BRP Group (BRP) Acquires FounderShield

July 23, 2021 7:30 AM EDT

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BRP Group, Inc. (NASDAQ: BRP), an independent insurance distribution firm delivering tailored insurance solutions, today announced that Millennial Specialty Insurance, LLC (“MSI,” also known as BRP Group’s “MGA of the Future”), an indirect subsidiary of BRP Group, has entered into a definitive agreement to acquire substantially all the assets of FounderShield LLC, AlphaRoot LLC, ReShield LLC and Scale Underwriting Services LLC (collectively, “Founder Shield”), a New York-based, tech-enabled insurance distribution platform with a specialized focus on providing commercial insurance services for clients in various high growth industries. With annual revenue of approximately $9.8 million1, Founder Shield represents BRP Group’s seventh announced Partnership in 2021.

The Partnership, BRP Group’s nomenclature for a strategic acquisition, is expected to close on or around August 1, 2021, subject to certain closing conditions.

Over its history, Founder Shield has delivered an impressive track record of profitable growth by offering a seamless, intuitive and responsive digital experience for purchasing and administering insurance for high-growth companies. This Partnership, which brings with it approximately 50 colleagues, brings to BRP Group unique expertise for rapidly-scaling companies in numerous high-growth industry verticals across the Technology & Fintech, Life Sciences and Emerging Markets sectors. Founder Shield’s technology platform significantly enhances BRP Group’s small commercial capabilities and provides operational efficiency and superior customer experience to the broader BRP organization.

“Founder Shield is the archetypal type of firm we seek to partner with, featuring a history of strong growth and innovation, and an exceptional group of talented, entrepreneurial colleagues,” said Trevor Baldwin, Chief Executive Officer of BRP Group. “Founder Shield greatly enhances our ability to innovate for our clients and facilitates unique early access to some of the country’s most rapidly growing businesses. Founder Shield has fostered a dynamic colleague and client-centric culture that is clearly aligned with what we are building at BRP Group, and we are thrilled to welcome the Founder Shield team to the BRP Group family.”

“We strive to work and think differently at Founder Shield, which is why we have been able to successfully and rapidly grow our business,” said Benji Markoff, Co-Founder and Chief Executive Officer of Founder Shield. “Our team of experts leverages technology to take a hands-on approach that not only creates a fully-digital purchasing experience for our clients, but also automates many of the time-consuming, back-office aspects of insurance, allowing our advisors to be efficient and focus on what they do best and enjoy most – selling insurance. Partnering with BRP Group is a clear match; the innovative platform of capabilities, client-first approach and resources available to our team, makes combining our firms an obvious choice. We could not be more excited to take Founder Shield to the next level.”

“Joining BRP Group is a natural next step for us. We’re incredibly proud of our team’s collective accomplishments, and we believe joining the BRP Group team presents a meaningful opportunity to grow faster and more efficiently together,” said Carl Niedbala, Co-Founder and Chief Operating Officer of FounderShield. “We look forward to supercharging BRP Group’s long-term vision with technology while leveraging the additional tools, resources and capabilities gained by coming on board to the BRP Group platform.”

Oppenheimer & Co. Inc. acted as exclusive financial advisor to Founder Shield in the transaction.

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