Westland Insurance Group has entered into a new partnership with the asset management firm Blackstone Credit.
Through the partnership, Westland has refinanced its existing debt with a new long-term debt financing led by Blackstone. The new financing includes a committed and undrawn debt facility for acquisitions.
The transaction closed January 05, 2021. Terms of the transaction were not disclosed.
“We are very excited to be partnering with Blackstone Credit,” said Westland Insurance president and COO Jamie Lyons. “Through this partnership, we are extremely well-positioned to accelerate our organic and inorganic growth strategy and to accomplish our goal of becoming Canada's leading insurance brokerage.”
Lyons added that the partnership with Blackstone allows Westland to continue to invest in its employees, communities, and product offerings while remaining a “family-owned, independent, and proudly Canadian company.''
Westland’s refinancing deal follows the broker’s two latest acquisitions. Earlier this month, the broker announced that it had acquired Daysland Insurance, an Alberta-based independent broker that offers commercial, auto, residential, farm, travel, and recreation insurance. Westland had also closed its acquisition of Storm Insurance Group this month – a move that grants Westland its first offices in Nova Scotia and Quebec.