BRP Group Inc (BRP) said last week that its indirect subsidiary Millennial Specialty Insurance LLC had entered into a definitive agreement to purchase all the assets of Founder Shield LLC, AlphaRoot LLC, ReShield LLC and Scale Underwriting Services LLC.
The acquisition is expected to be finalized around August 1st, subject to particular closing conditions.
“Founder Shield is the archetypal type of firm we seek to partner with, featuring a history of strong growth and innovation, and an exceptional group of talented, entrepreneurial colleagues,” Trevor Baldwin, Chief Executive Officer of BRP Group, said in a press release.
“Founder Shield greatly enhances our ability to innovate for our clients and facilitates unique early access to some of the country’s most rapidly growing businesses. Founder Shield has fostered a dynamic colleague and client-centric culture that is clearly aligned with what we are building at BRP Group, and we are thrilled to welcome the Founder Shield team to the BRP Group family,” he added.
“We strive to work and think differently at Founder Shield, which is why we have been able to successfully and rapidly grow our business,” Benji Markoff, Co-Founder and Chief Executive Officer of Founder Shield, said.
“Our team of experts leverages technology to take a hands-on approach that not only creates a fully-digital purchasing experience for our clients, but also automates many of the time-consuming, back-office aspects of insurance, allowing our advisors to be efficient and focus on what they do best and enjoy most – selling insurance. Partnering with BRP Group is a clear match; the innovative platform of capabilities, client-first approach and resources available to our team, makes combining our firms an obvious choice.”
With annual revenue of nearly $9.8 million, Founder Shield is BRP Group’s seventh announced acquisition for this year. It also brings BRP Group’s total revenue from announced acquisitions in 2021 to $57 million.
The shares of BRP Group Inc closed higher for the fourth time in the past ten trading sessions on NASDAQ on Friday. The stock went up 2.47% ($0.64) to $26.55, after touching an intraday high at $26.68. The latter has been a price level not seen since July 21st ($26.82).