Celestite Holdings Recapitalization
Iroquois Capital Group is pleased to announce that Celestite Holdings, LLC has completed a leveraged recapitalization with funding provided by Cadence Bank. Iroquois Capital Group served as the exclusive financial advisor to Celestite Holdings in this transaction. The proceeds were used to repay existing indebtedness and to satisfy a debt guaranty obligation to Collateral Guaranty Partners. In advance of the transaction, Iroquois worked with Celestite management to reorganize the business and to evaluate the Company’s strategic alternatives.
About Celestite Holdings:
Celestite Holdings, LLC (“Celestite” or the “Company”) is the holding company for multiple non-standard auto managing general agencies (“MGAs”) and programs operating in Texas and Georgia. The Company’s primary program, Aggressive Insurance Services, LLC (“Aggressive”), began writing non-standard auto policies in 2007 in Texas. Other programs have been added over time to capture additional market share in Texas and expand distribution beyond Texas (Georgia in 2009). The Company currently operates four non-standard auto programs/brands, a motorcycle program and an E&O program for its retail agents.