Coming off a $525 million capital raise—the largest inaugural capital raise in Texas’ history—Braemont Capital is investing $125 million in Austin-based Incline P&C Group, an insurance program market services firm.
“Incline is a leading program carrier, and we are pleased to partner with Chris McClellan and the leadership team to help expand the platform and continue to be an innovator in the insurance industry,” Robert Covington, managing partner of Braemont Capital, said. “The company has experienced incredible growth in premium volume and program acquisition and through this investment, we are excited to join Incline on their mission to continue to be the premier insurance program market services firm.”
Founded in late 2015, Incline offers services including program management, risk management, underwriting, reinsurance expertise, and economic alignment. It expects to receive more than $1 billion of cumulative premium from its carriers in 2023. Incline’s current programs include private passenger auto, cargo, commercial auto, flood, homeowners, motorcycle, pet and workers’ compensation insurance.
Braemont Capital, which was founded in 2021 by former RedBird Capital partner Robert Covington, has put together a roster of executives who have invested more than $4 billion over their careers.
Additional financial terms of the deal were not disclosed.
Invited Invests $5 million to Upgrade Brookhaven Country Club
Dallas-based club operator Invited, formerly known as ClubCorp, will invest $5 million into upgrades at Brookhaven Country Club ahead of the 2023 USA Pickleball National Championships coming to the club. The tournament is expected to have an economic impact of $10 million on the region with attendance to reach a projected 25,000.
The investment will give the Farmers Branch club a racquet facility boasting 68 tennis, pickleball, and padel courts, including 28 permanent outdoor pickleball courts that will receive new surfaces, net systems, lighting, and more renovations.
Construction will be completed in October ahead of the 2023 competition, presented by the Professional Pickleball Association Tour, which kicks off November 5 with clinics and other activities. The event will last through the 12th, with official tournament play starting the 6th.
The club will host an expanded field of more than 4,000 amateur and professional players, a 50-percent increase from the tournament’s 2022 player count. The exact prize pool figure will be announced later this year, but it will exceed the 2022 amount of $150,000, the largest in the tournament’s history.
“We continue to see incredible growth in the game across our nationwide portfolio of clubs. Invited has made strategic and substantial investments in creating world-class pickleball facilities, capable of hosting the highest level of professional pickleball events, that our members will enjoy as well,” Invited CEO David Pillsbury said. “We’re looking forward to working with USA Pickleball, PPA, and our partners, creating an unforgettable sporting and entertainment experience for the city of Farmers Branch and thousands of fans.”
SMU Launches Cyber Autonomy Range Facility Supported by IBM
Southern Methodist University’s Darwin Deason Institute for Cyber Security is launching a cyber autonomy range facility supported by IBM, which is providing an in-kind contribution of software and support for the project valued at over $850,000.
The range will serve as a controlled and isolated technology environment that can simulate cyberattacks on real-world autonomous systems that take automatic actions based on received data. The institute is aiming that these simulated attacks will teach the systems how to thwart real ones.
“We are entering the autonomous age,” Mitch Thornton, executive director of the SMU Lyle School of Engineering’s Deason Institute, said. “It is changing our world in the same way that cell phones did. So, keeping the decision-supporting data that these systems depend on free of outside manipulation is very important.”
The range will be “scrubbable” so all equipment can be securely wiped of all data to remove malicious elements and protect customer data. It will also be reconfigurable to allow for environmental changes for each testing event.
Thornton expects phase one of the new range to be operational by this summer.
Mi Cocina Expands to McKinney, Brings 100 Jobs to Area
M Crowd Restaurant Group will open Mi Cocina’s newest location on June 26 in McKinney off Alma Road. It will mark the chain’s 23rd location across Texas and Oklahoma, and 32 years since the first ever location was opened in Dallas.
“Mi Cocina is a family first and foremost, and we’re proud to announce that our family keeps growing,” Edgar Guevara, President and CEO of M Crowd Restaurant Group, said. “This new McKinney location will offer another opportunity to cater to a beloved neighborhood, while also serving the community, initiatives that are central to our core mission and brand.”
The McKinney Mi Cocina will feature a contemporary design with 20-foot lighted, coffered ceilings. It will house a downstairs and upstairs bar overlooking the dining room and an outdoor greenspace. It will employ more than 100 people.