Kian Capital Transaction Announcement – Worldwide Insurance Network, Inc.
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.”
About Smart Choice
Founded in 1994 in High Point, North Carolina, Smart Choice is a leading insurance distribution company with a network of over 3,800 insurance agents across more than 40 states. The Company connects its independent agent network with over 80 insurance carriers, providing access to top-rated markets, product training, and sales and marketing support not typically available to smaller independent agencies.
About Kian Capital Partners
Kian Capital, with offices in Charlotte, NC and Atlanta, GA, is a licensed Small Business Investment Company (“SBIC”) with approximately $150 million of capital under management. The firm makes debt and equity co-investments in leading lower middle-market companies across a broad range of industries. We typically provide between $5 million and $15 million of capital in support of buyouts, recapitalizations and growth financings. We seek to partner with business owners, independent sponsors and private equity firms that are committed to increasing the enterprise value of their businesses.
For more information, please contact Kevin McCarthy or Matt Levenson or visit our web site at www.kiancapital.com.