DAYTONA BEACH, FL -- (Marketwired) -- 11/30/15 -- J. Scott Penny, Chief Acquisitions Officer of Brown & Brown, Inc. (NYSE: BRO), and Bert Alanko, the sole shareholder of MBA Insurance Agency of Arizona, Inc. ("MBA"), today announced that MBA and Brown & Brown of Kentucky, Inc., a subsidiary of Brown & Brown, Inc., have entered into an agreement for the acquisition by Brown & Brown of substantially all of the assets of MBA. The parties anticipate that the acquisition will close in December of 2015.
Founded in 1978, MBA provides rental insurance for the recreational vehicle and power sport vehicle markets throughout the United States. MBA has annual net revenues of approximately $5.5 million. The acquisition is scheduled to close effective December 1, 2015. Bert Alanko and his MBA team will become part of Brown & Brown of Kentucky's National RV Center, which is based in Columbia, Kentucky and also has locations in Tampa, Florida, Simi Valley, California and Albany, New York. The National RV Center operates under the leadership of Mike Neal, Executive Vice President of Brown & Brown of Kentucky. The MBA team will continue to operate from their existing office in Scottsdale, Arizona, and will report to Mike Neal.
Mr. Neal stated, "For over thirty years, Bert Alanko and MBA have been a leader in the RV and power sport rental insurance marketplace by providing innovative insurance and technology solutions. This transaction allows us to broaden and strengthen the National RV Center's operations by rounding our insurance solutions for RV and power sport dealers and owners. We are very excited that Bert Alanko and his magnificent team have chosen to join Brown & Brown's National RV Center."
Mr. Alanko stated, "Brown & Brown has shown that they are truly vested in the industry segments that MBA serves -- RV and Powersports. By joining Brown & Brown, our experienced team will continue to provide great MBA customer service along with gaining access to new products."
Brown & Brown, Inc., through its subsidiaries, offers a broad range of insurance and reinsurance products and related services. Additionally, certain Brown & Brown subsidiaries offer a variety of risk management, third-party administration, and other services. Serving business, public entity, individual, trade and professional association clients nationwide, Brown & Brown is ranked by Business Insurance magazine as the United States' sixth largest independent insurance intermediary. Brown & Brown's Web address is www.bbinsurance.com.
This press release may contain certain statements relating to future results which are forward-looking statements, including those associated with this acquisition. These statements are not historical facts, but instead represent only Brown & Brown's current belief regarding future events, many of which, by their nature, are inherently uncertain and outside of Brown & Brown's control. It is possible that Brown & Brown's actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Further information concerning Brown & Brown and its business, including factors that potentially could materially affect Brown & Brown's financial results and condition, as well as its other achievements, is contained in Brown & Brown's filings with the Securities and Exchange Commission. Such factors include those factors relevant to Brown & Brown's consummation and integration of the announced acquisition, including any matters analyzed in the due diligence process, and material adverse changes in the business and financial condition of the seller, the buyer, or both, and their respective customers. All forward-looking statements made herein are made only as of the date of this release, and Brown & Brown does not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which Brown & Brown hereafter becomes aware.
R. Andrew Watts
Chief Financial Officer
(386) 239-5770
Source: Brown & Brown, Inc.
