BRP Group, Inc. (“BRP Group” or the “Company”) (NASDAQ: BRP), an
independent insurance distribution firm delivering tailored
insurance solutions, today announced that, through its indirect
subsidiaries, BRP Group has entered into an agreement to acquire
substantially all of the assets of Jacobson, Goldfarb & Scott,
Inc., including the equity interests of certain of its subsidiaries
(collectively, operating as “JGS”). Based in Holmdel, New Jersey,
JGS is a specialty insurance broker and MGA primarily focused on
providing commercial insurance services to middle-market clients
across the country. With annual revenues of approximately $43.3
million1, JGS (#61 in Insurance Journal’s “Top 100” list of
independent property/casualty agencies) represents BRP Group’s
largest announced Partnership in 2021 and fifth “Top 100”
Partnership since the beginning of the fourth quarter of 2020.
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.
Over its history, JGS has delivered an
impressive track record of revenue growth by offering a proactive,
comprehensive approach designed to reassure clients that they are
covered at every step of the way. With a proven ability to innovate
and develop world-class commercial property programs, JGS has
transformed into one of the largest independent agencies in the
U.S. with a keen focus on offering complex and differentiated
coverages in the construction and habitational real estate
industries. This Partnership, which brings with it approximately
130 colleagues, expands BRP Group’s specialty and middle-market
practice expertise in key markets and industries, including
Habitational Real Estate, Construction and Manufacturing &
Distribution.
“We have made major strides in enhancing and
expanding our specialty and middle-market segment capabilities and
this Partnership with JGS will further accelerate that endeavor,”
said Trevor Baldwin, Chief Executive Officer of BRP Group. “We
believe JGS’s existing commercial property programs and continued
focus on offering complex, specialized products and solutions will
enhance BRP Group’s ability to innovate for clients and offers
meaningful scale in a highly complementary and synergistic business
line in which we are excited to continue our investment and growth.
Ken, Vinnie and the entire JGS team have built an incredible,
growth-oriented and client-centric business, and we could not be
happier to welcome them to the BRP Group family.”
“We are thrilled to be Partnering with BRP
Group, and we believe a unique opportunity exists to join forces
and take our combined businesses to the next level. It was
important to make sure we aligned ourselves and our clients with
the right home, and we believe this is a natural next step for all
of our stakeholders,” said Vinnie Hager, President of JGS. “We
could not be more excited to take JGS to the next level and look
forward to leveraging the BRP Group platform to provide additional
tools, resources and capabilities to our clients.”
“Partnering with BRP Group is a clear, cultural
match, and we believe this Partnership aligns us with a Partner who
shares our long-term goals and vision,” said Ken Hager, Principal
and Chief Operating Officer of JGS. “We have been able to build a
tremendously successful business, and we look forward to
contributing to the BRP Group growth story while also providing our
clients with the high level of service they are accustomed to.”
MarshBerry acted as exclusive financial advisor
to JGS 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 700,000 clients across the
United States and internationally. For more information, please
visit www.baldwinriskpartners.com.
ABOUT JACOBSON, GOLDFARB & SCOTT,
INC.
Headquartered in Holmdel, New Jersey, JGS is a
specialized insurance broker, focused on providing commercial
insurance services to middle-market clients across the country.
With a relentless focus on sales culture and a client-centric
approach, JGS has transformed into the largest privately held
insurance broker in the State of New Jersey. Through its various
program businesses, JGS offers customized products and solutions to
address clients’ needs, including some of the most complex
coverages in the habitational and construction industries. JGS
prides itself on taking a proactive, comprehensive approach to
clients’ needs while emphasizing the firm’s mission, “Service is
Our Specialty – Protecting You is Our Mission.” For more
information, please visit www.jgsinsurance.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 RELATIONS
Bonnie Bishop, Executive Director
Baldwin Risk Partners
(813) 259-8032 | IR@baldwinriskpartners.com
PRESS
Rachel DeAngelo, Communications Manager
Baldwin 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. Represents year-to-date gross
revenue growth through June 2021 vs. the prior year period.3
Represents the aggregate revenue of Partners acquired (or announced
to be 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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