Ft. Lauderdale, FL – Patriot National, Inc. (NYSE: PN) recently announced that it has acquired Brandywine Insurance Advisors, a specialty insurance brokerage focusing on the construction industry. The total purchase price, assuming all earn-out criteria are met, would be $4.2 million. The projected 2015 revenue is $2.8 million.
Brandywine, based in the greater Philadelphia area, is known for its expertise in property and casualty, employee benefits and group captive business lines for construction and other industries. Brandywine’s President Rennie Rodriguez will continue to operate the business with his team and will become part of Trigen Insurance Solutions, a subsidiary of Patriot National.
“The acquisition of Brandywine Insurance Advisors further broadens our base of commercial line insurance in specialty areas that require a distinct set of knowledge and expertise that is the hallmark of Patriot’s value proposition to its carrier clients,” said Steven M. Mariano, Chief Executive Officer of Patriot National. “We plan to leverage our network of more than 1,600 agents to expand Brandywine’s surety and construction sector services offering on a nationwide basis.”
“As with most of our recent acquisitions, we expect this deal to be immediately accretive to EBITDA,” Mariano added.
“Joining forces with Patriot National presents an exciting opportunity to expand our expertise and carrier relationships across a national platform. Patriot has an outstanding reputation for navigating complex lines of insurance and our strength in construction will provide a highly complementary offering to their growing portfolio,” said Rennie Rodriguez, President of Brandywine Insurance Advisors.
Source: Patriot National