DCAP Group Inc., an operator of insurance agency franchises, has executed a non-binding letter of intent to acquire a group of storefront agencies in western New York State.
DCAP Group Inc. owns and operates a chain of independent storefront insurance agencies in the Northeast. Through DCAP Insurance, Barry Scott Insurance and Atlantic Insurance Agency, DCAP Group provides automobile insurance (and to a lesser extent, motorcycle and homeowners) to retail customers in New York, New Jersey, and Pennsylvania. Other products include automobile club service for roadside emergencies and income tax preparation services.
As of July 12, 2005, DCAP owned 71 storefront locations.
“This is the type of transaction we have been looking for,” said Barry Goldstein, chief executive officer of DCAP.
David A. Lyons has been elected as a director of the company. Lyons has 25 years of management experience, principally focusing on mergers and acquisitions.
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