Insurance broker and personal lines provider Confie completed the refinancing of a new $220 million credit facility led by Goldman Sachs and Barclays.

In addition to the refinancing, Confie has a $90 million revolving credit facility which is undrawn and will be used to finance future acquisitions and investments in the company.

Cesar Soriano, CEO of Confie, said, “The insurance sector remains highly fragmented and we are excited about the robust pipeline of high-quality acquisition targets we are currently evaluating. This new facility reduces our overall cost of capital and gives us the flexibility to better pursue those growth opportunities, expand our markets, provide excellent services for new and existing customers, as well as make ongoing investment in our internal operations that will drive further organic growth.”

In less than 10 years since its founding in 2008, Confie has grown organically and through acquisitions to become the nation’s largest privately-held insurance brokerage. Confie has completed over 100 acquisitions since its inception and continues to integrate strong regional partners into its model. It is a portfolio company of Abry Partners, a private equity firm with deep insurance services sector expertise.

“Abry is investing additional capital, highlighting our long-term commitment to the Confie team, and reducing Confie’s long-term debt leverage ratio,” said Tomer Yosef-Or, partner at Abry. “This new and expanded capital structure is highly flexible as we grow Confie’s business over the next several years. The credit agreement is beneficial from an operations perspective, allowing us to reduce cash interest expense by over 20% and invest in Confie’s future. We are excited about our increased exposure to Confie and support management’s vision for growth as we pursue additional acquisition and related strategic initiatives that will continue to provide a bright future for Confie.”

The debt financing was funded by both new and existing lenders and was well oversubscribed. The level of interest indicates Confie has an attractive, diversified and stable business model.

In connection with the refinancing, the corporate family rating of Confie has been updated from Caa1 to B3 by Moody’s and from CCC to B- by S&P.