Brown & Brown, Inc. Announces the Asset Acquisition of Bright & Associates, Inc. and Auto Care Essentials, LLC by Brown & Bro...
October 12 2020 - 6:45AM
J. Scott Penny, Chief Acquisitions Officer of Brown & Brown,
Inc. (NYSE:BRO), and James (Jim) E. Bright, the principal owner of
Bright & Associates, Inc. and its affiliate Auto Care
Essentials, LLC (collectively, Bright & Associates), today
announced that Brown & Brown Dealer Services (BBDS) has
acquired substantially all of the assets of Bright &
Associates.
Bright & Associates is an independent sales
and service organization providing F&I products and sales
support to the automotive, marine, power sport, and RV markets
since 1977. The firm also markets paint and fabric protection
products and services through its Auto Care Essentials business.
Following the transaction, the Bright & Associates operations
will continue doing business from their existing location in St.
Louis, Missouri, and will become part of BBDS, which operates under
the leadership of Mike Neal.
Mr. Neal stated, “We’re excited to continue
expanding our BBDS footprint with the addition of Jim Bright and
his experienced team. Over the years, they’ve developed a strong
reputation for their proactive approach to offering superior
products and services to their customers throughout Missouri and
Illinois, and we’re pleased to welcome them to our team.”
Jim Bright stated, “My father, Don ‘Chick’
Bright, entered the automobile business 43 years ago. He was the
kickstarter, the foundation in building integrity in our business,
and a steadfast leader to many. We learned to work hard and to do
what is right. Brown & Brown’s core values are in lockstep with
ours at Bright & Associates. Their integrity is the driving
force, a natural fit, and a winning combination. With the addition
of more resources, innovations, strength, and stability, we believe
BBDS will provide enhanced benefits, products, and services for
every one of our customers.
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)
239-5770
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