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Acquisitive brokerage Patriot Growth Insurance Services LLC has bought Jacksonville, Florida-based Shapiro Insurance Group.
Shapiro has about 80 employees, led by Joel Shapiro, president of the agency, in 10 locations in Florida, Patriot said in a statement Tuesday. Terms of the deal were not disclosed.
Private-equity backed Patriot was founded earlier this year.
In the first nine months of 2019, the Fort Washington, Pennsylvania-based firm bought 24 brokerages. The purchase of Shapiro is its first acquisition in Florida.
Patriot Growth Insurance Services LLC, a recently launched private equity-backed brokerage, announced its first significant property/casualty brokerage acquisition Tuesday.