Integrity Marketing Group Triples Revenue and EBITDA in Two Years since HGGC Investment
Leader in Senior Market Insurance Products on Pace to Triple Again in Next 24 Months
PALO ALTO, Calif. and DALLAS, June 5, 2018 /PRNewswire/ — HGGC, a leading middle-market private equity firm, today announced the successful execution of its growth strategy for Integrity Marketing Group, (“Integrity”), which has resulted in a tripling of annual revenues and EBITDA, as well as a doubling of headcount since HGGC’s initial investment in July 2016. Through organic growth and 12 add-on acquisitions, HGGC has collaborated with Integrity to achieve nationwide scale and become the preferred partner for insurance carriers in the senior market.
“With the capital, operational expertise and commitment to building a world-class platform from HGGC, we’ve built out a terrific team and invested in enterprise technology infrastructure that allows us to better serve our robust national network that now reaches over 130,000 independent agents and produces around $850 million in annualized premiums,” said Bryan W. Adams, Co-Founder and CEO of Integrity. “We are the largest distributor of products to the senior market, covering everything from Medicare Supplement and Long-Term Care to Final Expense through our partner businesses.”
HGGC’s investment has also helped Dallas-based Integrity build out its team with the additions of a new CFO and Vice Presidents of Operations, IT, and Business Development. Strengthening the management team was critical to the successful integration of the acquisitions, the most recent of which, Agent Service Connection, was completed today.
“We’re extremely proud that we have helped Bryan and his team enhance their operations while growing at such an impressive rate,” said Steve Young, HGGC Co-Founder and Managing Director, and Chairman of the Board of Integrity. “We have worked with Integrity on everything from finding a new headquarters to consolidating back-office functions into a shared services team that can execute much more efficiently for all businesses across the platform. As a result, the business is running better than ever, and more and more agencies serving the senior market are calling us and asking to become a part of Integrity.”
Owners of the 12 businesses Integrity has acquired continue to run their businesses while becoming equity Partners in Integrity.
“It is exciting to be part of the Integrity platform and to partner with other like-minded business owners who want to continue the important work they are doing,” said Mike White, Managing Partner at Integrity and founder of AIMC, which Integrity acquired in May 2017. “It is amazing how many business owners in my network have reached out to me about selling their businesses to Integrity. This shows me that Bryan, HGGC and the Partners are building something very special.”
“It has been great to work with the team at Integrity,” said John Block, HGGC Principal. “After what we have accomplished over the past two years, we see no reason why we can’t once again triple the size of the business in the next two years.”
HGGC is a leading middle-market private equity firm with $4.3 billion in cumulative capital commitments. Based in Palo Alto, Calif., HGGC is distinguished by its “Advantaged Investing” approach that enables the firm to source and acquire scalable businesses at attractive multiples through partnerships with management teams, founders and sponsors who reinvest alongside HGGC, creating a strong alignment of interests. Over its history, HGGC has completed over 90 platform investments, add-on acquisitions, recapitalizations and liquidity events with an aggregate transaction value of more than $17 billion. More information is available at www.hggc.com.
About Integrity Marketing Group
Integrity Marketing Group, headquartered in Dallas, Texas, is the nation’s leading independent distributor of life and health insurance products focused on serving the senior market. Integrity develops and distributes life and health insurance products with insurance carrier partners and markets these products through its distribution network, which includes other large insurance agencies located throughout the country that has over 130,000 independent agents. Integrity serves over one million clients with over 350 employees. In 2018, Integrity will help insurance carriers place over $850 million in new premium. More information is available at: www.IntegrityMarketing.com.