BRP Group acquires Armfield, Harrison & Thomas
The Baldwin Group , an independent insurance distribution firm delivering tailored insurance solutions announced that it has acquired all of the outstanding equity interests of Armfield, Harrison & Thomas (which will be converted post-acquisition to a limited liability company with the name Armfield, Harrison & Thomas ( AHT Insurance ), a brokerage and consulting firm offering property and casualty, employee benefits, retirement, personal and international services for a wide range of industries. BRP group will own and operate AHT through its middle-market subsidiary and operating group.
With annual revenues generated of approximately $52.31 million, excluding $5.53 million of pro forma annualized revenues associated with acquisitions recently completed by AHT, AHT represents the largest new Partnership in BRP Group’s history and marks the second “Top 100” partnership closed in the fourth quarter of 2020. AHT’s President and Chief Executive Officer David Schaefer will serve as a Regional President within BRP Group’s middle-market operating group.
With major offices in the Seattle, Washington D.C., New York and Boston metropolitan areas, AHT brings to BRP Group immediate middle-market scale in the Pacific Northwest, Mid-Atlantic, and Northeast regions. AHT also brings deep specialization and expertise across a number of high-growth industry verticals, including Technology, Not-For-Profit, Life Sciences & Healthcare, Manufacturing and Construction, among others.
“Partnering with AHT is exciting for BRP Group and dovetails with our long-term strategy of both rapid organic and Partnership growth. We expect the addition of AHT – one of the top independent middle-market firms in the country with an amazing roster of talent – to further accelerate our growth trajectory and provide us with immediate scale in new geographies. AHT’s depth of expertise and industry focus are clear complements to our ongoing specialization efforts in middle-market, and the leadership team at AHT is aligned with our culture and ensuring that our clients always come first. We’re thrilled to welcome the AHT team to the BRP family, and with their addition, we have taken a major step toward further growing our platform across the US.” – Trevor Baldwin, Chief Executive Officer of BRP Group.
“We’ve built a successful business, and developed a sterling reputation thanks to our resolute focus on client-centric solutions. We believe joining the BRP Group team presents a meaningful opportunity to take our growth to the next level, and we expect the combination will create considerable value long term. By joining BRP Group, we will provide our clients and talent with significant new benefits from the wealth of tools and capabilities gained by coming on board the BRP platform. We are looking forward to a smooth transition, while providing our clients with the same level of service to which they are accustomed.” – David Schaefer, President and Chief Executive Officer of AHT.
Reagan Consulting, Inc. and its wholly-owned subsidiary, Reagan Securities, Inc. acted as financial advisor to AHT in the transaction.
