BRP Group’s BKS Partners to Acquire Houston’s Insgroup
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
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