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.
Was this article valuable?
Here are more articles you may enjoy.
Three Atlanta Firms Merge, Offering Range of Insurance and Financial Services 
Private Equity Firms Expected to Unleash Middle-Market M&A Deals, Survey Says 
Berkshire Hathaway Raises New CEO Abel’s Salary to $25 Million 
Alliant Latest to Sue Howden US Over Alleged ‘Smash-and-Grab’ Poaching 
