BRP Group, Inc. (“BRP Group” or the “Company”) (NASDAQ: BRP),
a rapidly growing independent insurance distribution firm
delivering tailored insurance solutions, today announced that
Baldwin Krystyn Sherman Partners, LLC (“BKS-Partners”), the
middle-market indirect subsidiary of BRP Group, has entered into an
agreement to acquire all of the outstanding equity interests of
Burnham Benefits Insurance Services, Inc. (“BBIS”) and Burnham
Gibson Wealth Advisors, Inc. (“BGWA”) (collectively, “Burnham”).
Based in Irvine, California, Burnham is a full-service provider of
employee benefits consulting, retirement consulting, wealth
management and insurance brokerage services to mid-size and large
enterprises. With annual revenues of approximately $52.61 million,
Burnham (#79 in Business Insurance’s “Top 100” list of largest U.S.
brokers) represents one of the largest Partnerships in BRP Group’s
history. Burnham President and CEO, Kristen Allison, and BGWA
President, Darin Gibson, will serve as Regional President and
Managing Partner, respectively, within BRP Group’s middle-market
operating group.
Over its 25-year history, Burnham has delivered
an impressive track record of revenue growth. This Partnership,
which brings with it approximately 130 colleagues, marks BRP
Group’s entrance into some of the largest MSAs in California,
including Los Angeles, Orange County and Sacramento, and further
expands the Company’s presence in the San Francisco area. Burnham
provides a full scope of strategic and tactical solutions centered
around a client-first consulting approach. Burnham has cultivated a
large and broad spectrum of clients including some of the most
respected Consumer, Technology, Health Care, Non-Profit,
Professional and Financial Services companies. Burnham has also
become a leader in the Public Sector, with clients ranging from
K-12 Schools and Community Colleges to Cities, Counties and Special
Districts.
The Partnership, BRP Group’s nomenclature for a
strategic acquisition, is expected to close December 31, 2020,
subject to certain closing conditions.
“We have made major strides in expanding our
middle-market segment’s capabilities and reach, and partnering with
Burnham is a fantastic addition to an incredible 2020 for BRP
Group,” said Trevor Baldwin, CEO of BRP Group. “Burnham has
delivered impressive growth through its breadth of resources and
unparalleled client service, and it will become a vital part of our
middle-market organization, further expanding our footprint to some
of the largest markets in the U.S. Kristen and her talented team
prioritize client service above all else, while nurturing a
socially-responsible and accountable culture that is in sync with
what we have built at BRP. BGWA, totaling nearly $2.5 billion in
AUM4, offers tremendous scale in a highly complementary and
synergistic business line in which we are excited to continue our
investment and growth. Burnham’s commitment to building culture is
evidenced by their recently being named #1 in Business Insurance’s
list of “2020 Best Places to Work in Insurance.” We’re proud and
excited to have Burnham join the BRP family as we continue to
rapidly expand throughout the U.S.”
“We work and think differently at Burnham, which
is why we have been able to so successfully and rapidly grow our
business,” said Kristen Allison, President and CEO of Burnham. “Our
world-class team of experts utilizes a data science-centric
approach to provide customized employee benefit and retirement
solutions for our clients, and our level of service is unmatched in
the industry, adding value to our clients every day. Partnering
with BRP Group is a clear, cultural match; the innovative platform
of capabilities, client-first approach and opportunities available
to our team, particularly in the areas of commercial risk
management, made combining our firms the obvious choice. We could
not be more excited to take Burnham to the next level for our
clients and colleagues who will be the ultimate beneficiaries of
our combined scale and capabilities.”
MarshBerry acted as exclusive financial advisor to Burnham in
the transaction.
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. Learn
more about BKS Partners at www.bks-partners.com
ABOUT BURNHAM BENEFITS
INSURANCE SERVICES, INC.
Burnham Benefits Insurance Services, Inc. is a
full-service strategic employee benefits consulting, and brokerage
firm based in Irvine, California, with eight offices offering
comprehensive client-first strategic solutions. Burnham has
cultivated a unique culture that allows its leadership to easily
adapt and create customized programs that fit clients' best
interests – investing in cutting-edge technology, and the tools and
resources needed to provide the specialized level of service that
today's rapidly changing business climate demands. Burnham’s cadre
of highly skilled industry professionals and strategic partnerships
provide unmatched personal service. Property and Casualty
consulting services are offered through Burnham Risk and Insurance
Solutions, LLC. Burnham holds national recognition as one of the
Best Places to Work in Insurance by Business Insurance magazine for
the seventh year and counting, and over the last decade
consistently ranks as one of the Best Places to Work by the Orange
County Business Journal, North Bay Business Journal, and Los
Angeles Business Journal. For more information, visit
www.BurnhamBenefits.com
ABOUT BURNHAM GIBSON WEALTH ADVISORS,
INC.
Burnham Gibson Wealth Advisors, Inc. is an
independent registered investment adviser based in Irvine,
California offering comprehensive wealth management and corporate
retirement consulting solutions to help clients with their
financial goals and the needs of their workforce. With diverse
experience and advanced technology, Burnham Gibson takes a
client-first approach in helping corporate and individual clients
accumulate wealth, manage risk and plan for the future. For more
information, visit www.burnhamgibson.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 those 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 Reports 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 completion and
integration of this Partnership, matters assessed in BRP Group’s
due diligence, the occurrence of any event, change or other
circumstances that could give rise to the termination of the
definitive agreements, the risk that necessary regulatory approvals
may not be obtained or may be obtained subject to conditions that
are not anticipated, the risk that this Partnership will not be
consummated in a timely manner, 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 YoY growth as
of the most recent twelve-month period prior to acquisition by BRP
Group based on Quality of Earnings Review.3 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.4 Burnham
Gibson Wealth Advisors, Inc. 2020 Form ADV.
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