Denver-based insurance brokerage IMA Financial Group said it is expanding to California by acquiring Bolton & Co. in a transaction effective May 1, 2021.
The combined brokerage firm will employ 1,200 associates and generate annualized revenues of more than $300 million. IMA will become one of the top 20 insurance brokers in the U.S.
IMA specializes in risk management, insurance, wholesale brokerage and wealth management. The firm has tripled in size in just eight years through both organic growth and acquisitions. The Bolton deal is IMA’s fourth transaction since November 2020, its largest and its tenth in the last 12 months.
“It is unique for two large independent brokers that align so well in culture, strategy and community commitment to join forces,” said IMA Financial Group Chairman and CEO Rob Cohen. “This move will take us to the next level, and we will stay on this path as long as we continue to find great strategic partners.”
Employee-owned IMA has nearly 1,000 associates, with anchor offices in Colorado, Kansas, Michigan, Oregon, Pennsylvania and Texas.
Bolton, also an expanding company with 300% revenue growth over the past 10 years, will become an IMA company and maintain its Bolton brand.
Bolton President and CEO Steve Brockmeyer will continue in a leadership role and serve as market president for IMA’s California division.
Bolton’s 200 employees will remain in the company’s offices in Los Angeles, Orange County and the San Francisco Bay area.
The combined firm will have offices across the U.S. and deliver expanded offerings in growing specialty industries.
Source: IMA Financial
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