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June 2020

Penfund Announces US$100 Million Investment in BroadStreet Partners

TORONTO, Ontario (June 5, 2020) – Penfund, an independent provider of junior capital to North American middle market companies, announced today the completion of a US$100 million second lien debt and equity co-investment in BroadStreet Partners, Inc. (“BroadStreet” or the “Company”), a portfolio company of Ontario Teachers’ Pension Plan Board (“Ontario Teachers’”).

Founded in 2000, BroadStreet has grown to become the 14th largest national insurance broker in the U.S. by supporting its partners’ organic and tuck-in acquisition growth strategies. The Company’s approach is centered around a unique co-ownership model, allowing agency leaders to retain significant independence while participating in the benefits of being part of a larger agency network. BroadStreet specializes in offering tailored solutions to small and middle market commercial clients and is active across multiple property and casualty (“P&C”) and employee benefits business lines.

“We are delighted to partner with Ontario Teachers’ and support the continued growth of BroadStreet. We believe there is considerable white space remaining for the company to keep executing on its differentiated consolidation strategy while delivering value to insurance carriers and clients,” stated Joe Mattina, a partner at Penfund.

Adam Breslin, a partner at Penfund, added “Penfund is excited to be able to back such a strong platform. BroadStreet’s premier core agency partners, strong sponsorship and co-ownership value proposition are unique strengths that position the company for sustainable long-term growth.”

About BroadStreet Partners

BroadStreet Partners is a leading insurance brokerage holding company that invests in select, entrepreneurial, high-performing independent agencies that are seeking support for continued growth and a solution for ownership succession. BroadStreet uses a unique co-ownership model that allows its partners to fully participate in the financial rewards of the value they create. Ranking among the 15 largest brokers in the U.S., BroadStreet is headquartered in Columbus, Ohio and maintains a focus on building a long-term sustainable company in which leading independent insurance agencies thrive.

Website: www.broadstreetcorp.com

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About Penfund

Penfund is a leading provider of junior capital to middle market companies throughout North America. The firm is owned by its management team and is currently investing its most recently established fund, Penfund Capital Fund VI.  Penfund manages funds sourced from pension funds, insurance companies, banks, family offices and high net worth individuals and has invested more than $3 billion in over 225 companies since its establishment in 1979. Assets and capital under management currently total $1.5 billion.

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