The Liberty Company refinances, plans acquisitions

The Liberty Company Insurance Brokers Inc. said Thursday it completed a $340 million refinancing on July 31 and plans further acquisitions.

The deal is made up of a $30 million revolving credit facility, a $180 million term loan and a $130 million delayed-draw term loan, with J.P. Morgan, Fifth Third Bank, and Royal Bank of Canada as joint lead arrangers, a Liberty statement said.

Liberty said it plans to use the capital for mergers and acquisitions and to drive more organic growth.

The broker completed 37 acquisitions in 2022, the statement said, as its annual revenue jumped to $149 million, from $54 million in 2021.