Reliance Global Group Inc. has completed its acquisition of Bingham Farms, Michigan-based Altruis Benefit Consulting.
The acquisition follows a letter of intent between the parties as previously announced on May 8, 2019.
Altruis serves customers throughout Michigan, specializing in providing individual and group health insurance. Altruis generated revenue of approximately $2.5 million in 2018.
The transaction was completed through a combination of $1.4 million of cash, provided by Reliance Global Holdings LLC, a company controlled by Ezra Beyman, CEO of RELI, as well as $4.1 million debt from an unaffiliated lender, and the issuance of approximately 11.9 million shares of restricted stock.
Reliance Global also announced it has completed its acquisition of Fortman Insurance Agency LLC in Ohio, a provider of personal and commercial insurance lines, as well as Southwestern Montana Insurance. Fortman and Southwestern Montana Insurance together generated $3.1 million of revenue in 2018, Reliance Global said.
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