Benzinga | Dec 15, 2020 08:33AM EST

BRP Group, Inc. Enters Into Agreement To Acquire Tanner, Ballew & Maloof, Inc.; Terms Not Disclosed

TAMPA, Fla., Dec. 15, 2020 (GLOBE NEWSWIRE) -- BRP Group, Inc. ("BRP Group" or the "Company") (NASDAQ:BRP), a rapidly growing independent insurance distribution firm delivering tailored insurance solutions, today announced that Baldwin Krystyn Sherman Partners, LLC ("BKS-Partners"), the middle-market indirect subsidiary of BRP Group, has entered into an agreement to acquire substantially all assets of Tanner, Ballew & Maloof, Inc. ("TBM"), an Atlanta, Georgia-based provider of commercial P&C insurance to middle market companies and individuals. The Partnership, BRP Group's nomenclature for a strategic acquisition, is expected to close December 31, 2020, subject to certain closing conditions, and will significantly bolster BRP Group's presence in the rapidly growing Atlanta market.

TBM has built a reputation as a leader in commercial insurance, which has enabled it to grow rapidly over its nearly 28-year history. TBM possesses deep industry specialization in the multi-family real estate industry, while also providing insurance and risk expertise solutions to the broader middle market, including the technology, real estate, hospitality, private equity, manufacturing and distribution industries.

"TBM is one of the top independent firms in the Southeast and we are delighted to announce this Partnership. TBM significantly boosts our P&C and risk solution capabilities, particularly in multi-family, and gives us an excellent opportunity to provide complementary employee benefit and professional risk management solutions to the Atlanta market," said John Valentine, Chief Partnership Officer of BRP Group. "TBM's expert team and their philosophy of providing top-shelf risk management counsel and service to their clients has enabled their strong growth and is a clear fit with our Firm."

"We are thrilled to be joining the BRP Group family and are excited to continue growing a tremendous business in Atlanta for our clients," said Steve Maloof, Principal at TBM. "It was important to make sure we aligned ourselves and our clients with the right home: with people who view the business with a long-term lens and who really value clients and culture."

"Today's announcement is due to the hard work and effort delivered every day by our entire TBM team," added Michael Ballew, Principal at TBM. "We are extremely proud of our team's collective accomplishments, and as we join the BRP Group family, they will be able to take advantage of the considerable new capabilities and enhanced platform to best serve clients and create new development opportunities for their own careers."

Reagan Consulting, Inc. and its wholly-owned subsidiary, Reagan Securities, Inc. acted as financial advisor to TBM in the transaction.