BRP discloses CRP price; announces another deal
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BRP Group Inc. will pay up to about $275 million in its deal to buy Construction Risk Partners LLC, which it announced earlier this week, according to a Friday filing with the Securities and Exchange Commission.
The Tampa, Florida-based brokerage also announced another acquisition late Thursday, taking the value of its acquisitions in 2021 to $201 million in annual revenue.
In the SEC filing, BRP said it will pay $139 million in cash, about $37 million in stock, based on today’s stock price, and up to about $99.5 million in a performance-related earnout for Construction Risk Partners. The deal for the Branchburg, New Jersey-based brokerage, which has about $32.6 million in revenue, was announced Tuesday.
Meanwhile, BRP has agreed to buy Brush Creek LLC, a Kansas City, Missouri-based brokerage with about 20 staff. Terms were not disclosed, but the deal will add about $3.3 million in revenue, BRP said in a statement.
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