BRP Group, Inc. (“BRP Group” or the “Company”) (NASDAQ: BRP), an
independent insurance distribution firm delivering tailored
insurance solutions, today announced that, through an indirect
subsidiary, BRP Group has entered into a definitive agreement to
acquire substantially all of the assets of White Hill Plaza, Inc.
(operating as K&S Insurance Agency, “K&S”), a Dallas,
Texas-based insurance agency providing full-service benefit and
risk management solutions for a wide range of industries and
clients. With annual revenue of approximately $19.7 million1,
K&S represents BRP Group’s eleventh announced Partnership in
2021. The Partnership, BRP Group’s nomenclature for a strategic
acquisition, is expected to close on or around October 1, 2021,
subject to certain closing conditions.
K&S brings to BRP Group deep expertise in
the construction industry, and incremental scale in Texas, which is
the fastest growing state in the U.S.4 K&S’ operations in the
Dallas—Fort Worth MSA represent a strategic complement to BRP
Group’s existing footprint in Houston, and solidifies BRP Group’s
presence in two of the fastest growing MSAs in the U.S.4 Dallas is
also one of the largest and fastest growing construction markets in
the country, per Dodge Data & Analytics.
“K&S delivers immense value to its clients
through thoughtful and tailored risk management solutions,” said
Trevor Baldwin, President and Chief Executive Officer of BRP Group.
“Its advisors possess significant expertise across a wide array of
industry verticals, and as a result, the platform has experienced
strong performance and rapid growth. We are excited to add the
K&S team to the BRP Group family, and as their culture and
values are clearly aligned with BRP Group’s, we expect they will
integrate efficiently and become valuable contributors to our
organization.”
“K&S joining the BRP Group family made sense
because of the similarities in our amazing culture and continued
pursuit of excellence,” said Tony Fierro, President and Chief
Executive Officer of K&S. “We strive to wow our clients every
day and have fun while we do it. We believe the resources, tools
and technology brought to the table by BRP Group will allow us to
take our service platform to the next level, while being able to
dip further into a wider scope of industries at the national
level.”
“We look forward to partnering with BRP
Group and continuing to provide our clients with best-in-class
risk management solutions as we further build our practice,” added
Johnny Moss, Chief Financial Officer of K&S.
MarshBerry acted as exclusive financial advisor to K&S 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 WHITE HILL PLAZA, INC. (OPERATING
AS K&S INSURANCE AGENCY)
K&S protects and enhances businesses by
offering best-in-class insurance, bonds, benefits, and risk
management solutions. Our firm is committed to building lasting
relationships, doing what’s right, helping others win, giving back
generously, and always learning. We’re guided by principles and
driven by a desire to help our clients succeed in navigating risk
and enhancing business. Consistent growth and an excellent
reputation make us a highly sought-after firm specializing in
commercial insurance, surety bonds, and workplace and employee
benefits. K&S is dedicated to continuing to grow our business
while maintaining a high level of personalized service. Learn more
at www.kandsins.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.
CONTACTS
INVESTOR 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 for the year-to-date period
through June 30 of each applicable year.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.4 Per the U.S. Census
Bureau. Population growth measured in absolute numbers, not
percentages.
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