July 31, 2015
Croft & Bender Serves as Financial Advisor to Sunstar Insurance Group on its Recapitalization by LNC Partners
Croft & Bender, an Atlanta-based investment banking and private equity firm, is pleased to announce the successful completion of a round of financing for Sunstar Insurance Group ("Sunstar") by LNC Partners ("LNC").
Sunstar raised equity and senior debt to support its acquisition of W.E. Walker-Lakenan, LLC. LNC also committed substantial additional capital to support Sunstar’s ongoing acquisition strategy.
Sunstar, based in Memphis, TN, is a regional insurance broker with offices across four states in the Southeast and Midwest, serving its clients with a full range of commercial property and casualty, benefits, and personal insurance products.
Led by CEO and founder Casey Bowlin, Sunstar’s executive team has built a differentiated agency platform that is positioned for continued growth. W.E. Walker-Lakenan is the sixth acquisition completed by Sunstar in the past three years.
“Croft & Bender monitored our progress and growth to determine the optimal time to pursue a financial partner. They identified investors who know our industry and could help accelerate our growth. We now have a substantial capital base and value-added partner in place and are positioned to accelerate our growth,” said Casey Bowlin.
“Sunstar is a valuable platform which offers an attractive opportunity for small agency owners. It has a proven management team and a successful, highly focused strategy. LNC was able to provide a customized deal structure which perfectly fit Sunstar’s needs. I have no doubt that they will be highly successful together,” said Ted Bender, Managing Director of Croft & Bender.