Sep 05, 2014
Kian Capital (“Kian”) is pleased to announce the closing of the first investment in its inaugural fund. Kian partnered with the management team of Worldwide Insurance Network, Inc. (d/b/a Smart Choice) to invest $7 million of subordinated debt with warrants. The Kian investment was used to support the Company’s growth initiatives and to provide liquidity for existing shareholders.
“Kian’s partnership approach was a good fit for Smart Choice. This is an exciting time in our business and industry, and we are pleased to have Kian Capital as our partner as we move through the next phase of our growth,” said Doug Witcher, founder and CEO of Smart Choice.
“We are very excited to be partnering with Doug Witcher and the Smart Choice management team. We believe Smart Choice offers a unique value proposition to its network of independent insurance agents and its long-standing insurance carrier partners,” said Matt Levenson, Principal of Kian. Kevin McCarthy, Partner of Kian, added, “Our investment in Smart Choice is perfectly aligned with our strategy of investing in management-owned businesses that are well-positioned to take advantage of favorable industry trends.”
Kian’s partnership approach was a good fit for Smart Choice. This is an exciting time in our business and industry, and we are pleased to have Kian Capital as our partner as we move through the next phase of our growth.
Founder & CEO of Smart Choice
About Smart Choice
Smart Choice® is a network of over 7,600 independent agents and over 100 insurance carrier partners. Collectively the company’s agency partners represent more than $8 billion in written premium. Smart Choice® provides independent insurance agents with access to top-rated markets, product training and sales and marketing support — and has the only no-fee program of its kind. The company provides service from coast to coast, in 45 states, with access to personal, commercial, life and health markets and customized business solutions guaranteed to make agencies competitive within the marketplace.View Website