- Lamp Post will remain an investor in Reliance
- K&L Gates served as legal advisor to Carousel and Bradley served as legal advisor to Reliance
- Based in Charlotte, North Carolina, Carousel Capital invests in companies located in the Southeastern US
Carousel Capital has made an investment in Reliance Partners, a Chattanooga, Tennessee-based Reliance Partners, a commercial insurance broker serving the transportation industry. No financial terms were disclosed.
Carousel teamed up with Reliance management and Lamp Post Group to recapitalize the company. Lamp Post Group, a Chattanooga-based venture incubator, invested in Reliance Partners prior to Carousel’s investment and will continue as an investor.
Reliance was founded in 2009.
“We were drawn to this partnership due to the strength of the team, their unparalleled track record of organic growth, differentiated sales strategy, and customer-centric focus. Reliance is the leading domain expert in transportation risk management in the U.S., and is uniquely positioned within a very large and fragmented market. We are thrilled to partner with management and help the Company accelerate and achieve its growth objectives,” said Al Welch, a partner at Carousel Capital, in a statement.
The partnership was funded with equity from Carousel Capital’s sixth fund. Senior debt financing was provided by Apogem Capital. K&L Gates served as legal advisor to Carousel and Bradley served as legal advisor to Reliance.
Based in Charlotte, North Carolina, Carousel Capital invests in companies located in the Southeastern U.S. Since its inception in 1996, Carousel has invested in 49 companies primarily in three targeted growth sectors: business services; consumer services; and healthcare services.