BRP Group acquisition of Burnham Benefits Insurance Services
Davis Polk advised BRP Group, Inc. on the entry into an agreement by its indirect subsidiary, Baldwin Krystyn Sherman Partners, LLC, to acquire all of the outstanding equity interests of Burnham Benefits Insurance Services, Inc. (“BBIS”) and Burnham Gibson Wealth Advisors, Inc. (“BGWA”), for an upfront consideration $176.8 million in cash, as well as 21,701 shares of BRP Group’s Class A common stock and 1,957,419 LLC units of BRP Group’s subsidiary, Baldwin Risk Partners, LLC. The sellers of BBIS and BGWA will also have the opportunity to receive additional contingent consideration of up to $98.4 million based upon the achievement of certain post-closing revenue-focused performance measures. The transaction is expected to close December 31, 2020, subject to certain closing conditions.
BRP Group is a rapidly growing independent insurance distribution firm delivering tailored insurance and risk management insights and solutions. BBIS is a full-service strategic employee benefits consulting, and brokerage firm based in Irvine, California, with eight offices offering comprehensive client-first strategic solutions. BGWA is an independent registered investment adviser based in Irvine, California, offering comprehensive wealth management and corporate retirement consulting solutions to help clients with their financial goals and the needs of their workforce.
The Davis Polk corporate team includes partner Phillip R. Mills and associates Michael Gilson and Jerry O’Young. The capital markets team includes partner Pedro J. Bermeo. Partner Jeffrey P. Crandall and counsel David Mollo-Christensen are providing executive compensation advice. Partner Michael Mollerus and associate Elina Khodorkovsky are providing tax advice. Partner Gregory S. Rowland is providing investment management advice. Partner Frank J. Azzopardi is providing intellectual property advice. All members of the Davis Polk team are based in the New York office.