BRP Group (BRP) Announces 8M Share Proposed Offering

BRP Group, Inc. (“BRP Group” or the “Company”) (NASDAQ: BRP), an independent insurance distribution firm, today announced the proposed underwritten offering of 8,000,000 shares of its Class A common stock. The Company also intends to grant the underwriters a 30 day option to purchase up to 1,200,000 additional shares of its Class A common stock.

In addition, BRP Group announced that it continues to have a strong Partnership pipeline and currently expects to close Partner acquisitions generating total acquired revenue of approximately $175 million to $200 million in 2021, with all remaining 2021 Partnerships closing in the fourth quarter of 2021, and approximately $100 million to $150 million in 2022, with 2022 acquired revenue being split among fiscal quarters in a similar proportion as 2021 acquired revenue. “Acquired revenue” is calculated as revenue attributable to acquired businesses for the most recent 12-month period prior to acquisition evaluated based on quality of earnings reviews.

BRP Group also announced that as of September 13, 2021, “MGA of the Future” policies in force have grown to 652,666 from 605,295 as of June 30, 2021.

BRP Group intends to use the net proceeds from the sale of the shares of Class A common stock offered in the offering to purchase newly issued membership interests of Baldwin Risk Partners, LLC (“LLC Units”) from its operating subsidiary Baldwin Risk Partners, LLC. Baldwin Risk Partners, LLC intends to use the proceeds from the sale of LLC Units to BRP Group as follows: (i) to pay fees and expenses in connection with the offering and (ii) for working capital and other general corporate purposes, including to fund cash payments to be made upon the closing of previously announced Partner acquisitions, Partnership opportunities that BRP Group is considering and future Partnership opportunities.

J.P. Morgan, Wells Fargo Securities, BofA Securities, Morgan Stanley, Jefferies and William Blair are acting as joint book-running managers and Keefe, Bruyette & Woods, A Stifel Company, Raymond James, Capital One Securities and Dowling & Partners Securities LLC are acting as co-managers for the offering.

BRP Group has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (“SEC”) for the offering to which this communication relates. Before you invest you should read the prospectus in that registration statement, the preliminary prospectus supplement relating to this offering and other documents BRP Group has filed with the SEC for more complete information about BRP Group and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov.

You May Also Be Interested In

• CoStar Group acquires Zonda for $800M, adding new home data
• Aveanna Healthcare prices secondary offering at $11.75 per share
• Aveanna selling stockholders launch 15M share secondary offering