BRP Group, Inc. (“BRP Group” or the “Company”) (NASDAQ: BRP), an
independent insurance distribution firm delivering tailored
insurance solutions, today announced that Baldwin Krystyn Sherman
Partners, LLC (“BKS Partners”) and Millennial Specialty Insurance,
LLC (“MSI”), each an indirect subsidiary of BRP Group, have entered
into an agreement to acquire substantially all assets of RogersGray
Inc., Breakwater Brokerage, LLC (“Breakwater”) and Monomoy
Insurance Group, LLC (“Monomoy”) (collectively, “RogersGray”), a
South Dennis, Massachusetts-based provider of commercial lines,
personal lines and employee benefits insurance services to large
and mid-sized companies and individuals. With annual revenue of
approximately $38.8 million1, RogersGray (#84 in Insurance
Journal’s “Top 100” list of independent property/casualty agencies)
represents BRP Group’s largest announced Partnership in 2021 and
fourth “Top 100” Partnership since the beginning of the fourth
quarter of 2020. RogersGray President and Chief Executive Officer,
David Robinson, and RogersGray Chairman, Michael Robinson, will
serve as Co-Regional Presidents of the New England Region within
BRP Group’s middle-market operating group.
The Partnership, BRP Group’s nomenclature for a
strategic acquisition, is expected to close July 1, 2021, subject
to certain closing conditions.
Over its history, RogersGray has delivered an
impressive track record of revenue growth. This Partnership, which
brings with it approximately 220 colleagues, enhances and further
expands BRP Group’s geographic reach in key markets and industries.
RogersGray provides risk solutions to commercial clients across a
broad range of industries, with particular strengths in Real Estate
and Construction & Utilities, and brings to BRP Group an
attractive coastal personal lines footprint.
“RogersGray is one of the top independent firms
in the Northeast, featuring a history of growth and an exceptional
group of talent led by an accomplished management team buying into
BRP Group’s long-term vision. RogersGray will significantly bolster
our geographic footprint and product offerings in New England and
the broader Northeast region, and we are particularly excited about
adding Monomoy to our MGA of the Future platform,” said Trevor
Baldwin, Chief Executive Officer of BRP Group. “David, Michael and
their incredibly talented team have prioritized client service
above all else, while also fostering a dynamic colleague-centric
culture that is clearly aligned with what we are building at BRP
Group, and we are thrilled to welcome the RogersGray team to the
BRP family.”
“We’ve built a tremendously successful business,
and we believe joining the BRP Group team presents a meaningful
opportunity to take our growth to the next level. This is a natural
next step for our stakeholders, and we expect the combination will
create considerable value over the long term,” said Dave Robinson,
President and Chief Executive Officer of RogersGray. “By partnering
with BRP Group, we look forward to providing our clients with the
level of service they are accustomed to while providing additional
tools, resources and capabilities gained by coming on board to the
BRP platform.”
“We are thrilled to be joining the BRP Group
team and believe the Partnership aligns us with a Partner who
shares and supports our long-term goals and vision,” said Michael
Robinson, Chairman of RogersGray. “We are truly proud of our team’s
collective accomplishments, and as we join the BRP Group family, we
could not be more excited to take RogersGray to the next level for
our clients and colleagues who will ultimately benefit from our
combined scale and capabilities.”
MarshBerry acted as exclusive financial advisor
to RogersGray in the transaction.
WEBCAST AND CONFERENCE CALL
INFORMATION
BRP Group will host a webcast and conference
call to discuss the RogersGray Partnership on Tuesday, June 15,
2021 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 Tuesday, June 29, 2021, by telephone at (844)
512-2921 (toll-free) or (412) 317-6671 (international), passcode
13720515. 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 an 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 Group represents over 600,000 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 ROGERSGRAY, INC.
Headquartered in South Dennis, Massachusetts,
RogersGray’s dedicated insurance professionals help manage risk
through a consultative approach designed to protect personal
insurance, business insurance and employee benefits clientele.
Everything at RogersGray is governed by one simple principle: to do
the right thing for their people and their clients. The Firm prides
itself on its community involvement, family-like culture, employee
education and excellent client services.
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,
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 RELATIONSInvestor
Relations(813) 259-8032 | IR@baldwinriskpartners.com
PRESS
Bonnie Bishop, Executive DirectorBaldwin Risk
Partners(813) 906-2337 | bonnie.bishop@baldwinriskpartners.com
____________________1 Calculated as revenue attributable to
acquired business for the most recent trailing twelve-month period
prior to acquisition by BRP Group at the time the due diligence was
concluded based on a quality of earnings review and not an audit.
Excludes any unowned acquired revenue from acquisitions made by
such acquired business in the last twelve months prior to the
acquisition. 2 Based on a quality of earnings review and not an
audit.3 Represents the aggregate revenue of Partners acquired
during 2021, 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.
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