BRP Group, Inc. (“BRP Group” or the “Company”) (NASDAQ: BRP), a
rapidly growing independent insurance distribution firm delivering
tailored insurance solutions, today announced that the Company has
acquired all of the outstanding equity interests of Armfield,
Harrison & Thomas, Inc. (which will be converted
post-acquisition to a limited liability company with the name
Armfield, Harrison & Thomas, LLC (“AHT”)), a brokerage and
consulting firm offering property and casualty, employee benefits,
retirement, personal and international services for a wide range of
industries. The Company will own and operate AHT through its
middle-market subsidiary and operating group.
With annual revenues generated of approximately $52.31 million,
excluding $5.53 million of pro forma annualized revenues
associated with acquisitions recently completed by AHT, AHT (#65 in
Business Insurance’s “Top 100” list of largest U.S. brokers)
represents the largest new Partnership in BRP Group’s history and
marks the second “Top 100” partnership closed in the fourth quarter
of 2020. AHT’s President and Chief Executive Officer David Schaefer
will serve as a Regional President within BRP Group’s middle-market
operating group.
With major offices in the Seattle, Washington D.C., New York and
Boston metropolitan areas, AHT brings to BRP Group immediate
middle-market scale in the Pacific Northwest, Mid-Atlantic, and
Northeast regions. AHT also brings deep specialization and
expertise across a number of high-growth industry verticals,
including Technology, Not-For-Profit, Life Sciences &
Healthcare, Manufacturing and Construction, among others.
“Partnering with AHT is exciting for BRP Group and dovetails
with our long-term strategy of both rapid organic and Partnership
growth. We expect the addition of AHT – one of the top independent
middle-market firms in the country with an amazing roster of talent
– to further accelerate our growth trajectory and provide us with
immediate scale in new geographies,” said Trevor Baldwin, Chief
Executive Officer of BRP Group. “AHT’s depth of expertise and
industry focus are clear complements to our ongoing specialization
efforts in middle-market, and the leadership team at AHT is aligned
with our culture and ensuring that our clients always come first.
We’re thrilled to welcome the AHT team to the BRP family, and with
their addition, we have taken a major step toward further growing
our platform across the U.S.”
“We’ve built a successful business, and developed a sterling
reputation thanks to our resolute focus on client-centric
solutions. We believe joining the BRP Group team presents a
meaningful opportunity to take our growth to the next level, and we
expect the combination will create considerable value long term,”
said David Schaefer, President and Chief Executive Officer of AHT.
“By joining BRP Group, we will provide our clients and talent with
significant new benefits from the wealth of tools and capabilities
gained by coming on board the BRP platform. We are looking forward
to a smooth transition, while providing our clients with the same
level of service to which they are accustomed.”
Reagan Consulting, Inc. and its wholly-owned subsidiary, Reagan
Securities, Inc. acted as financial advisor to AHT in the
transaction.
WEBCAST AND CONFERENCE CALL INFORMATION
BRP Group will host a webcast and conference call to discuss the
AHT Partnership on Wednesday, December 2, 2020 at 8:30 AM ET. A
live webcast and a slide presentation will be available on BRP
Group’s investor relations website at ir.baldwinriskpartners.com.
The dial-in number for the conference call is (877) 451-6152
(toll-free) or (201) 389-0879 (international). Please dial the
number 10 minutes prior to the scheduled start time.
A replay will be available following the end of the call through
Wednesday, December 16, 2020, by telephone at (844) 512-2921
(toll-free) or (412) 317-6671 (international), passcode 13713650. A
webcast replay of the call will be available at
ir.baldwinriskpartners.com for one year following the
call.
ABOUT BRP GROUP, INC.
BRP Group, Inc. (NASDAQ: BRP) is a rapidly growing independent
insurance distribution firm delivering tailored insurance and risk
management insights and solutions that give our clients the peace
of mind to pursue their purpose, passion and dreams. We are
innovating the industry by taking a holistic and tailored approach
to risk management, insurance and employee benefits, and support
our clients, Colleagues, Insurance Company Partners and communities
through the deployment of vanguard resources and capital to drive
our growth. BRP represents over 500,000 clients across the United
States and internationally. For more information, please visit
www.baldwinriskpartners.com.
ABOUT ARMFIELD, HARRISON & THOMAS,
INC.
AHT is a brokerage and consulting firm offering property and
casualty, employee benefits, retirement, personal and international
services for a wide range of industries – boasting national
recognition for our specialty practices in areas including
Technology, Life Sciences, Manufacturing, Government Contracting,
International Development Organizations, Management Liability and
Nonprofits. For more information about AHT, please visit
https://www.ahtins.com/.
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release may contain various “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, which represent BRP Group’s expectations or
beliefs concerning future events. Forward-looking statements are
statements other than historical facts and may include statements
that address future operating, financial or business performance or
BRP Group’s strategies or expectations, including about this
Partnership. In some cases, you can identify these statements by
forward-looking words such as “may”, “might”, “will”, “should”,
“expects”, “plans”, “anticipates”, “believes”, “estimates”,
“predicts”, “projects”, “potential”, “outlook” or “continue”, or
the negative of these terms or other comparable terminology.
Forward-looking statements are based on management’s current
expectations and beliefs and involve significant risks and
uncertainties that could cause actual results, developments and
business decisions to differ materially from those contemplated by
these statements.
Factors that could cause actual results or performance to differ
from the expectations expressed or implied in such forward-looking
statements include, but are not limited to, those described under
the caption “Risk Factors” in BRP Group’s Annual Report on Form
10-K for the year ended December 31, 2019, BRP Group’s
Quarterly Report on Form 10-Q for the three months ended March 31,
2020, and BRP Group’s other filings with the SEC, which are
available free of charge on the Securities and Exchange
Commission's website at: www.sec.gov, including those risks and
other factors relevant to BRP Group’s integration of this
Partnership, matters assessed in BRP Group’s due diligence, risks
related to the disruption of management time from ongoing business
operations due to this Partnership, the business, financial
condition and results of operations of BRP Group or this Partner,
or both, and factors related to the potential effects of the
COVID-19 pandemic on BRP Group’s business, financial condition and
results of operations. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those indicated.
All forward-looking statements and all subsequent written and oral
forward-looking statements attributable to BRP Group or to persons
acting on behalf of BRP Group are expressly qualified in their
entirety by reference to these risks and uncertainties. You should
not place undue reliance on forward-looking statements.
Forward-looking statements speak only as of the date they are made,
and BRP Group does not undertake any obligation to update them in
light of new information, future developments or otherwise, except
as may be required under applicable law.
CONTACTS
INVESTOR RELATIONS
Investor Relations
(813) 259-8032 | IR@baldwinriskpartners.com
PRESS
Rachel Carr, Marketing Director
Baldwin Risk Partners
(813) 418-5166 | Rachel.Carr@baldwinriskpartners.com
1 Calculated as revenue attributable to the acquired business
for the most recent twelve-month period prior to acquisition by BRP
Group based on Quality of Earnings Review. Excludes any unowned
acquired revenue from acquisitions made by such acquired business
in the last twelve months prior to the acquisition.2 Represents the
aggregate revenues of Partners acquired during 2020, for the most
recent trailing twelve-month period prior to acquisition by BRP
Group, in each case, at the time the due diligence was concluded
based on a Quality of Earnings Review and not an audit.3 Based on
Quality of Earnings Review
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