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Private equity-owned brokerage Edgewood Partners Insurance Center Inc., which does business as EPIC, late Tuesday said it has agreed to acquire Prime Risk Partners Inc., another private equity-owned brokerage based in Atlanta.
The acquisition adds approximately 600 staff in 20 locations and over $115 million to EPIC.
Under the deal, Prime Risk Partners will initially operate as Prime Risk Partners – an EPIC company following closing, EPIC said in the statement.
Prime Risk Partners’ operating leadership and insurance staff will continue to provide service from their existing locations, while Prime Risk President and Co-Founder Adam Meyerowitz will join EPIC’s executive leadership team, EPIC said.
Prime Risk Partners “fits perfectly with our existing New York and New Jersey operations, adds a substantial presence to our Boston business and opens up a sizable new region for us in the Midwest,” EPIC president Steve Denton, said in the statement.
Barclays Capital Inc. and Waller Helms Advisers LLC acted as financial advisers and Weil, Gotshal & Manges LLP acted as legal adviser to EPIC. Reagan Consulting Inc. acted as financial adviser and King & Spalding LLP as legal adviser to Prime Risk Partners.
Prime Risk Partners is 34th in Business Insurance’s ranking of brokers of U.S. business with about $115 million in 2018 brokerage revenue.
Founded in 2007, EPIC is 15th in BI’s ranking, with about $580 million in 2018 brokerage revenue.
There have been 280 announced transactions within the insurance distribution space through June, compared with 283 announced transactions over the same time period in 2018, according to a report from analysts Marsh Berry Capital Inc. released Thursday.