BRP Group Inc. subsidiary, Baldwin Krystyn Sherman Partners LLC (BKS Partners), has entered into an agreement to acquire all of the outstanding equity interests of Insgroup Inc. a Houston, Texas-based provider of commercial property/casualty insurance, employee benefits, private risk services and surety to middle-market companies and individuals.
With annual revenues of approximately $38.5 million, Insgroup represents the largest new partnership in BRP Group’s history. Insgroup President and Chief Executive Officer Brian Kapiloff will serve as a regional president within BRP Group’s middle market operating group.
With a strong track record of growth, including increasing 2019 revenue by 31% versus 2018, Insgroup brings to BRP Group approximately 160 colleagues across four offices in Houston, Dallas, Addison and Austin. Insgroup provides risk solutions to clients across a broad range of industries, with particular strengths in real estate, manufacturing, financial services, construction and development and professional and industrial services.
The partnership, BRP Group’s nomenclature for a strategic acquisition, is expected to close November 30, 2020, subject to certain closing conditions. BRP Group expects to fund the cash consideration payable at the closing from a portion of the net proceeds of BRP Group’s recently completed Term Loan B loan facility.
MarshBerry acted as exclusive financial advisor to Insgroup in the transaction.
Source: BRP Group
Topics Mergers & Acquisitions
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