As part of the transaction, Insgroup will bring BRP Group approximately 160 colleagues across four offices in Houston, Dallas, Addison and Austin
BRP Group’s subsidiary BKS Partners to acquire Insgroup. (Credit: Gerd Altmann from Pixabay.)
Baldwin Krystyn Sherman Partners (BKS Partners), the middle-market subsidiary of BRP Group, has agreed to acquire all outstanding equity interests of insurance brokerage company Insgroup.
Based in Texas, Insgroup provides risk solutions for customers across a wide range of industries particular strengths in real estate, manufacturing, financial services, construction and development and professional and industrial services.
It also provides commercial property and casualty (P&C) insurance, employee benefits, private risk services as well as surety to middle-market companies and individuals.
Insgroup president and chief executive officer Brian Kapiloff said: “Joining BRP Group is an ideal fit for us in terms of our shared culture and vision – we are prioritising our clients and colleagues and enhancing our ability to grow organically over the long term.
“This is the natural next step for our stakeholders and it aligns us with a partner who shares and supports our ambitious goals.
“We are excited about the opportunity to meaningfully contribute to BRP Group’s growth trajectory, and to leverage the incremental resources and expertise BRP Group brings to bear to best serve our clients.”
As part of the acquisition, BRP Group will add Insgroup’s nearly 160 colleagues across four offices in Houston, Dallas, Addison and Austin.
Subject to certain closing conditions, the transaction is expected to be concluded by end of this month
BRP Group said that it aims to fund the cash consideration payable at the closing from a portion of the net proceeds of BRP Group’s recently completed Term Loan B loan facility.
BRP Group CEO Trevor Baldwin said: “We are particularly excited about the platform they bring in Texas, a large and growing market.
“Brian and his team have fostered a dynamic and client-centric culture that is clearly aligned with what we are building at BRP Group, and we are thrilled to welcome the Insgroup team to the BRP family.”
MarshBerry served as exclusive financial advisor to Insgroup for the transaction.