Hub International Limited reported the sale of its Talbot Financial hub, based in San Francisco, to a buyout group including four members of management. Terms of the transaction were not disclosed.
Talbot Financial, one of four hubs created after the acquisition of Talbot from Safeco in 2004, had been classified as a discontinued operation during the third quarter of 2005. With 40 employees and revenue of approximately $5 million, Talbot Financial provides a broad range of financial services to banks and financial institutions.
“We are greatly encouraged by the opportunity to acquire the business we have been managing and pursue new growth opportunities in our markets,” said John Brackett, president of Talbot Financial.
Martin Hughes, chairman and chief executive officer of Hub International, said the sale of the specialty hub will not have a significant impact on the company’s growth opportunities or strategies. He noted that Talbot Financial is a specialty hub with relatively little cross-selling or other collaborative opportunities with Hub’s other brokerages.
“We believe that the Talbot Financial management team has the drive and entrepreneurial spirit to take this business to new levels,” Hughes said. “We know they will achieve great things as an independent company.”
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