BRP Group, Inc. (“BRP Group” or the “Company”) (NASDAQ: BRP), through an indirect subsidiary, today has entered into an agreement to acquire substantially all the assets of Brush Creek, LLC (operating as “Brush Creek Partners”). Based in Kansas City, Missouri, Brush Creek Partners, also operating as “bcp tech,” is a leading provider of commercial insurance, technology risk management and due diligence solutions for emerging market and middle-market clients in various high growth industries. The Partnership, BRP Group’s nomenclature for a strategic acquisition, is expected to close on December 7, 2021, subject to certain closing conditions.
With clients ranging from pre-revenue startups to multi-national corporations, Brush Creek Partners has delivered an impressive track record of revenue growth by offering an innovative and resource-driven approach to risk management, enabling its clients to mitigate the unique risks facing their businesses. This Partnership, which brings with it approximately 20 colleagues, strengthens BRP Group’s expertise in the Cyber and Technology, Venture Capital, Private Equity, and Construction industry verticals.
“Brush Creek Partners is a unique and rapidly growing independent firm in the Midwest, and we are thrilled to welcome them to the BRP Group family,” said John Valentine, Chief Partnership Officer of BRP Group. “Brush Creek Partners’ depth of product and industry expertise are important additions to BRP Group’s platform, and we believe a tremendous opportunity exists to leverage our collective strengths to continuing innovating and serving our clients. Travis and his incredibly talented team have prioritized innovation and client service, while also fostering a colleague-centric culture, and we are excited to join forces.”
“Partnering with BRP Group will bring tremendous value to our team, our clients, and our community. BRP Group’s innovative approach, focus on growth, and resources, will allow us to become even better partners with our insureds and carriers,” said Travis Holt, Partner and Co-Founder of Brush Creek Partners. “We have always known that organizations who challenge the industry and take an innovative approach to insurance are few and far between, and we believe our Partnership with BRP Group will elevate Brush Creek Partners to the next level.”
ABOUT BRP GROUP, INC.
BRP Group, Inc. (NASDAQ: BRP) is an independent insurance distribution firm delivering tailored insurance and risk management insights and solutions that give our clients the peace of mind to pursue their purpose, passion and dreams. We are innovating the industry by taking a holistic and tailored approach to risk management, insurance and employee benefits, and support our clients, Colleagues, Insurance Company Partners and communities through the deployment of vanguard resources and capital to drive our growth. BRP Group represents over 700,000 clients across the United States and internationally. For more information, please visit www.baldwinriskpartners.com.
ABOUT BRUSH CREEK, LLC (OPERATING AS BRUSH CREEK PARTNERS)
Headquartered in Kansas City, Missouri, Brush Creek Partners is a leading provider of commercial insurance, technology risk management and due diligence solutions for emerging market and middle market clients in various high growth industries. Brush Creek Partners strives to separate themselves from typical insurance agents by taking an innovative, collaborative approach to ensure their clients understand all the unique risks facing their businesses. With a focus on the Cyber and Technology, Venture Capital, Private Equity, and Construction industry verticals, Brush Creek Partners takes pride in innovating, thriving together, doing what’s right, and always exceeding expectations. For more information, please visit www.brushkc.com.
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release may contain various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which represent BRP Group’s expectations or beliefs concerning future events. Forward-looking statements are statements other than historical facts and may include statements that address future operating, financial or business performance or BRP Group’s strategies or expectations, including those about this Partnership. In some cases, you can identify these statements by forward-looking words such as “may”, “might”, “will”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, “outlook” or “continue”, or the negative of these terms or other comparable terminology. Forward-looking statements are based on management’s current expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements.
Factors that could cause actual results or performance to differ from the expectations expressed or implied in such forward-looking statements include, but are not limited to, those described under the caption “Risk Factors” in BRP Group’s Annual Report on Form 10-K for the year ended December 31, 2020, and BRP Group’s other filings with the SEC, which are available free of charge on the Securities and Exchange Commission’s website at: www.sec.gov, including those risks and other factors relevant to BRP Group’s completion and integration of this Partnership, matters assessed in BRP Group’s due diligence, the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreements, the risk that necessary regulatory approvals may not be obtained or may be obtained subject to conditions that are not anticipated, the risk that this Partnership will not be consummated in a timely manner, risks related to the disruption of management time from ongoing business operations due to this Partnership, the business, financial condition and results of operations of BRP Group or this Partner, or both, and factors related to the potential effects of the COVID-19 pandemic on BRP Group’s business, financial condition and results of operations. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All forward-looking statements and all subsequent written and oral forward-looking statements attributable to BRP Group or to persons acting on behalf of BRP Group are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and BRP Group does not undertake any obligation to update them in light of new information, future developments or otherwise, except as may be required under applicable law.
1 Calculated as revenue attributable to acquired business for the most recent trailing twelve-month period prior to acquisition by BRP Group at the time the due diligence was concluded based on a quality of earnings review and not an audit.
2 Based on a quality of earnings review and not an audit. Represents year-to-date gross revenue growth through August 2021 vs. the prior year period.
3 Represents the aggregate revenue of Partners acquired (or announced to be acquired) during 2021, for the most recent trailing twelve-month period prior to acquisition by BRP Group, in each case, at the time the due diligence was concluded based on a quality of earnings review and not an audit.
Bonnie Bishop, Executive Director
Baldwin Risk Partners
(813) 259-8032 | IR@baldwinriskpartners.com
Rachel DeAngelo, Communications Manager
Baldwin Risk Partners
(813) 387-6842 | firstname.lastname@example.org