J. Powell Brown, Chief Executive Officer and President of Brown & Brown, Inc. (BRO), announced that Brown & Brown, Inc. has entered into a merger agreement to acquire Beecher Carlson Holdings, Inc. The transaction will be a cash acquisition and is not subject to financing conditions. The transaction is expected to close in July of 2013.
Beecher Carlson is an insurance and risk management broker with operations that include retail brokerage, program management and captive management, from Austin Ventures, FSPM and a group of individual employee and non-employee equityholders, the company noted.
Brown & Brown said that as part of this transaction, Steve Denton, Beecher Carlson's current President, will be named a Regional Vice President of Brown & Brown, Inc. and will serve as the CEO of Beecher Carlson and Dan Donovan, Beecher Carlson's current Chief Executive Officer, will serve as Executive Chairman of Beecher Carlson.
Also, Messrs. Denton and Donovan will both be actively involved in the day-to-day operations of Beecher Carlson and will also join Brown & Brown, Inc.'s Leadership Council, the company stated.
The total net consideration is $336.5 million ($360 million in cash with adjustments for working capital and the value of net tax operating loss carryforwards).
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