BRP Group has agreed to acquire substantially all assets of TCG Financial Holding Company, and some of its subsidiaries, which collectively operate as The Capital Group.
The financial value of the transaction was not disclosed.
With the acquisition of Maryland-based firm, BRP Group adds $12m of revenue along with scale and expertise in the D.C. metro region.
Furthermore, it takes BRP Group’s total revenue from 2021 announced partnerships to $69m.
The acquisition is expected to boost BRP Group’s employee benefits, wealth advisory and retirement plan consulting capabilities.
BRP Group chief partnership officer John Valentine said: “The Capital Group is one of the top independent firms in the D.C. Metro region, and we are thrilled to welcome them to the BRP Group family.”
The Capital Group co-founder and senior partner Joseph Apa said: “Our potential through this partnership with BRP Group is greater than the sum of the parts – together, we will be able to better serve the non-profit, government contracting and technology communities.”
Concurrently, BRP Group’s indirect subsidiary Millennial Specialty Insurance has agreed to acquire FounderShield, AlphaRoot, ReShield, and Scale Underwriting Services, (collectively, “Founder Shield”) for an undisclosed sum.
New York-based, insurance distribution platform with a focus on commercial insurance services will add $9.8m in revenue to BRP Group.
BRP Group CEO Trevor Baldwin said: “Founder Shield greatly enhances our ability to innovate for our clients and facilitates unique early access to some of the country’s most rapidly growing businesses.”
Founder Shield co-founder and CEO Benji Markoff said: “Our team of experts leverages technology to take a hands-on approach that not only creates a fully-digital purchasing experience for our clients but also automates many of the time-consuming, back-office aspects of insurance, allowing our advisors to be efficient and focus on what they do best and enjoy most – selling insurance.”
Both the transactions are expected to close on or around 1 August 2021, which are subject to certain closing conditions.