Brown & Brown, Inc. Enters Into Agreement to Acquire Vehicle Administrative Services
September 02 2020 - 7:05AM
J. Scott Penny, Chief Acquisitions Officer of Brown & Brown,
Inc. (NYSE:BRO), and Bill Breindel, the owner of Vehicle
Administrative Services, LP, SafeRide Motor Club, Inc. and related
affiliates (collectively, “VAS”), today announced that Brown &
Brown, Inc. (Brown & Brown) has entered into an agreement to
acquire the VAS affiliated companies. The transaction is
expected to close in October 2020, subject to certain closing
conditions.
VAS is a premier provider of emergency roadside
assistance and related consumer auto protection products.
Starting as a family owned business in 1983, Bill Breindel and his
father were pioneers in the wholesale roadside assistance
business. Since 1998, VAS has created and refined a suite of
essential protection products to complement their core offering of
emergency roadside assistance with a focus on enhancing products
offered by VAS customers. The VAS team will continue to
operate from VAS headquarters in Addison, Texas, led by Bill
Breindel. Bill will report to Mike Neal, President of Brown
& Brown Dealer Services (“BBDS”).
Mike Neal stated, “Bill has over 35 years of
experience in managing and refining roadside assistance and other
vehicle protection products that complement products offered by VAS
clients. The VAS team’s focus on customer service, compliance
and development of new protection products is consistent with the
customer first values of Brown & Brown Dealer Services.
We, at BBDS, look forward to partnering with Bill and the VAS team
as we continue to provide innovative solutions for our collective
customers.”
Bill Breindel stated, “We are excited to join
Brown & Brown Dealer Services. We are being given the
opportunity to grow our business under the Brown & Brown
umbrella while maintaining a high level of performance for our
customers. I have known the BBDS team for many years and have
watched them grow as an innovating force in the MGA and automotive
business. We look forward to adding to the financial success
of Brown & Brown and to participating in the culture and values
of Brown & Brown that we at VAS share.”
Brown & Brown, Inc. is a leading insurance
brokerage firm, providing risk management solutions to individuals
and businesses. With more than 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 WattsChief Financial Officer(386)
239-7550
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