It was an orange-letter day in Lindon on Wednesday. Trucordia, a top 20 U.S. insurance brokerage and one of the fastest-growing companies in Utah, gathered with the business community, former Governor Gary Herbert and local university mascots to announce the reception of a strategic investment of $1.3 billion from global investment firm Carlyle’s Global Credit platform.

The transaction reduces Trucordia’s leverage and simplifies its governance structure by repurchasing units from existing minority investors. This investment will also empower Trucordia to continue to drive acquisitions in the state and outside.

“As we’re now in the public markets, we can have something that scales with us as we continue to grow,” said Trucordia CEO Felix Morgan. “What I hope this means is that we can continue to be an economic engine and a staple in the community. This is our home. This is what we want to invest in and continue to grow and develop.”

Trucordia employs 200 at its Lindon headquarters, but across all of Utah, the company claims 25 offices with about 800 total employees. Trucordia plans to increase the number of Utah employees to 1,000 by the end of the year.

“As part of Utah Valley BusinessQ Magazine, we name Utah Valley’s top 50 businesses, and one of those categories is Economic Engines,” said Jeanette Bennett, CEO of Colliers and founder/CEO of Utah Valley BusinessQ Magazine. “Trucordia was the clear winner to be named our No. 1 2024 Economic Engine. We love companies that employ our people, that grow footprints in Utah and that put us on the map in amazing, beautiful and orange ways.”

The $1.3 billion transaction from The Carlyle Group, which is expected to close this month and values Trucordia at $5.7 billion, provides the company with long-term financial flexibility to pursue a variety of strategic outcomes.

“We are excited to strengthen our partnership with Trucordia as the organization continues to deliver an industry-leading client experience while pursuing scalable growth,” Gary Jacovino, partner on Carlyle’s Credit Opportunities team. “We value building lasting partnerships with industry-leading management teams and support their vision for sustained success.”

As Utah continues to grow, Trucordia plays a major role in bolstering its economic standing.