Mill Point-backed Franklin Madison acquires Bindable

Franklin Madison, a portfolio company of private equity firm Mill Point Capital, has signed a definitive agreement to acquire Bindable, the companies said. Bindable supplies alternative distribution technology, carrier connectivity and licensed white-label agency operations to insurers and brands. Terms were not disclosed.

Franklin Madison brings more than 3,500 financial institution and affinity partners, while Bindable adds its Insurance-as-a-Service platform and Policy Crusher CRM and rating tools. Bindable CEO Bill Suneson said the combination would let the business build on its existing model, and Franklin Madison CEO Andrea Heger said the deal adds technology and operational infrastructure to its distribution and marketing capabilities.

After closing, Bindable will keep offering its technology as a stand-alone SaaS product, while its white-label agency business will be folded into Franklin Madison's insurance distribution offering. Dowling Hales advised Bindable on the transaction.