Carousel Capital, a Charlotte-based private investment firm, has partnered with Lamp Post Group and the management team with Reliance Partners, a commercial insurance broker for the transportation industry, to recapitalize Reliance. The partnership comes from Carousel’s sixth fund.

Reliance is an organically growing commercial insurance broker with nearly $500 million in gross written premiums. The firm focuses on commercial transportation risk management services. Reliance offers a full suite of insurance services to over 8,000 truck fleets and freight brokerage customers.

“We were drawn to this partnership due to the strength of the team, their unparalleled track record of organic growth, differentiated sales strategy, and customer-centric focus,” said Al Welch, partner at Carousel Capital. “Reliance is the leading domain expert in transportation risk management in the U.S., and is uniquely positioned within a very large and fragmented market. We are thrilled to partner with management and help the Company accelerate and achieve its growth objectives.”

Senior debt financing was provided by Apogem Capital. K&L Gates served as legal advisor to Carousel and Bradley served as legal advisor to Reliance.