Broker’s four transactions to nearly triple revenue
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Insurance broker Peter C. Foy & Associates Insurance Services L.L.C. has completed four acquisitions that will almost triple its annual revenues to about $20 million from about $7.5 million, said its top official Monday.
Mr. Foy, the company’s chief executive officer, said the acquisitions have been completed in the last 60 days. He said the firm has also completed a recapitalization and financing with Chicago-based Madison Capital Funding L.L.C. Mr. Foy would not reveal the amount of funding involved.
The company, which was founded in 1987, said in its statement that in February 2017, it partnered with BHMS Investments L.P., a New York-based investment firm focused on the North American middle market, to accelerate the company’s growth through a series of retail acquisitions.
The completed acquisitions were of property/casualty firms Walnut Creek, California-based Milsner Inc. Insurance Brokerage and Redwood City, California-based Stratton Agency; employee benefits firm Reno, Nevada-based Clark & Associates of Nevada, Inc.; and financial services firm Woodland Hills, California-based Senex Insurance Services Inc.
Other deals are in the pipeline, Mr. Foy said.
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