and PMA, will continue.

“We decided to create a brand that builds on our successful legacies and speaks to our shared vision of helping communities thrive by aiming to provide the most comprehensive platform of treasury management, liquidity management, and other financial products and services to public entities and financial institutions,” Alton noted. “We aspire to be the firm at the heart of civic life, trusted by clients to connect them to the financial solutions they need to continue to serve their constituents and invest in their communities.”

The terms of the transaction were not disclosed. Public Trust’s investment partners remain majority owners, with employees owning a substantial minority. Jefferies, LLC acted as exclusive financial advisor to PTMA Financial Solutions and the parties on the transaction.

Clearstead Advisors, LLC (“Clearstead”), a rapidly growing registered financial advisor (“RIA”), has acquired the assets of Waveland Family Office LLC, a wealth management firm based in northern suburban Chicago, Illinois with approximately $420 million in assets under management.

The deal was signed in early January and closed on January 31. Waveland provides holistic family office services to high-net-worth families, including financial and estate planning, investment management, and tax planning and compliance. Waveland’s six employees will join the Clearstead team and adopt the Clearstead name, with Waveland principals Allen C. Berg and Dennis Zaslavsky joining as equity partners.

The acquisition continues Clearstead’s rapid growth trajectory by establishing a new presence in Chicago and further developing Clearstead as a nationally recognized RIA. Upon closing, Clearstead and its subsidiaries will have approximately $47 billion in total assets under advisement,* including $22 billion in total assets under management*, more than 270 employees and 12 offices.

“Joining Clearstead is a major step forward for Waveland as we continue to better serve our clients with differentiated financial advising, tools and resources,” said Mr. Berg. “Clearstead’s rapid growth in the industry and sizeable presence in regional markets will give Waveland strength and capabilities as we seek to grow with high-net-worth families in new ways.”  Mr. Zaslavsky added “We have worked with Clearstead as a sub advisor since the inception of Waveland Family Office, LLC and are excited to continue our relationship as we together build out the Chicago market.”

“We welcome Waveland to the One Clearstead family as an important new addition to our Midwest footprint,” said Brad Knapp, president and CEO of Clearstead. “Their ability to offer comprehensive tax planning and compliance services aligns perfectly with our One Clearstead model.”

“Their impressive list of clients and skilled financial advisors made them a perfect fit into our team. We consider this an investment in the Chicago market where we intend to continue to grow our presence.”

Founded in 1989 with its headquarters in Cleveland, Ohio, Clearstead serves individual and family clients – integrating tax, planning, and family office services with investment management – in addition to hundreds of endowments and foundations, retirement plans, colleges and universities, and hospitals.

In 2022, Clearstead received a majority equity investment from Flexpoint Ford, a private equity firm specializing in financial services and healthcare investments. Since then, the firm has continued to grow organically and through acquisitions and liftouts. Recent acquisitions and expansions include Wilbanks, Smith & Thomas, LLC (“WST”); Baldwin Advisory; Burkhart & Co. and Snow Financial Advisors, both Cleveland-based wealth managers; Avalon Trust, a Santa Fe, New Mexico financial advisor; CLS Consulting, a provider of family trust company services to ultra-high net worth clients; and a seasoned team of advisors in Hudson, Ohio.

Flexpoint Ford, a private equity investment firm specializing in the financial services and healthcare industries, is pleased to announce the promotion of Blake Heyde, Kelsey Hilbrich, and Phil Purcell to Principal, recognizing their outstanding contributions and deep dedication to the firm’s growth and success.

“We are excited to recognize the exceptional talent of Blake, Kelsey and Phil with these well-deserved promotions,” said Don Edwards, CEO of Flexpoint Ford. “They have consistently demonstrated an unwavering commitment to delivering value for our investors and portfolio companies.”

“Their promotions are a testament to their personal accomplishments as well as Flexpoint’s culture of professional development,” said Chris Ackerman, Managing Partner. “Each of these individuals has contributed to the success of the firm during their time at Flexpoint.”

Blake Heyde joined Flexpoint Ford in 2017 as an Associate and was promoted to Vice President in 2020. Prior to joining Flexpoint, Blake was an Investment Banking Analyst at William Blair where he focused on mergers and acquisitions advisory assignments. Blake received a B.A. in Mathematical Methods in the Social Sciences and Economics from Northwestern University.

Kelsey Hilbrich joined Flexpoint Ford in 2022 as a Vice President. Prior to joining Flexpoint, Kelsey was a Private Equity Vice President at Ares Management.  She previously worked as a Private Equity Associate at The Blackstone Group and an Investment Banking Analyst at Goldman Sachs. Kelsey received a B.S. in Economics and B.A. in International Studies from the University of Pennsylvania, and an M.B.A. with high distinction from Harvard Business School where she was a Baker Scholar.

Phil Purcell joined Flexpoint in 2017 as an Associate and was promoted to Vice President in 2020. Prior to joining Flexpoint, Phil was an Investment Banking Analyst in the Financial Institutions Group at UBS focused on mergers and acquisitions and capital raising advisory assignments. Phil received a B.B.A. in Finance from the Cox School of Business at Southern Methodist University.

The promotions of Blake, Kelsey and Phil highlight Flexpoint’s commitment to developing and advancing talent within the firm as it continues to drive further value and growth in the years ahead.

Strategic investment from Flexpoint Ford to drive Apollo Care’s growth initiatives

Proceeds will be used to expand Apollo Care’s innovation pipeline, enhance existing technology, and scale operations

Flexpoint Ford’s Jonathan Oka and Elliot Lauzen join Apollo Care’s Board of Directors

Apollo Care, a rapidly growing provider of patient access and commercial solutions to the healthcare industry, announced today the closing of a significant equity investment from Flexpoint Ford. The funding will accelerate Apollo Care’s investment in technology and innovation across its patient copay, hub solutions, data warehousing, and commercial analytics platforms.

“This is an important milestone for Apollo Care and its mission of transforming the patient experience to improve medication affordability, access, and adherence,” said Ben Bove, President, CEO, and Chairman of Apollo Care. “This investment will allow us to further enhance our technology, scale operations, and deliver even greater value to our clients.”

Flexpoint Ford is a private equity firm focused on the healthcare and financial services sectors, offering tailored and flexible capital solutions to its partner companies. The firm has approximately $8.2 billion of assets under management.

“Flexpoint’s expertise and shared vision makes them an ideal partner to support our ambitious growth plans. Together, we are excited to redefine the possibilities in delivering copay and hub services solutions to the pharmaceutical industry,” said Michael Aquilino, CFO of Apollo Care.

Under the terms of the investment, Flexpoint Ford will take a minority ownership stake in Apollo Care, and Jonathan Oka and Elliot Lauzen will join the company’s Board of Directors. The investment was made through Flexpoint Fund V.

“We are excited to partner with Ben and the team at Apollo Care,” said Jonathan Oka, Managing Director and Head of Healthcare at Flexpoint Ford. “In a few years, Apollo Care has established itself as an innovator in developing practical solutions to address some of the largest commercial challenges in the pharmaceutical industry. We look forward to working closely with the team to achieve their growth objectives.”

“Given the growing demand for differentiated patient access programs, we see meaningful opportunity ahead for Apollo Care and look forward to driving long-term strategic value,” added Elliot Lauzen, Principal at Flexpoint Ford.

Clearstead Advisors, LLC (“Clearstead”) today announced that Bradley D. Knapp, CFA, CAIA will become President and Chief Executive Officer on January 1, 2025. Mr. Knapp succeeds David C. Fulton, Jr., CFA, Chief Executive since 2014, who will continue to serve on the firm’s Board of Directors.

Clearstead Advisors, headquartered in Cleveland, Ohio, is a rapidly growing financial advisory firm advising over $44 billion for private clients and institutions. The firm has offices in nine cities and a professional team of 250 individuals. In 2022, Flexpoint Ford, a private equity firm specializing in investments in the financial services and healthcare industries, acquired a majority stake in Clearstead, alongside more than 70 employees who continue to own a significant portion of the firm.

Mr. Knapp takes charge of a larger and more complex firm than existed ten years ago. Under Mr. Fulton’s leadership, Clearstead’s revenues and earnings have grown significantly, and the number of employees and assets under advisement have increased several times. Clearstead also added capabilities in tax compliance and financial planning, and formed Clearstead Trust, a nondepository trust company. The firm has acquired eleven firms in the past ten years.  

Mr. Knapp’s appointment is part of a longstanding management succession plan at Clearstead. Mr. Fulton comments, "Brad is a remarkable leader who has been instrumental to strategic initiatives at Clearstead, including accelerating organic growth through the addition of new channels and holistic service offerings, investing in technology to improve the client and advisor experience, and expanding our geographic footprint through integrating a number of strategic acquisitions. He has my highest endorsement.”

Mr. Knapp holds the Chartered Financial Analyst and Chartered Alternative Investment Analyst designations and joined Clearstead in 2016. He has held positions in the private client and institutional groups at the firm and has served as President from 2023 to the present. Brad has over 20 years of experience in wealth advisory and investment management, having held positions with two major financial institutions prior to joining Clearstead.

“I am fortunate in my new role to have an excellent team around the country dedicated to delivering value to our clients and helping them meet their financial goals,” said Brad Knapp. “Clearstead’s vision starts with delivering the best solutions possible for our clients and creating an environment in which our employees and advisors can thrive. I believe Clearstead has an exceptional opportunity to build on the impressive record of growth and innovation under Dave’s leadership and look forward to continuing our work together.”

"We want to thank Dave for his partnership as CEO of Clearstead and for the instrumental role he has played to build and grow Clearstead into the business it is today," say Daniel Edelman and Steve Begleiter, Clearstead Board Members and Managing Directors at Flexpoint Ford. "The success and growth that Clearstead has experienced is a testament to Dave’s leadership and we are thrilled to see that he has chosen Brad as his successor to carry on the Clearstead vision."

Data-driven music platform has raised over $235M in just over two years and is now introducing the first-ever asset-backed securitization (ABS) transaction backed by indie artists' music  

Duetti, a music platform democratizing catalog monetization for independent artists, today announced it has raised $114 million in new funding. This includes $34 million in equity financing led by Flexpoint Ford, along with participation from existing investors Nyca Partners and Viola Ventures. Additionally, Duetti successfully completed its inaugural $80 million privately rated asset-backed securitization (ABS) transaction, backed by a highly diversified music rights catalog. Barclays acted as the sole structuring and placement agent for the ABS.

"We believe we are leading the way in educating the capital markets on the significant long-term value of the independent music sector," said Lior Tibon, CEO and Co-Founder of Duetti. "The number of independent artists is growing at an unprecedented rate, and Duetti is here to ensure they have access to differentiated financing solutions. Duetti will now be able to utilize more diverse and efficient financing sources, enabling us to significantly expand and offer more funding options for independent artists, outside of the major label ecosystem."  

The company aims to use the proceeds from its new funding to accelerate its acquisition of music catalogs and expand its proprietary forecasting, pricing, sourcing, and marketing technology, offering artists even better data-driven deals with fast turnarounds and impactful catalog management. Duetti is rapidly developing marketing and optimization capabilities, with programs such as a playlist network of close to two million followers on Spotify, proprietary channels on YouTube, as well as ongoing remix launches and sync placements in TV shows, films and advertisements. These initiatives increase the visibility of Duetti's artist partners and grow their audience across all major digital platforms. 

"We are proud to support the Duetti team, one of the fastest growing music rights companies in recent years, and their innovative approach to music financing as they continue to empower independent artists," said Mike Morris, Managing Director at Flexpoint Ford. "We see tremendous potential in their ability to provide scalable, data-backed solutions that address the evolving needs of musicians today and are looking forward to the company's exciting growth plans." 

Flexpoint is a private equity firm focused on the financial services and healthcare sectors, offering tailored and flexible capital solutions to its partner companies. The investment was made through Flexpoint's Asset Opportunity Fund, which leverages the firm's expertise in financial services and private equity to invest in opportunistic asset-driven investments across financial services subsectors and assets, including music.

Duetti has partnered with over 500 artists to date across genres, based in over 30 countries, including MC Delux, SadBoyProlific, and Savannah Dexter. Artists have been able to secure immediate access to the funds needed to support their careers by selling master catalogs, individual tracks, or portions thereof, in deals typically ranging from $10,000 to $3 million per artist. In addition to immediate access to capital, the company's optimization services have helped artists maximize distribution and audience impact across all platforms, driving significant increases in streams and visibility.

"Duetti has completely changed the game for me as an independent artist," said FTO Sett, Memphis-based rapper and Duetti Artist Partner. "Not only has my partnership with Duetti allowed me to fund new projects, but the team is also optimizing my profile across streaming services to help reach a brand new audience and bring new opportunities to the table - some of my tracks saw 3x increase in streams since I partnered with Duetti. It's hard to find a company that feels like a true partner, but Duetti has been just that for me."

Artists with tracks that have been on streaming platforms for at least 2 years, and have garnered at least 500,000 streams in the last 12 months can learn more about master sale opportunities on Duetti.co.

Flexpoint Ford (“Flexpoint”), a private equity investment firm specializing in the financial services and healthcare sectors, announced today that it has appointed Emily Henry as Managing Director, Investor Relations and Capital Formation, based in the firm’s New York office. In this role, Ms. Henry will oversee Flexpoint’s investor relations initiatives and lead the firm’s engagement with current and prospective investors. Meredith Stein, Director, Investor Relations and Capital Formation, will work closely with Ms. Henry.

With over twenty years in the industry, Ms. Henry brings extensive experience in designing, implementing, and executing strategic fundraising and investor relations programs for private equity firms. Prior to joining Flexpoint, Ms. Henry was a Partner and Head of Investor Relations at BayPine where she oversaw fundraising and investor relations activities for their inaugural private equity vehicle and numerous co-investment syndications. Prior to joining BayPine, she was Head of Investor Relations at Declaration Partners and before that, Chief Operating Officer and Head of Investor Relations at Reservoir Capital. Ms. Henry began her career at Merrill Lynch working in investment banking within the Financial Institutions Group and later as a Principal in the Global Private Equity Group. She holds an MBA from Columbia Business School and a BA from Wellesley College.

Chris Ackerman, Managing Partner of Flexpoint, said, “We are excited to welcome Emily to the Flexpoint senior leadership team. Working closely with Meredith, Emily will spearhead our initiatives to strengthen our current investor partnerships and help position us strategically to forge new global LP relationships.”

Don Edwards, Chief Executive Officer of Flexpoint, commented, “Emily joins Flexpoint at an exciting time for the firm. With a seasoned career in private equity and extensive track record in fundraising, investor engagement, and stakeholder communication, Emily will play an important role in Flexpoint’s continued growth and development.”

“I am thrilled to join Flexpoint, one of the premier financial services and healthcare-focused investment firms. I look forward to engaging with our investors and building on Flexpoint’s strong foundation of transparency, alignment, and collaboration, as we embark on our next phase of growth,” said Ms. Henry.

Flexpoint Ford (“Flexpoint”), a private equity investment firm specializing in the financial services and healthcare sectors, is pleased to announce that Josh Tamaroff has joined the healthcare team as a Managing Director in the firm’s New York office. In his new role, Mr. Tamaroff will focus on originating, evaluating and executing investment opportunities in the healthcare sector and will work closely with the team to help further drive the firm’s efforts in the space.

With nearly 15 years of experience in healthcare private equity, Mr. Tamaroff is a seasoned investor and brings a wealth of knowledge to Flexpoint. Most recently, he served as a Partner at Avista Capital Partners (“Avista”). During his tenure at Avista, he worked on significant investments across the pharmaceutical and medical technology sectors and associated value chains, including previously serving as a Director of Cosette Pharmaceuticals, GCM Holding Corporation, OmniAb, Inc. (NASDAQ: OABI), Organogenesis, Inc. (NASDAQ: ORGO), Probo Medical, Solmetex, Terrats Medical, and United BioSource Corporation. Earlier in his career, Mr. Tamaroff worked as an Analyst in the Leveraged Finance Group at Lehman Brothers and Barclays Capital. He received an MBA from The Wharton School at the University of Pennsylvania, where he was a Palmer Scholar, and a BS from Cornell University.

"Josh’s extensive experience in healthcare private equity is highly complementary to our industry expertise at Flexpoint as we continue to build our group of talented investment professionals,” said Don Edwards, CEO of Flexpoint. “We are excited he is joining the Flexpoint team."

Chris Ackerman, Managing Partner of Flexpoint added, “Josh’s deep industry knowledge and unique experience investing in pharmaceutical and medical technology services companies will help broaden the reach of our healthcare team, and we welcome him to the firm.”

“I am excited to join a team where I can leverage my extensive background in healthcare investing to further enhance the firm's already impressive private equity platform, and I look forward to contributing to the firm’s promising trajectory," said Mr. Tamaroff. He added, “Flexpoint’s partnership approach and expertise in scaling companies align well with my passion for fostering growth and transformative change in the healthcare sector."

Create Music Group, a rapidly growing music and entertainment company, announced today a $165 million investment led by private equity investment firm Flexpoint Ford.  Flexpoint seeks to partner with companies that provide differentiated financial solutions and services to growing industries and has significant experience in the music space.  The firm’s investment is expected to support Create’s continued momentum and its efforts to further improve and augment the services it offers to its global client-base.

Founded in 2015 by Chief Executive Officer, Jonathan Strauss, Chief Operating Officer, Alexandre Williams and Chief Business Development Officer, Wayne Hampton, Create Music Group is a dynamic, data-driven music company that leverages technology, an owned audience of more than 400 million fans, and a valuable catalog of IP,  providing a full range of services to independent artists and labels, including music distribution, music publishing, owned marketing channels, content creation support, advertising and branding, and tailored financial solutions. Create’s proprietary software platform and full suite of professional services gives a rapidly expanding number of independent artists and labels access to major-label services at every stage of their growth. Create’s rapid growth has largely been self-funded until now and this is the first major investment the company has taken on.

“Our partnership with Flexpoint marks a significant milestone for our company and their expertise will be instrumental as we continue to scale our operations and find new ways to serve our client’s evolving needs,” commented Jonathan Strauss, CEO of Create Music Group. “Flexpoint’s investment will also support our ambitious acquisition strategy which will allow us to expand our market presence and create the scale to continue to provide unparalleled services to our clients and partners.”

“We believe Jonathan and his team have set a new standard for the industry, challenging traditional music companies to rethink their strategies,” said Mike Morris, Managing Director at Flexpoint Ford. “By acting as a media company that offers comprehensive support to artists, including distribution, marketing, financial solutions and audience engagement, Create Music Group has created a blueprint for the future of music.”  Stephane Essama, Principal at Flexpoint Ford added, “We are pleased to have the opportunity to partner with the founders of Create and provide them with the capital that is needed to meet the enormous demand from their clients as the company continues to build a truly differentiated offering for artists and labels in the rapidly evolving music industry.”

Music industry veteran Charles Goldstuck also joined the funding round. The Raine Group acted as financial advisors to Create and Willkie Farr & Gallagher acted as legal counsel in connection with the transaction. Reed Smith acted as legal counsel to Flexpoint in connection with the transaction.

GeoVera Insurance Holdings, Ltd. (“GeoVera”), a leading provider of specialty property insurance, today announced that it has entered into a definitive agreement to sell its insurance carriers and managing general agent (“MGA”) businesses. Upon completion of the transactions, a newly formed entity, GeoVera Nova Holdings, Inc. (“GeoVera Nova”), will control four insurance operating subsidiaries: GeoVera Insurance Company, GeoVera Specialty Insurance Company, Coastal Select Insurance Company, and SafePort Insurance Company (“SafePort”), a property-focused insurance carrier. Additionally, the MGA operations of GeoVera will be acquired by SageSure, one of the largest independent MGAs focused on catastrophe-exposed markets, and GeoVera Nova will become a carrier partner of SageSure.

John Forney and Brian Sheekey, currently CEO and CFO, respectively, of GeoVera, will continue in the same roles at GeoVera Nova. GeoVera’s experienced MGA team, including Chief Underwriting Officer Nesrin Basoz, will join SageSure, further enhancing SageSure’s catastrophe risk underwriting, claims, and product development capabilities.

“We are thrilled to enter into this agreement,” said John Forney, President and CEO of GeoVera. “The structure enhances an already highly diversified, AM Best-rated operating group with expanded access to capital to support future growth. Partnering with SageSure and adding Nesrin Basoz and our outstanding MGA team to their organization ensures the continuity and integrity of all our existing product offerings while opening up exciting possibilities for the future. We appreciate the strong support and value-added partnership we received from our shareholders over the past 12 years and look forward to this next chapter for the company.”

As part of the transaction, GeoVera’s existing investors, including Flexpoint Ford, New Capital Partners, and AXA XL, will exit as shareholders.

“We are grateful for the partnership we have had with John, Brian, Nesrin, and the broader GeoVera team. GeoVera has developed into one of the leading underwriters of catastrophe risk, and we are thrilled to have been a part of the journey,” said Chris Ackerman, Managing Partner of Flexpoint Ford. “On behalf of the shareholders, I want to thank the entire GeoVera team for their tireless efforts over the last 12 years of our partnership that have led to this successful outcome.”

The transaction is expected to close in the fourth quarter of 2024, subject to the receipt of required regulatory approvals and other customary closing conditions.

“SafePort looks forward to joining GeoVera’s insurance operating companies in the future, which we believe will enable a strong go-forward path toward even greater stability and diversification,” said Andy DiLoreto, CEO of SafePort’s management company. “We are optimistic about the opportunities it will facilitate to better serve our policyholders.”

Insurance Advisory Partners LLC served as exclusive financial advisor to GeoVera. Kirkland & Ellis LLP acted as legal counsel to GeoVera.

Clearstead Advisors, LLC, a leading registered financial advisor ("RIA"), has acquired the assets of Wilbanks Smith and Thomas Asset Management, LLC ("WST"), a Norfolk, Virginia based wealth and investment management firm with over $5 billion of assets under management. The combination continues Clearstead's rapid growth trajectory and further consolidates Clearstead's position among the leading RIAs in the US. After the merger, Clearstead Advisors and its subsidiaries will have approximately $44 billion in total assets under advisement, including $20 billion in total assets under management, 225 employees, and offices in nine cities. In addition, the six WST partners will become shareholders in Clearstead, increasing the total to 65 employee-owners of the firm. The advisory business of WST will be rebranded as Clearstead Advisory Solutions, a Division of Clearstead Advisors, LLC and continue serving clients from offices in Norfolk and Roanoke, Virginia, and Raleigh, North Carolina.

WST was founded in 1990 by Chief Executive Wayne Wilbanks, who will continue to lead the Division in Norfolk and the Mid-Atlantic states. Its 45 employees provide financial advisory services to families and individuals, institutions, and financial service firms nationwide. Mr. Wilbanks says, "We are philosophically similar to Clearstead in our client approach and a strong complement geographically, given our presence in the Mid-Atlantic and Southern states. Most importantly, our clients will benefit from Clearstead's family office planning capabilities, alternative investments platform, in-house research, and wealth management capabilities."

Founded in 1989 with its headquarters in Cleveland, Ohio, Clearstead currently serves nearly 1,200 individual and family clients – integrating tax, planning, and family office services with investment management – and over 245 endowments and foundations, retirement plans, and hospitals.

In 2022, Clearstead received a majority equity investment from Flexpoint Ford, a private equity firm specializing in financial services and healthcare investments. Since then, the firm has continued to grow organically and through acquisitions and strategic hires, with WST its largest acquisition to date. Recent acquisitions and expansions include Burkhart & Co. and Snow Financial Advisors, both Cleveland-based wealth managers; Avalon Trust, a Santa Fe, New Mexico financial advisor; CLS Consulting, a Cleveland family office services advisor; and a team of eight financial professionals who joined from the Hudson, Ohio office of a major financial services firm.

Commenting on the firm's growth strategy, Clearstead Chief Executive Dave Fulton says, "Strategic and prudent mergers make us a stronger firm – each brings talent and capabilities to serve clients more effectively, which is our primary focus. This is the impetus for our combination with WST, for which we have the highest hopes."

The WST merger was signed in February 2024 and closed today.

Accuserve Solutions ("Accuserve" or the "Company"), an independent managed repair services platform, and Aquiline Capital Partners LP ("Aquiline"), a private investment specialist in financial services and related technologies, announced today that they have reached an agreement for a majority investment from Flexpoint Ford ("Flexpoint"), a private equity firm specializing in investments in the financial services and healthcare industries. Flexpoint's partnership is expected to accelerate Accuserve's growth as it continues to develop value added property claims solutions for insurance carriers, homeowners, and contractors.

Accuserve is a fast-growing full-service managed repair and home services platform, connecting insurance carriers, homeowners, and contractors through a unified platform that simplifies the property restoration and claims process from incident through repair. The Company has invested significantly in technology to ensure improvement in the property claim workflow with the ultimate objective of removing pain points for all stakeholders.

Flexpoint's investment, alongside the continued support from Aquiline, is expected to bring significant financial resources, industry expertise, and relationships to Accuserve to further drive continued growth and deliver industry-leading services to its customers. The partnership with Flexpoint will enable Accuserve to expand its contractor networks and service offerings in complementary markets, pursue strategic acquisitions, and enhance its sophisticated technology and data analytic tools.

Hunter Powell, Accuserve's CEO, has led the company since 2020 and has grown Accuserve to become one of the leading companies in the managed repair market. Mr. Powell, alongside the existing management team, will continue to lead Accuserve during this next phase of growth.

"This investment in Accuserve marks a significant milestone for our Company. Flexpoint's support will provide the capital and strategic insight needed to continue innovating and developing industry-enhancing solutions for our clients and enable Accuserve to execute on its long-term growth plan. We are grateful for Aquiline's partnership and look forward to this next chapter," said Hunter Powell.

Dominic Hood, Managing Director of Flexpoint, commented: "We are excited to partner with Hunter and the Accuserve team as they build an innovative managed repair experience that will deliver claims efficiency to insurance carriers as well as a high-quality experience for policyholders."

Jennifer Kim, Principal of Flexpoint, added, "Our partnership with Accuserve and Hunter extends Flexpoint's long track record of partnering with growth-oriented founders in the insurance sector. We look forward to working with Accuserve as it continues its strong growth trajectory."

Aquiline will remain a significant minority shareholder and will continue to support the Company. "We are delighted to have been able to work so closely with Hunter and the management team over the last few years.  We are very proud of their success in building Accuserve's scale, team and technology and are excited to remain significant investors during this next phase of growth," said Charles Janeway, Principal of Aquiline.

Waller Helms Advisors and Jefferies LLC acted as financial advisors to Accuserve and Willkie Farr & Gallagher LLP acted as legal counsel in connection with the transaction. Piper Sandler & Co. acted as financial advisor to Flexpoint and Kirkland & Ellis LLP acted as legal counsel in connection with the transaction.

Flexpoint Ford (“Flexpoint”), a private equity investment firm specializing in the financial services and healthcare industries, announced today the promotion of Karan Sabharwal to Principal, effective immediately.

“Karan has made an immediate impact on Flexpoint’s financial services investment team since joining the firm last year and we look forward to seeing him continue to develop his deep sector knowledge and add value to our portfolio companies and firm. We are thrilled to have Karan on our team as we continue to build toward the future,” said Don Edwards, Chief Executive Officer and Founder of Flexpoint.

Chris Ackerman, Managing Partner, added “we have great confidence in Karan’s talent and dedication as a senior member of our team and we are pleased to have him as our newest Principal.  We are committed to building the next generation of private equity leaders to support Flexpoint’s growth and success in the years to come and we look forward to watching Karan play a pivotal role in building our future and generating value for our clients.”

Karan Sabharwal joined the Flexpoint financial services team in 2023 as a Vice President. Karan will continue to assume leadership roles in identifying, evaluating and executing investment opportunities in the financial services sector.

Prior to joining Flexpoint, Karan worked at Waud Capital Partners, Golden Gate Capital and FFL Partners. Karan began his career in investment banking at Bank of America Merrill Lynch. He received an M.B.A from the Wharton School at the University of Pennsylvania and a B.S.E in Electrical & Computer Engineering and Economics from Duke University.

Public Trust Advisors ("Public Trust" or the "Company"), an investment advisory firm dedicated to serving municipalities, school districts and other local government entities across the United States, announced today that it has received a significant investment from Flexpoint Ford ("Flexpoint"), a private equity firm specializing in investments in the financial services and healthcare industries. This partnership signals a shared commitment to enhancing the financial security of public sector entities nationwide.

Since its founding in 2011, Public Trust Advisors has established itself as a trusted partner for local governments.  With a focus on prudent investing, Public Trust has helped public sector entities effectively manage taxpayer funds via local government investment pools and separately managed accounts. Today, the Company serves over 6,000 entities nationwide and has more than $80 billion in assets under management or advice. Public Trust's existing management team continue to lead the business and, along with the Company's founders, remain significant shareholders in the Company.

The new partnership will provide Public Trust Advisors access to Flexpoint's significant financial resources, industry expertise, and relationships. As a result, Public Trust will be able to expand its product offerings, accelerate its core growth, and complete strategic acquisitions.

"We are thrilled to partner with Public Trust and contribute to their mission of strengthening local government finances. Public Trust's goal of providing tailored investment solutions coupled with its exceptional service delivery is a true differentiator in the industry," said Daniel Edelman, Managing Director at Flexpoint.

"We believe Public Trust is well-positioned to accelerate its already strong growth trajectory while continuing to provide high quality service to its clients. We look forward to partnering with management as they lead the Company into its next phase of growth," added Stephane Essama, Principal at Flexpoint.

"We are excited about the next chapter of the Public Trust story," said Todd Alton, CEO of Public Trust Advisors. "Our focus remains on providing exceptional investment advisory solutions and continued high-quality customer service. We are excited to leverage Flexpoint's expertise and strategic resources to expand our capabilities and deliver unparalleled value to our clients."

Piper Sandler & Co. acted as financial advisor to Public Trust and Brownstein acted as legal counsel in connection with the transaction. Paul Hastings acted as legal counsel to Flexpoint.

GoldState Music ("GoldState" or "the Company") today announced a significant investment and a new partnership with funds managed by Flexpoint Ford Asset Opportunities ("Flexpoint") to accelerate its strategy of investing in music intellectual property assets, including full catalogs, influential copyrights, master recordings, and publishing rights. As part of the partnership, GoldState will source new catalog acquisitions and manage the licensing, synchronization, and administration for the existing and acquired copyrights.

GoldState was launched in 2022 by Charles Goldstuck, a music industry veteran who brings decades of music experience to the firm. GoldState was formed to create a diversified portfolio of music copyrights and sound recordings, with a differentiated strategy of acquiring rights from active, well-known artists, writers and producers. In its first year of operations, GoldState successfully acquired music rights from several artists and songwriters, spanning multiple genres, geographies, and asset types.

"GoldState aims to provide a home for active music creators looking to monetize their current music assets and focus on continuing their creative endeavors," said Charles Goldstuck, Founder of GoldState. "The capital from Flexpoint will allow us to accelerate our strategy and create a diversified portfolio of music assets across various artists and genres."

"Charles has a strong pedigree within the music industry that enables him and the GoldState team to identify and acquire music rights with attractive performance trajectories," said Mike Morris, Managing Director of Flexpoint Ford. "We continue to see strong secular demand for music underpinned by increased penetration of streaming and expanding avenues for music consumption, and we believe GoldState has the expertise, experience and deep commitment to artists needed to develop a successful and differentiated business in this rapidly evolving space. We are thrilled to partner with Charles and the opportunities that lie ahead for GoldState."

Flexpoint has approximately $7.7 billion of assets under management and specializes in privately negotiated investments in the financial services and healthcare industries. The capital is being provided by Flexpoint Asset Opportunity Fund II, which leverages the firm's institutional knowledge and relationships to complete opportunistic investments across the capital structure.

Reed Smith served as legal counsel to Flexpoint. Artisan One served as financial advisor and Alston & Bird served as legal counsel to GoldState.

Bridgehaven Insurance (“Bridgehaven”), a new hybrid-fronting carrier, today announced that it has officially launched following Prudential Regulatory Authority (“PRA”) approval.  The UK-based company has the backing of Flexpoint Ford ("Flexpoint"), a private equity firm with significant experience investing in the insurance sector.

Bridgehaven’s vision is to become the leading UK hybrid-fronting insurer of commercial & specialty lines, creating a relationship with Managing General Agents (“MGAs”) and reinsurers woven together by mutual trust and collaboration. The Company believes it has an innovative model that fosters open dialogue amongst all partners, emphasising the importance of each one's role in the collective journey towards achieving growth and success.

The Company supports MGAs and programme managers who have demonstrated a track record of profitable underwriting results and a focus on commercial and specialty risks.  By offering a flexible risk appetite, Bridgehaven aims to help them flourish and reach their potential.

Bridgehaven considers itself as responsible for delivering the overall underwriting result, acting in the best interest of reinsurers. By aligning with select MGAs, all parties adopt a shared risk approach, which, when coupled with the model's transparent nature, aims to ensure that reinsurers are adequately informed about the risks they are undertaking. This will enable them to operate in the UK market, confident that underwriting profitability is a key driver of success for all parties.

Bridgehaven’s senior management team includes executives with a track record of building and operating insurance companies. The Company will be led by Paul Jewell, Chief Executive Officer, a seasoned professional with over 30 years of experience with global P&C insurance carriers and MGAs.

“We are tremendously excited about the potential of our model. Bridgehaven is here to redefine the UK insurance landscape through meaningful, collaborative partnerships with insurers, MGAs, and reinsurers. The hybrid-fronting model grants MGAs the freedom to focus on underwriting exceptional insurance products, whilst reinsurers can depend on Bridgehaven to manage the underwriting process,” said Paul Jewell.  He continues, “In addition, having Flexpoint’s support will provide the capital and strategic advice needed to build a recognised provider in the UK insurance market.”

Chris Ackerman, Managing Partner of Flexpoint commented: "We have studied the emergence of the fronting model for several years and are excited to partner with the Bridgehaven team to develop a much-needed fronting solution for the UK specialty commercial insurance market.”

Dominic Hood, Managing Director of Flexpoint, added: "We understand the challenges and needs of both MGAs and reinsurers and believe Bridgehaven can offer an independent solution built on modern technology.”

Flexpoint has a long track record of investing in the insurance value chain including regulated underwriting companies, program managers, reinsurance platforms, and distribution. Flexpoint’s other current and former investments in the insurance industry include Alera Group, American Strategic Insurance, GeoVera, Propel Insurance, SageSure, Vale Insurance Partners, VeriClaim, and TigerRisk Partners.

Howden Tiger Capital Markets & Advisory acted as financial adviser to Flexpoint. Mayer Brown LLP and Kirkland & Ellis LLP acted as legal counsel to Flexpoint Ford. Eversheds Sutherland LLP acted as legal counsel to Bridgehaven management and employees.

Parkview Health Services, LLC ("Parkview" or "PHS"), an innovative provider of specialized pharmacy services, is excited to announce a strategic growth investment from ArtesRx, LLC ("ArtesRx"), an affiliate of Flexpoint Ford ("Flexpoint"), a private equity firm specializing in investments in the healthcare and financial services industries. The transaction closed on June 23, 2023. 

Flexpoint partnered with experienced pharmacy executive, Dom Meffe, to establish ArtesRx as a new company to acquire, scale and support pharmacy businesses that serve complex patient populations. Mr. Meffe has built and led several successful specialty pharmacies as CEO including ModernHEALTH and CuraScript. He will serve as CEO of ArtesRx and make an investment in the company alongside Flexpoint. "ArtesRx was founded to bring dedicated resources to pharmacy businesses across the country in order to build a national, patient-focused platform that differentiates based on clinical excellence and customer service," said Dom Meffe, CEO of ArtesRx. "We have been impressed with Parkview's culture and its deep commitment to the communities it serves, and we are excited to partner with Paul O'Leary and the PHS team in their mission to expand their high-touch service model into new markets." 

Parkview provides pharmacy services to patients who are treated in group homes, mental health clinics, addiction services provider offices and other care settings. With a patient-centric approach and a reputation for delivering tailored solutions to its customers, PHS is well-positioned for continued growth. The company will remain headquartered in Amherst, New York and continue to be led by CEO Paul O'Leary and the current management team. 

"We are thrilled to partner with ArtesRx and Flexpoint, and we look forward to leveraging their domain knowledge and expertise in growing pharmacy and outsourced pharmacy services businesses," commented Paul O'Leary. "This new investment not only ensures that we can continue providing our customers and patients with the exceptional care they have come to expect from our team over the past 38 years, but also enables us to accelerate growth both organically and through complementary acquisitions."

"We couldn't be more excited about partnering with Paul O'Leary and the Parkview team and establishing ArtesRx with Dom Meffe," said Michael Fazekas, Managing Director at Flexpoint. "We have been actively searching for the ideal starting platform for ArtesRx and have found it in Parkview. Parkview has built a strong position in its markets through its differentiated ability to serve complex patient populations and help deliver improved clinical outcomes, and we believe Parkview's demonstrated care model can address unmet needs in other markets across the country." 

Lincoln International LLC served as financial advisor and Taft Stettinius & Hollister LLP served as legal counsel to Parkview Health Services. Kirkland & Ellis LLP and Bass, Berry & Sims PLC served as legal counsel to Flexpoint Ford. 

Partnership to accelerate Baker Hill’s growth trajectory, positioning the company for success amid strong market demand from financial institutions for lending and risk management solutions

Baker Hill (the “Company”), a provider of cloud-based, end-to-end loan origination, risk management, and analytics software, today announced that Flexpoint Ford (“Flexpoint”), a private equity firm specializing in investments in the financial services and healthcare industries, agreed to acquire the Company. Baker Hill is a portfolio company of The Riverside Company. The transaction is expected to close pending receipt of customary regulatory approvals.

Through the partnership, Flexpoint will support Baker Hill’s continued success and its expanding client base, building on the Company’s record revenue growth in 2022. The Company will gain access to Flexpoint’s resources, including an experienced team with extensive knowledge of financial technology, and capital to fund ongoing product innovation and acquisitions. Furthermore, Flexpoint’s experience investing in banks provides it with insight into the needs of this client segment, which will enhance the Company’s ability to innovate to serve the needs of its bank and credit union customers. Baker Hill’s President and CEO, John M. Deignan, and the existing leadership team will continue to lead the business and remain shareholders in the Company.

“Baker Hill has a long-standing reputation for being a trusted provider of differentiated loan origination and risk management software, which has helped fuel our consistent growth each year. This ongoing market validation is a source of inspiration for our team and by partnering with Flexpoint we can continue to elevate the lending experience for our bank and credit union clients,” said John M. Deignan, President and CEO of Baker Hill. “Our team is confident this partnership will provide new opportunities to deliver more value for our clients and the communities they serve.”

“Given our deep experience in financial services, we are thrilled to partner with John and the Baker Hill team in the next chapter of their growth. Baker Hill has maintained a strong track record of innovation as evidenced by its NextGen platform. The Company’s growth is a direct result of the differentiated software it provides to over 400 financial institution clients.  We will continue to support the management team’s goal to enhance the platform’s capabilities through investments in product development and acquisitions.” said Arjun Thimmaya, Managing Director of Flexpoint. “By partnering together, we can support Baker Hill’s mission of helping banks and credit unions foster more profitable relationships with their customers and drive economic development in their communities,” added Vilas Nair, Principal of Flexpoint.

Flexpoint Ford is a private equity investment firm that is focused on the financial services and healthcare industries and has approximately $7.5 billion of regulatory assets under management. Given its experience investing in banks, regulated financial services, and financial technology, Flexpoint is well positioned to provide its portfolio companies with strategic support and operational best practices as they navigate the complexities of the financial services industry.

Raymond James served as lead financial advisor and Leonis Partners served as financial advisor to Baker Hill. William Blair served as exclusive financial advisor to Flexpoint Ford. Jones Day served as legal advisor to Baker Hill and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal advisor to Flexpoint Ford.

Funding supports recapitalization of long-term minority investors and SageSure’s capital-efficient growth strategy.

SageSure, one of the largest independent managing general underwriters focused on providing catastrophe-exposed property insurance, today announced the close of a $250 million equity investment led by Amwins and Flexpoint Ford (“Flexpoint”), with participation from Ares Management Corporation.

The transaction partially recapitalizes SageSure’s long-term minority stakeholders while bringing in experienced strategic and financial investors. In connection with the transaction, Amwins and Flexpoint will each appoint a representative to the SageSure Board of Managers.

The equity investment also positions SageSure to continue its growth as the organization surpasses $1 billion of inforce premium. By deploying capital efficiently throughout its ecosystem, SageSure’s strategy supports its carrier partners and producers by creating additional underwriting capacity in an otherwise challenging environment for catastrophe-exposed property risk.

“SageSure is excited to include Amwins and Flexpoint Ford among our sophisticated capital partners,” said Terrence McLean, CEO and co-founder of SageSure. “We’re grateful for their investment in our capital-efficient business model. Their support will strengthen our ability to protect more American Dreams in challenging markets.”

In the past two years, SageSure has secured more than $700 million in equity and debt funding to support its trajectory of responsible growth from top financial institutions, including Ares Management Corporation, Citizens Financial Group, and, most recently, Wintrust Financial Corporation.

“Terry and the SageSure team have built a truly exceptional business,” said Scott Purviance, Chief Executive Officer of Amwins. “We are excited to partner with them and support their efforts in building capacity, expanding their distribution base, and continuing to enhance their industry-leading technology platform.”

“We are excited to partner with Terry and his talented team as they continue to build a capital efficient company with a superior approach to risk selection and a track record of strong underwriting results for their insurance and (re) insurance partners,” said Dominic Hood, Managing Director of Flexpoint. “Our new partnership with SageSure and Amwins continues Flexpoint’s long history of partnering with growth-orientated platforms in the property and casualty insurance industry.”

Shipman & Goodwin LLP served as legal counsel to SageSure. Robinson, Bradshaw & Hinson, P.A. served as legal counsel to Amwins. Waller Helms Advisors served as financial advisor and Kirkland & Ellis LLP served as legal counsel to Flexpoint.

Nettwerk Music Group, Inc ("Nettwerk" or the "Company"), a fast-growing independent music label, announced a significant structured investment and a new strategic partnership with Flexpoint Asset Opportunity Fund II (“Flexpoint”). Existing investors Beedie Capital and Vistara Growth also participated in the investment round and will remain important shareholders in the Company and members of the board of directors.

Founded in 1984, Nettwerk is an independent music label that partners with artists to elevate their careers by connecting them with music fans around the world so they can make a living doing what they love. The Company is focused on identifying emerging independent artists and providing them with the resources needed to navigate the complex world of digital content production, distribution, and promotion.

“The capital from Flexpoint will enable Nettwerk to invest in artists and make music catalogue acquisitions that will benefit from the fast-growing independent sector of the music industry. We’re excited to partner with Flexpoint as we continue to execute on our vision of connecting artists with their fans globally,” says Terry McBride, Chief Executive Officer and co-founder of the Company.

“Nettwerk has been at the forefront of the evolution in the independent music sector building a compelling catalogue of music by offering white-glove services and growth opportunities to independent artists traditionally reserved for superstars,” says Mike Morris, Managing Director of Flexpoint. “We believe Terry and the team are well positioned to prosper in the rapidly evolving music industry and are excited to help the team execute their vision.”

“As a longtime partner of Nettwerk, we are thrilled to participate in its next phase of growth”, says David Bell, Managing Director of Beedie Capital. “The team at Nettwerk are differentiated leaders in a complex industry, and we are excited to support them through continued execution of their unique, artist-centric strategy.”

Flexpoint has approximately $7.8 billion of assets under management and specializes in privately negotiated investments in the financial services and healthcare industries. The new capital is being provided by Flexpoint Asset Opportunity Fund II, which leverages the firm's institutional knowledge and relationships to complete opportunistic investments across the capital structure.

Artisan served as buyside financial advisor and Latham & Watkins and Bennett Jones served as legal counsel to Flexpoint.  Cooley and Morgan Daniels Slager served as legal counsel to Nettwerk.          

Clearstead’s eighth acquisition will expand its presence in the Southwest and bolster its trust capabilities.

Clearstead Advisors (“Clearstead”), a high-net-worth focused independent financial advisory firm serving private and institutional clients, has acquired Avalon Trust (“Avalon”), a similarly high-net-worth focused wealth management firm based in New Mexico with additional offices in Ridgewood, New Jersey, and Portland, Oregon. This acquisition reflects a continuation of Clearstead’s strategy to expand its national presence, bolster its value-added services, and add seasoned executives to its platform. Avalon expands Clearstead’s trust capabilities following Clearstead’s acquisition of Atlantic Trust in 2021. In addition, Avalon represents Clearstead’s second acquisition since Flexpoint Ford’s majority investment in February 2022.

The combined firm will oversee $28 billion of assets under advisement and management. Together, Clearstead and Avalon are well-positioned to provide clients and multi-generational families with a comprehensive suite of value-added services, including in-house and vertically integrated wealth management, trust, tax planning, alternative investments, and family office administration. This expertise is supported by best practices developed through 30+ years of experience providing first-class service.

Like Clearstead, Avalon is a client-focused, growth-oriented advisory business. Avalon offers highly customized solutions across investment management, trust, family office administration, and financial planning services to individuals, families, trusts, non-profits, and foundations. The firm, including its 13 employees, is managed by industry veterans Andrew Wallerstein, Christine McDermott, and Julia Peters, all of whom will continue as senior leaders in the combined firm. Through this combination, Avalon’s clients will gain access to tax planning, alternative investments, and other complementary services.

Clearstead Chairman and CEO Dave Fulton said, “We are excited to join forces with Avalon. Partnering with the Avalon team furthers our strategy of providing high net worth families across the United States a holistic and differentiated wealth management offering. The Avalon team members are outstanding individuals who have done a first-rate job in building a leading wealth management and trust business. In particular, Avalon’s focus on client values aligns with our Sustainable Clearstead initiatives. We are delighted to have them as partners.” 

Andrew Wallerstein, Christine McDermott, and Julia Peters will become partners of Clearstead. Mr. Wallerstein said, “Partnering with Clearstead helps us expand our resources and strengthen services for our clients. By joining Clearstead, our next generation of team members will have more opportunities to grow and ensure we are able to work with our clients for many years to come.”

District Capital Partners served as the exclusive financial advisor to Clearstead on the transaction. 

Colchester Partners served as the exclusive financial advisor to Avalon Trust on the transaction.

Flexpoint Ford (“Flexpoint”), a private equity investment firm specializing in the financial services and healthcare industries, announced today the promotion of Jennifer Kim to Principal, effective immediately.

“Jennifer has played a key role on Flexpoint’s financial services investment team over the past several years and it is my pleasure to recognize her with this promotion,” said Don Edwards, Chief Executive Officer and Founder of Flexpoint.

Chris Ackerman, Managing Partner, added “Jennifer’s promotion is a direct reflection of the meaningful impact she has had on the performance of the firm, and we are excited for her continued growth as a senior investment professional at Flexpoint. We are deeply committed to the development of the firm’s talented investment professionals as it remains critical to the long-term success of Flexpoint.”

Jennifer Kim joined the Flexpoint financial services team in 2018 as a Vice President. She has played an instrumental role in a number of Flexpoint’s investments in the financial services sector, and most recently was a significant contributor to Flexpoint’s successful investment in TigerRisk. Jennifer will continue to assume leadership roles in identifying, evaluating and executing investment opportunities in the financial services sector.

Keystone Agency Partners ("KAP" or "the Company"), a rapidly growing insurance brokerage platform, today announced it has received a significant preferred equity investment from Flexpoint Ford Asset Opportunity Fund II ("Flexpoint"). The investment will further enable KAP to execute its growth strategy and fund the expansion of the Company's rapidly growing pipeline of platform partners.

KAP was founded with support from Keystone Insurers Group, Inc. ("KIG") and Bain Capital, LP and is one of the largest insurance brokerage platforms in the industry. Since launching in 2020, KAP's differentiated connected autonomy model has attracted what it believes are some off the best partners in the country, who have enabled the Company to rapidly become a top 50 agency with over $200 million of revenue and a meaningful presence across 17 states. 

"This investment represents a significant next step in KAP's growth trajectory and demonstrates the Company's commitment to providing best-in-class services and capital support for its platform agencies," said Matt Popoli, KAP's Chairman and Global Head of Insurance at Bain Capital. "Flexpoint is a trusted partner to the companies in which it invests and brings significant institutional expertise and capabilities to the organization and we are excited to welcome them as a new financial and strategic partner for KAP."

Flexpoint has approximately $7.8 billion of assets under management and specializes in privately negotiated investments in the financial services and healthcare industries. The new capital is being provided by Flexpoint Asset Opportunity Fund II, which leverages the firm's institutional knowledge and relationships in financial services to complete opportunistic investments across the capital structure in financial services subsectors and financial assets.

"Flexpoint's experience investing across the insurance value chain for nearly two decades will offer deep expertise and strategic insight as KAP continues to expand," said KAP CEO Jeff Turner, "This new investment will enable us to drive additional value in our business and continue our fast-paced growth."

David Boedker, Vice-Chair of KAP, added, "This transaction underscores the quality of agency partners that KAP has added to its platform and will be invaluable to Jeff and the KAP team as they continue to invest in accelerating organic growth and additional strategic acquisitions."

"We are excited to support KAP management and the shareholders with our investment to further enable KAP to continue to execute on its impressive growth strategy," said Mike Morris, Managing Director of Flexpoint. "Our partnership with KAP represents a great example of Flexpoint's ability to combine our deep knowledge of the insurance sector with our experience structuring flexible capital solutions," added Dominic Hood, Managing Director of Flexpoint.