BRP Group (BRP) to Acquire RogersGray, Inc.

BRP Group, Inc. (“BRP Group” or the “Company”) (NASDAQ: BRP), an independent insurance distribution firm delivering tailored insurance solutions, today announced that Baldwin Krystyn Sherman Partners, LLC (“BKS Partners”) and Millennial Specialty Insurance, LLC (“MSI”), each an indirect subsidiary of BRP Group, have entered into an agreement to acquire substantially all assets of RogersGray Inc., Breakwater Brokerage, LLC (“Breakwater”) and Monomoy Insurance Group, LLC (“Monomoy”) (collectively, “RogersGray”), a South Dennis, Massachusetts-based provider of commercial lines, personal lines and employee benefits insurance services to large and mid-sized companies and individuals. With annual revenue of approximately $38.8 million¹, RogersGray (#84 in Insurance Journal’s “Top 100” list of independent property/casualty agencies) represents BRP Group’s largest announced Partnership in 2021 and fourth “Top 100” Partnership since the beginning of the fourth quarter of 2020. RogersGray President and Chief Executive Officer, David Robinson, and RogersGray Chairman, Michael Robinson, will serve as Co-Regional Presidents of the New England Region within BRP Group’s middle-market operating group.

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

Over its history, RogersGray has delivered an impressive track record of revenue growth. This Partnership, which brings with it approximately 220 colleagues, enhances and further expands BRP Group’s geographic reach in key markets and industries. RogersGray provides risk solutions to commercial clients across a broad range of industries, with particular strengths in Real Estate and Construction & Utilities, and brings to BRP Group an attractive coastal personal lines footprint.

“RogersGray is one of the top independent firms in the Northeast, featuring a history of growth and an exceptional group of talent led by an accomplished management team buying into BRP Group’s long-term vision. RogersGray will significantly bolster our geographic footprint and product offerings in New England and the broader Northeast region, and we are particularly excited about adding Monomoy to our MGA of the Future platform,” said Trevor Baldwin, Chief Executive Officer of BRP Group. “David, Michael and their incredibly talented team have prioritized client service above all else, while also fostering a dynamic colleague-centric culture that is clearly aligned with what we are building at BRP Group, and we are thrilled to welcome the RogersGray team to the BRP family.”

“We’ve built a tremendously successful business, and we believe joining the BRP Group team presents a meaningful opportunity to take our growth to the next level. This is a natural next step for our stakeholders, and we expect the combination will create considerable value over the long term,” said Dave Robinson, President and Chief Executive Officer of RogersGray. “By partnering with BRP Group, we look forward to providing our clients with the level of service they are accustomed to while providing additional tools, resources and capabilities gained by coming on board to the BRP platform.”

“We are thrilled to be joining the BRP Group team and believe the Partnership aligns us with a Partner who shares and supports our long-term goals and vision,” said Michael Robinson, Chairman of RogersGray. “We are truly proud of our team’s collective accomplishments, and as we join the BRP Group family, we could not be more excited to take RogersGray to the next level for our clients and colleagues who will ultimately benefit from our combined scale and capabilities.”

MarshBerry acted as exclusive financial advisor to RogersGray in the transaction.

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