Benzinga | Feb 17, 2021 04:26PM EST

BRP Group, Inc. Enters Agreement to Acquire Medicare Help Now; No Terms Disclosed

BRP Group, Inc. ("BRP Group" or the "Company") (NASDAQ:BRP), a rapidly growing independent insurance distribution firm delivering tailored insurance solutions, today announced that BRP Medicare Insurance III, LLC, an indirect subsidiary of BRP Group operating as Guided Medicare Solutions ("Guided"), has entered into a definitive agreement to acquire substantially all assets of Riley Financial, Inc. (operating as "Medicare Help Now"), a Vancouver, Washington-based independent agency that provides expertise, information and assistance to Medicare beneficiaries to help enroll them in Medicare Advantage plans. The Partnership, BRP Group's nomenclature for a strategic acquisition, is expected to close March 1, 2021, subject to certain closing conditions.

Medicare Help Now generated annual revenues of approximately $1.5 million. Following this Partnership, Medicare Help Now will be rebranded under the Company's Guided banner over a transition period.

"Adding Medicare Help Now to the BRP Group family will further bolster our Medicare presence in the Pacific Northwest," said Chase Bedsole, President of Guided. "We welcome the Medicare Help Now team, and believe their significant expertise and excellent client service will generate additional growth opportunities for our Guided segment."

"Joining with Guided is an exciting new chapter for our business, and our clients will benefit from the multiple enhanced services and opportunities which we will be able to offer," said Craig Riley, President of Medicare Help Now. "We are also pleased to become a part of Guided's expanding Pacific Northwest Medicare Advantage practice, and as we join with BRP Group, we are eager to utilize the wealth of resources that will be at our reach to expand our business."