Steward Partners, a full-service, employee-owned, independent financial services firm, completed the refinancing and expansion of its senior credit facility. The facility will support additional recruiting, acquisitions and other critical growth initiatives. The new facility is led by Blackstone Credit & Insurance, with participation from new lenders including MidCap Financial, Morgan Stanley and Blue Owl Capital, alongside existing lenders Ares Credit funds and Audax Group.
“This expansion of our credit facility is a direct reflection of the momentum we’ve built as a firm and gives us the capital foundation to keep building on the advancements we’ve created over the past several years,” Jim Gold, CEO of Steward Partners, said. “We’ve seen incredible growth, not just in the number of advisors and teams joining our platform, but in the caliber of talent choosing Steward Partners because of how we’ve built our business. With this additional capacity, we’re well positioned to be even more aggressive in pursuing the right acquisitions and recruiting opportunities.”
Hy Saporta, president of Steward Partners, added, “Since putting our initial credit facility in place four years ago, we have grown AUA from $24 billion to $57 billion. Steward’s growth trajectory and strong track record of successful acquisitions and recruiting was critical to attracting an expanded lending group that supports Steward’s vision and business model. We’re grateful to our entire lending group for providing us with the growth capacity to continue expanding our aligned employee model which is unique in the industry.”
