Crestline Investors (“Crestline”) is pleased to announce that funds managed by its U.S. Direct Lending business have served as the administrative agent and sole lender on a senior secured credit facility for Afore Insurance Services, LLC (Afore), an independent retail insurance agency and brokerage firm. Afore operates across 19 agencies in 9 states and serves clients nationwide, offering a comprehensive range of commercial lines, personal lines, life, health and group employee benefits insurance products.
Proceeds from the loan will be used to fund strategic acquisitions that expand Afore’s agency network and enhance its capabilities to meet customer needs.
“Afore has established itself as an industry-leading growth platform for entrepreneurial agency partners, combining the ability to deliver personal service at a local level with the backing and far-reaching expertise of a national organization,” said Aaron Mack, Managing Director at Crestline.
“Their proven success in acquiring and integrating agencies has made them a standout in the industry,” said Matt Hudson, Director at Crestline. “We’re excited to work with the Afore management team as they continue to expand their platform and set new standards for service and innovation in the insurance industry.”
“Crestline’s support is instrumental in helping us achieve our growth goals,” said Michael A. Garguilo, President & CEO at Afore. “Their specialized expertise and financial backing give us the resources to pursue key expansion initiatives and execute our long-term strategic plans of partnering with like-minded entrepreneurs.”
About Crestline Investors
Crestline Investors, Inc is an alternative investment management firm founded in 1997 and based in Fort Worth, Texas, with affiliate offices in London, New York, Toronto, and Tokyo. The firm has approximately $18 billion in assets under management (as of March 31, 2024), and is specialized in private credit strategies, offering a diverse range of investment solutions across its direct lending, opportunistic, and portfolio finance platforms. For more information, visit www.crestlineinvestors.com.
About Afore
Afore is a boutique, top 100 independent retail insurance brokerage firm offering businesses and individuals property & casualty insurance and life, health, and group employee benefit programs nationwide. Through its expanding network of over 19 agencies and close partnerships with more than 250 insurance companies, Afore provides its clients with customized insurance solutions through their trusted local professional agents. As one of the fastest-growing independent insurance agency partnerships in the country, the company is dedicated to offering its partner agencies the benefit of scale, deeper resources, and capital to help them achieve new levels of growth and profitability. Afore’s acquisition model is founded on preserving the independence and local identity of its agency partners.
This financial promotion is issued by Crestline Management, LP and Crestline Europe, LLP (together "Crestline"). Crestline Europe, LLP is authorized and regulated by the Financial Conduct Authority (FCA). The material is not intended to be a formal research report and nothing in this presentation should be interpreted to state or imply that past results are an indication of future performance. Any opinions expressed herein are our current opinions only. There can be no assurance or guarantee that Crestline's investment strategy will achieve its stated goal. All information provided in this presentation is for informational purposes only Crestline accepts no liability for loss arising from the use of this material. In the United Kingdom, this communication is being made only to, or directed only at, persons who are: (i) investment professionals within the meaning of Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (“FP Order”); (ii) high net worth companies and certain other entities falling within Article 49 of the FP Order; or (iii) any other persons to whom such communication may lawfully be made. It must not be acted, or relied, upon by any other persons.
