BRP Group (BRP) Announces Proposed Public Offering of Common Stock

BRP Group, Inc. (“BRP” or the “Company”) (NASDAQ: BRP) today announced the proposed underwritten offering of shares of its Class A common stock.

In addition, BRP also announced that it continues to have a strong partnership pipeline and currently expects to close in 2021 Partner acquisitions generating total annualized revenue of approximately $120 million to $150 million, approximately 90% of which is anticipated to close in the second, third and fourth quarters of 2021.

BRP intends to use a portion of 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 as follows: (i) to pay fees and expenses in connection with the offering and (ii) for working capital and other general corporate purposes, including the Partnership with Burnham Benefits Insurance Services, Inc., Burnham Gibson Wealth Advisors, Inc. and Burnham Risk and Insurance Solutions, LLC (collectively, “Burnham”) and other Partnership opportunities that BRP is considering and future Partnership opportunities.

BRP intends to use the remaining net proceeds from the sale of the shares of Class A common stock offered in the offering to purchase LLC Units from its founders and certain executive officers.

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

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