The Phoenix Group, an independent insurance agency and employee benefits company based in Ripon, Wis., recently purchased Union Bank Insurance Group, based in Peru, Ill., marking the agency’s fifth acquisition in five years.
The purchase, according to The Phoenix Group President Dean Vander Plas, will not only improve the company’s geographic reach, client base and size, it will expand company sales and assets by more than 40 percent to around $74 million annually.
With the acquisition, Union Bank Insurance Group became The Phoenix Group of Illinois, a subsidiary of The Phoenix Group of Wisconsin, which is a wholly owned subsidiary of Hometown Bancorp Ltd.
Vander Plas said the acquisition came as a result of an alignment of goals and philosophies between the two entities.
“We share a common company culture with a focus on superior customer service,” he said. “We are absolutely excited about the talent of their staff, most of whom hold 15 plus years of experience.”
According to the written statement, The Phoenix Group will gain access to niche markets served well by Union Bank Insurance Group through the years, including restaurants, hotels and school districts.
“We are highly specialized in our service to hospitality and restaurant clients,” said Diane Lampe, assistant vice president and director of operations at The Phoenix Group of Illinois. “We have two representatives with more than 55 years of experience serving the hospitality industry. Additionally, we provide comprehensive employee benefit plans for approximately ten to 15 school districts within the Illinois Valley area.”
Vander Plas also pointed out the potential to better serve the distribution and transportation industry thanks to an Illinois location near interstates 80 and 39. “We’ve served the transportation and distribution markets for a number of years, but now we are in a more appropriate location to expand business in those areas,” he said.
The transition is expected to be immediate and seamless, according to Vander Plas.
The Phoenix Group — with Wisconsin branches in Wautoma, Ripon, Clintonville, Oconto Falls and Fond du Lac, and an Illinois branch in Peru — is a subsidiary of Hometown Bancorp Ltd. The company specializes in providing personal and business insurance and employee benefits.
Source: The Phoenix Group
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