New York-based Thayer Street Partners, a private investment firm focused on the financial services, business services and real estate services sectors, recently invested in Lancaster-based Union Bay Risk Advisors, an independent property and casualty insurance brokerage serving retail and commercial clients.
“Having closely tracked the company’s progress, we were able to design a capital solution that aligns directly with its acquisition-led growth strategy,” Josh Koplewicz, Thayer Street Partners managing partner and founder, said. “We look forward to supporting the team as they execute their next phase of growth.”
Union Bay will use the funding to fully repay its credit facility, enhance its operational infrastructure and scale its mergers and acquisitions activities. The company’s goal is to build a Top 100 national insurance brokerage platform through organic growth and targeted acquisitions across key regional markets.
“Union Bay was founded to provide straightforward, client-focused insurance advice and solutions,” Patrick Sullivan, Union Bay Risk Advisors co-founder and president, said. “With Thayer Street’s investment, we’ve strengthened our balance sheet and positioned ourselves to pursue additional acquisitions that expand our reach and enhance the services we deliver to our clients.”
Union Bay Risk Advisors handles clients in the Northeast and Midwest. The company recently expanded its footprint to seven states after completing its 17th acquisition.