Brown & Brown, Inc. enters into agreement to acquire Automotive Business Solutions
08 12월 2023 - 8:30PM
J. Scott Penny, chief acquisitions officer of Brown & Brown,
Inc. (NYSE:BRO), and Michael Cox and Craig Sanford, the management
owners of ABS Risk, LLC and ABS Operations, LLC (collectively,
“ABS”), today announced that Brown & Brown Dealer Services has
completed the acquisition of ABS.
With more than twenty years of experience in the
marketplace, ABS is a leading administrator of warranty products in
the automotive aftermarket, providing nationwide parts and labor
repair warranties, national road hazard programs and
component-specific warranties. The ABS team will continue to be led
by CEO Michael Cox from their current offices in Denver, Colorado.
Michael will report to Mike Neal, president of Brown & Brown
Dealer Services (“BBDS”).
Mike Neal stated, “Michael and Craig have done
an amazing job in growing ABS into a premier provider of
aftermarket warranty products, serving customer partners that are
industry-leading suppliers of tires and aftermarket auto parts. The
ABS team and Brown & Brown Dealer Services share a focus on
customer service and the development of innovative product
offerings. The BBDS team is excited to add the skills of ABS to our
capabilities as we continue to provide warranty solutions for our
collective customers.”
Michael Cox shared, “We are excited about the
synergies this partnership will bring to our business. Brown &
Brown’s full suite of leading insurance programs and automotive
F&I products will enable us to provide new value-added
solutions to our aftermarket customers.”
Brown & Brown, Inc. (NYSE: BRO) is a leading
insurance brokerage firm, delivering risk management solutions to
individuals and businesses since 1939. With 16,000+ teammates in
approximately 500 locations worldwide, we are committed to
providing innovative strategies to help protect what our customers
value most. For more information or to find an office near you,
please visit 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 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.
For more information:
R. Andrew WattsChief Financial Officer(386) 239-5770
Brown and Brown (NYSE:BRO)
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