BRP Group (BRP) Prices 8.75M Share Class A Offering at $29.50/Sh

BRP Group, Inc. (NASDAQ: BRP) today announced the pricing of its offering of 8,750,000 shares of its Class A common stock at a price to the public of $29.50 per share. The underwriters for the offering also have a 30-day option to purchase up to 1,312,500 additional shares of its Class A common stock. BRP Class A common stock trades on the Nasdaq Global Select Market under the ticker symbol “BRP.” The offering is expected to close on December 11, 2020, subject to customary closing conditions.

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 100,000 LLC Units from Lowry Baldwin, Chairman of BRP, and/or affiliated entities, 100,000 LLC Units from Elizabeth Krystyn, one of BRP’s founders, and/or affiliated entities, 100,000 LLC Units from Laura Sherman, one of BRP’s founders, and/or affiliated entities, 100,000 LLC Units from Kristopher Wiebeck, Chief Financial Officer of BRP, and/or affiliated entities, and 100,000 LLC Units from John Valentine, Chief Partnership Officer of BRP, and/or affiliated entities.

If the underwriters exercise their option to purchase additional shares of Class A common stock in full, BRP intends to use the additional net proceeds it receives to purchase up to 466,667 additional LLC Units from Lowry Baldwin, Chairman of BRP, and/or affiliated entities, 200,000 additional LLC Units from Elizabeth Krystyn, one of BRP’s founders, and/or affiliated entities, 300,000 additional LLC Units from Laura Sherman, one of BRP’s founders, and/or affiliated entities, 100,000 additional LLC Units from Kristopher Wiebeck, Chief Financial Officer of BRP, and/or affiliated entities, and 50,000 additional LLC Units from John Valentine, Chief Partnership Officer of BRP, and/or affiliated entities.

BRP intends to use the remaining net proceeds from the underwriters’ exercise of their option to purchase additional shares of Class A common stock to purchase additional newly issued LLC Units from Baldwin Risk Partners, LLC. Baldwin Risk Partners, LLC intends to use the proceeds from the sale of additional LLC Units to BRP for the same purposes as stated above.

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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