XPT Group LLC secured $40 million in financing from Madison Capital Funding LLC, according to B.P. Marsh & Partners PLC.
As part of the transaction, Madison will take an equity interest in the business, which values XPT at about $54 million.
XPT will draw down $18 million to fund its acquisition of Clovis, Calif.-based Sierra Specialty Insurance Services Inc. and repay an existing debt facility. The remaining $22 million finance facility will be in place to support the company's growth.
Sierra Specialty is a managing general agency and wholesale insurance broker. Following the acquisition, Sierra Specialty President Kathy Schroeder and COO Mark Schroeder will remain with the company.
B.P. Marsh's stake in XPT will reduce to about 32.2% following the financing and the Sierra Specialty acquisition.
