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Frequent Senior Market Firm Buyer Gets More Cash

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A Dallas-based senior market products company that has been gobbling up smaller competitors says it now has a major new investor.

Managers of Integrity Marketing Group LLC say the firm has taken a “growth investment” from Harvest Partners. Harvest Partners is a midsize private equity firm based in New York.

(Related: Integrity Marketing Acquires Another Senior Products Distributor)

Integrity Marketing managers did not say how much cash Harvest Partners has put in, or how big of a stake the firm has acquired.

Another private equity firm, HGGC of Palo Alto, California, bought a stake in Integrity Marketing in 2016.

Integrity Marketing managers say that they, HGGC and other investors that came aboard before Harvest Partners continue to control a majority equity stake in Integrity Marketing.

Harvest Partners will be investing alongside HGGC, rather than buying HGGC out, according to Integrity Marketing’s managers.

Since HGGC invested in Integrity Marketing, Integrity Marketing has completed about 20 acquisitions

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When HGGC invested in Integrity Marketing, back in 2016, the companies said that Integrity Marketing had relationships with about 100,000 independent agents, and that HGGC had a total of about $2.4 billion in cumulative capital commitments.

Integrity Marketing says it now has 500 employees, 4 million clients, and relationships with 215,000 independent agents, and that those agents will help the company generate about $2 billion in new annualized premiums this year from the sale of life and health products to older consumers. The company says it believes it’s now the largest independent distributor of life and health products aimed at older consumers in the United States.

Steve Carlson, a Harvest Partners partner, said in a statement that he believes Integrity Marketing has developed a winning culture “based on a partnership-first mentality that ensures all stakeholders are aligned.”

“We’re proud to be part of their team and believe further investment in technology and talent will position the business to continue its impressive trajectory,” Carlson said.

Bryan Adams, co-founder and chief executive officer of Integrity Marketing, said in a statement that the company has experienced three years of organic and acquisitive expansion and expects to continue its pace of growth. He did not say whether he expects to see Integrity Marketing continue to buy other companies.

— Read Integrity Marketing Acquires Final Expense Life Distributoron ThinkAdvisor.

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