BRP Group, Inc. (“BRP Group” or the “Company”) (NASDAQ: BRP), an
independent insurance distribution firm delivering tailored
insurance solutions, through its indirect subsidiaries, today has
entered into an agreement to acquire substantially all assets of
TCG Financial Holding Company, LLC and certain of its subsidiaries
(collectively, operating as “The Capital Group”), a Bethesda,
Maryland-based provider of employee benefits consulting, retirement
consulting, wealth management and commercial lines insurance
brokerage services to small and mid-sized companies and
individuals. The Partnership, BRP Group’s nomenclature for a
strategic acquisition, is expected to close on or around August 1,
2021, subject to certain closing conditions.
Over its history, The Capital Group has
delivered an impressive track record of revenue growth by offering
clients a true “one-stop-shop” platform to meet their short and
long-term insurance, employee benefits and financial goals. This
Partnership, which brings with it over 50 colleagues, adds scale
and density in the critical D.C. Metro region. In addition, The
Capital Group brings to BRP Group deep industry expertise in the
Government Contracting, Technology and Non-Profit verticals.
“The Capital Group is one of the top independent
firms in the D.C. Metro region, and we are thrilled to welcome them
to the BRP Group family,” said John Valentine, Chief Partnership
Officer of BRP Group. “The Capital Group significantly boosts our
employee benefits, wealth advisory and retirement plan consulting
capabilities, and we believe a tremendous opportunity exists to
combine forces with our partners at AHT to provide a holistic suite
of risk management solutions to the D.C. Metro market. The Capital
Group’s team of professionals, coupled with their relentless focus
on clients and results has enabled their strong growth and makes
them a clear fit with BRP Group.”
“We are thrilled to be joining forces with BRP
Group and look forward to continuing to build a tremendous business
in D.C. and the surrounding region. We have assembled an amazing
team here that consistently delivers to our clients the
professional value they expect and deserve. With BRP Group, we
see an alignment of values that gives us confidence that the client
will always come first. We are excited to be partnering with
BRP Group as we continue on our growth path and look forward to our
colleagues sharing in the success,” said Chris Staub, Managing
Partner of The Capital Group.
“Throughout our journey at The Capital Group,
we’ve been blessed with some of the greatest colleagues, clients
and relationships that an organization could ever ask for. We look
forward to working in the BRP Group national sandbox and sharing
with the entire platform our expertise in the Government
Contracting space,” said Kevin FitzPatrick, Co-Founder and Senior
Partner of The Capital Group. Joseph Apa, Co-Founder and
Senior Partner of The Capital Group, concluded, “Our potential
through this partnership with BRP Group is greater than the sum of
the parts – together, we will be able to better serve the
non-profit, government contracting and technology communities.”
MarshBerry acted as exclusive financial advisor
to The Capital Group in the transaction.
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.
ABOUT TCG FINANCIAL HOLDING COMPANY, LLC
(OPERATING AS THE CAPITAL GROUP)
Headquartered in Bethesda, Maryland, The Capital
Group is an independent insurance and financial services firm. Over
the years, The Capital Group has become a superior partner to
middle-market clients in the areas of Employee Benefits, Retirement
Plan Consulting, Wealth Advisory, and Risk Management. Specializing
in the Government Contracting, Technology, and Non-Profit sectors,
they have built a highly respected firm servicing over 1,000
business clients and 300 personal clients. Seeded with a great
combination of experienced professionals and young talent, The
Capital Group is looking forward to the great partnership with BRP
Group to further the depth of resources and to continue to develop
long-term client relationships. For more information, please visit
https://www.capgroupfinancial.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,
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.
CONTACTSINVESTOR
RELATIONSBonnie Bishop, Executive DirectorBaldwin Risk
Partners(813) 259-8032 | IR@baldwinriskpartners.com
PRESSRachel DeAngelo,
Communications ManagerBaldwin Risk Partners(813) 387-6842 |
rdeangelo@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.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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