US-based private investment firm Ambina Partners has sold its interests in PHP Agency to Integrity Marketing Group.

Financial terms of the deal were not disclosed.

Founded in 2009, PHP is a life insurance Field Marketing Organisation (FMO) focused that caters to the diverse middle-class market with a focus on the Hispanic-American community.

The firm partners with insurance and annuity carriers and provides opportunities to those seeking careers as life insurance agents.

Ambina invested in PHP in 2017, becoming the first institutional investor to provide the firm with growth capital.

Since then, Ambina was closely working with PHP management to build out corporate infrastructure, hire executive and operational talent, and upgrade the company’s IT stack.

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PHP, which claims to have tripled its revenue since 2017, currently has over 170 offices across the country.

Commenting on the development, PHP founder and CEO Patrick Bet-David said: “Ambina has been an instrumental partner in driving the growth and success of our company over the past five years.

“In addition to providing financial support, Ambina helped us with critical decisions as we built the team and infrastructure necessary to effectively carry out our mission to increase diversity in life insurance, while helping families secure better financial futures.”

Ambina Partners chairman Greg Share said: “It’s been a privilege to partner with PHP and its leader, Patrick Bet-David, who is an extraordinary entrepreneur.

“The company’s tremendous growth over our investment period is a testament to our collaborative partnership and Patrick and his team’s passion for providing exceptional service to agents and families.”