Private equity funds managed by Angelo Gordon have acquired Indianapolis-based insurance lender Oak Street Funding.
Terms of the deal were not disclosed.
“Oak Street is proud to partner with Angelo Gordon, a firm known for its high ethical standards as well as its deep and differentiated experience in specialty finance investing,” says Rick Dennen, Oak Street president and chief executive. “With this additional capital, we’ve strengthened our position as the top insurance lender and now have the ability to better serve our customers and actively expand our products and services into new areas.”
Founded in 2003, Oak Street pioneered commission-based commercial financing through lending and book acquisition. The firm serves insurance professionals, providing capital to insurance agents in order to expand their business and increase sales.
“Angelo Gordon specialises in identifying strong business models with infrastructure and management teams to support and develop growth opportunities,” says Art Peponis, co-head of private equity at Angelo Gordon. “We are excited to work with Rick and the management group at Oak Street. They have carved out a unique position in the insurance-lending industry and we believe the company is poised to continue its growth.”
