Brokerage completes energy acquisition
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Brokerage IMA Financial Group Inc. has completed its acquisition of Kittanning, Pennsylvania-based ESS NexTier Insurance Group, in a deal expanding its energy practice and presence in the Northeast.
Terms of the deal were not disclosed.
ESS NexTier adds natural gas capabilities to IMA’s existing onshore and offshore operations and international exploration expertise, Denver-based IMA said in a statement Friday.
All 35 ESS NexTier staff and its four offices in Butler, Pittsburgh and Kittanning, Pennsylvania, will continue operating under the combined company, IMA said.
Charles Echnoz, previously CEO of ESS NexTier, will serve as president of IMA/ESS, based in Pittsburgh, IMA said.
Rick Putnam will serve as senior executive vice president and Watson Barker as executive vice president, according to the statement.
The IMA Financial Group Inc. is the 27th largest brokerage of U.S. business, according to the latest Business Insurance ranking. In 2018, it reported $162.4 million in U.S. brokerage revenues.
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