Brown & Brown, Inc. Enters Into Agreement to Acquire Hauser
August 10 2020 - 7:15AM
J. Scott Penny, Chief Acquisitions Officer of Brown & Brown,
Inc. (NYSE:BRO), and Mark Hauser, Chairman of HAUSER (“HAUSER”),
today announced that Brown & Brown, Inc. (Brown & Brown)
has entered into an agreement to acquire the assets of HAUSER. The
transaction is expected to close in September 2020, subject to
certain closing conditions.
HAUSER focuses on unique insurance solutions for
private equity groups and their portfolio companies inclusive of
M&A advisory and due diligence services, placement of insurance
solutions for all aspects of business risk, employee benefits
advisory services and 401(k) plan compliance. The agency was
founded 50 years ago by the Hauser family and, under the leadership
of Mark Hauser and James Stines, has developed deep specialization
in M&A and risk advisory services for the private equity
industry. HAUSER will continue to operate from its headquarters in
Cincinnati, Ohio, led by James Stines.
Barrett Brown, President of Brown & Brown
Retail Division, stated, “Mark and James have built an incredible
team at HAUSER which provides best-in-class services for private
equity firms and their portfolio companies. The ability to provide
a continuum of services from initial due diligence to risk
management solutions allows the HAUSER professionals to provide an
incredibly high level of understanding, service and outcomes for
their customers. We are excited to join the expertise and private
equity focus of the HAUSER team with the capabilities of Brown
& Brown to benefit our collective customers.”
Mark Hauser stated, “My family has owned this
company for 50 years. We are very proud of the culture we have
created. The team that we assembled is the best in the industry. It
was of paramount importance to us for them to move forward with an
outstanding organization. Powell, Barrett and Brown & Brown are
the right stewards to carry our legacy forward. I want to thank all
of our teammates, clients and insurance companies for their
incredible loyalty all these years.”
James Stines added, “This transaction represents
an exciting new chapter for HAUSER. We are extremely proud of all
we have accomplished, and we believe our partnership with Brown
& Brown will enhance our ability to provide our clients and our
private equity partners with the very best insurance and risk
management solutions. We look forward to combining our specialized
knowledge and outstanding service with the expansive resources and
broad national expertise of Brown & Brown.”
Brown & Brown, Inc. is a leading insurance
brokerage firm, providing risk management solutions to individuals
and businesses. With Brown & Brown’s 80 years of proven success
and thousands of teammates, we offer knowledge you can trust and
strive to deliver superior customer service. For more information,
please visit bbinsurance.com.
This press release may contain certain
statements relating to future results which are forward-looking
statements, including those associated with this acquisition. These
statements are not historical facts, but instead represent only
Brown & Brown’s current belief regarding future events, many of
which, by their nature, are inherently uncertain and outside of
Brown & Brown’s control. It is possible that Brown &
Brown’s actual results and financial condition may differ, possibly
materially, from the anticipated results and financial condition
indicated in these forward-looking statements. Further information
concerning Brown & Brown and its business, including factors
that potentially could materially affect Brown & Brown’s
financial results and condition, as well as its other achievements,
is contained in Brown & Brown’s filings with the Securities and
Exchange Commission. Such factors include those factors relevant to
Brown & Brown’s consummation and integration of the announced
acquisition, including any matters analyzed in the due diligence
process, and material adverse changes in the business and financial
condition of the seller, the buyer, or both, and their respective
customers. All forward-looking statements made herein are made only
as of the date of this release, and Brown & Brown does not
undertake any obligation to publicly update or correct any
forward-looking statements to reflect events or circumstances that
subsequently occur or of which Brown & Brown hereafter becomes
aware.
R. Andrew WattsAugust 10, 2020
Chief Financial Officer(386) 239-7550
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