Montgomery, Ala.-based Alfa Corp. has purchased Vision Insurance Group of Brentwood, Tenn.
The transaction involved $20 million in cash and stock, with an additional purchase consideration of as much as $14 million, based on future performance.
John Russell, Vision president, founded the managing general agency in 1997. The company has 130 employees, annual revenues of $30 million and operations in nine states. Montgomery, Ala.-based Alfa (NASDAQ: ALFA) is forming a subsidiary – Alfa Vision Insurance Corp. – through which Vision will write its nonstandard auto business. Alfa is a member of the Alfa Insurance Group, which has combined assets of about $4 billion.
Topics Mergers & Acquisitions Alabama
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