Brown & Brown, Inc. Announces the Asset Acquisition of Lapeyre, Staples & Robichaux
October 18 2017 - 7:00AM
J. Scott Penny, Chief Acquisitions Officer of Brown & Brown,
Inc. (NYSE:BRO), and Chris Lapeyre, Ken Staples and Eldridge
Robichaux, today announced that Brown & Brown of Louisiana,
LLC, a subsidiary of Brown & Brown, Inc., has acquired
substantially all of the assets of Lapeyre, Staples &
Robichaux.
Lapeyre, Staples and Robichaux have each been
providing employee benefits insurance solutions for their
respective clients for over twenty years in Houma, Louisiana and
surrounding areas. The partners have annual net revenues of
approximately $2 million. Chris, Ken and Eldridge will
continue to operate from their Houma, Louisiana location under the
direction of Tommy Huval, Regional President of Brown & Brown,
Inc.
Tommy Huval stated, “Chris, Ken and Eldridge are
fixtures in the southeast Louisiana insurance market, providing
client-focused employee benefits insurance products and
services. We are excited to have them join the Brown &
Brown of Louisiana team and look forward to them growing with us
under the leadership of Mark Romero.”
Mark Romero, Vice President of Brown & Brown
of Louisiana, added “Our Employee Benefits team in Louisiana and
Mississippi consists of an extremely high-performing group of
talented professionals. We are pleased to have Chris, Ken,
and Eldridge and their staff join us as we continue to grow our
footprint and deliver an outstanding level of service to our
clients.”
Chris Lapeyre stated, “We are excited to take
our business in this new direction. Joining Brown & Brown
was a strategic decision driven by our desire to make a long-term
investment in the value we bring to our clients. We firmly
believe this partnership will play a key role in achieving our goal
to deliver a comprehensive set of services and solutions to our
current and future clients.”
Brown & Brown, Inc., through its
subsidiaries, offers a broad range of insurance products and
related services. Additionally, certain Brown & Brown
subsidiaries offer a variety of risk management, third-party
administration, and other services. Serving business, public
entity, individual, trade and professional association clients
nationwide, Brown & Brown is ranked by Business Insurance
magazine as the United States’ sixth largest independent insurance
intermediary. Brown & Brown’s Web address is
www.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)
239-5770
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