Hilb, Rogal and Hamilton Company (HRH) has completed the acquisition of Georgia-based Hobbs Group, LLC (Hobbs), one of the nation’s independent insurance brokers serving top-tier middle-market and risk management clients.
Hobbs generated revenues of $95.2 million in 2001 providing property and casualty insurance brokerage, risk management, executive compensation and employee benefit services. The purchase price of the acquisition included a fixed amount of $142 million, up to an additional $102 million contingent on the achievement of performance goals, and the assumption of earnouts (with an estimated net present value of $30 million). HRH arranged a secured institutional term loan facility to finance the cash portion of the transaction.
“We are extremely pleased to welcome Hobbs as a strategic addition that moves us a critical step closer to achieving our goal of becoming the premier domestic mid-market insurance and risk management intermediary,” Andrew L. Rogal, HRH’s chairman and CEO, commented.
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