NEW YORK, Feb. 13, 2020 (GLOBE NEWSWIRE) -- Stonybrook Capital is pleased to announce the completion of a capital raise for a $45,000,000 senior secured credit facility for Cypress Group Holdings, Inc. (“Cypress”). Stonybrook Capital served as the exclusive financial advisor to Cypress on this transaction. This transaction underscores Stonybrook Capital’s deep domain expertise within both the property catastrophe and Florida markets. This transaction follows two successful capital raises for Florida homeowners insurers in the last 18 months.
Cypress Group Holdings, Inc. is the holding company for both Cypress Property and Casualty Insurance Company (“CPCIC”) and Cypress Texas Insurance Company (“CTIC”). CPCIC is the Cypress Florida platform, while CTIC exclusively provides insurance within the state of Texas. In 2014, the company was purchased by a group of investors led by seasoned reinsurance executives Joe King, Enda McDonnell and Adrian Ryan.
“The reduced interest expense from refinancing will free up cash flow, leaving Cypress well positioned to support future growth. We enjoyed working with the Cypress team and look forward to helping in future endeavors,” said Thomas Deane, Managing Director of Stonybrook Capital.
“We appreciate the value Stonybrook brought to this endeavor by way of their many and deep relationships among lenders and their professional execution of the process, including the creation of the pitch materials, the search for interested lenders, the management of the due diligence process, the negotiation of terms and the coordination of the closing. We are pleased with the deal we got done and know we could not have achieved it without Stonybrook's assistance,” said Joseph King, Co-CEO of Cypress.
Please view a detailed profile with more information on the transaction by clicking here
To learn more information on Stonybrook’s prior Florida debt capital raises, please see below:
Stonybrook advises on Heritage's debt capital raise
Stonybrook advises on Florida Peninsula's debt capital raise
About Stonybrook Capital
Stonybrook Capital is an investment banking and reinsurance broking firm located in New York City that focuses exclusively on the insurance industry.
Securities transactions are executed through Weild & Co., member FINRA | SIPC.
Corporate contact:
Thomas Deane
Managing Director & Partner
Tel: (203) 451-4916
thomas.deane@stonybrookcapital.com