Brooke Franchise Corp. to Acquire Chicago Area Agency Network

Brooke Franchise Corp., a subsidiary of Brooke Corp. recently announced an agreement to acquire 60 insurance agency locations from entities associated with Chicago-based J and P Holdings Inc. The acquisition is expected to close on Sept. 28, 2007 and is subject to typical closing conditions.

The agencies currently sell auto insurance under the trade names of Lone Star Auto, Insurance Xpress, Car Insurance Store, Hallberg Insurance Agency and Hallberg Xpress in Colorado, Illinois, Kansas, Missouri and Texas. The acquired agencies will be converted into Brooke franchises or merged into existing Brooke franchise locations.

“This acquisition is a good geographical fit with our existing franchise locations that specialize in auto insurance sales and provides opportunity for current Brooke franchisees to grow through acquisition,” said Kyle Garst, Brooke Franchise Corp.’s chairman and chief executive officer. “It also increases our franchise location count to approximately 900 locations and additional franchise locations generate additional branding and processing economies of scale.”

Brooke Franchise Corp. is a subsidiary of Brooke Corp. that distributes insurance and banking services through a network of more than 800 franchise locations.

Source: Brooke Franchise Corp.

Topics Mergers & Acquisitions