LAKEWOOD, NJ — Reliance Global Group, Inc. (Nasdaq: RELI) (“Reliance,” “we,” “us,” “our” or the “Company”) today announced it has completed an asset sale of Fortman Insurance Services (“Fortman”), a wholly owned subsidiary, for $5 million in cash. The transaction marks the successful execution of a strategic initiative to monetize a non-core asset and further strengthen the Company’s financial position.
Following its acquisition by Reliance, Fortman continued to enhance its operational efficiency, financial stability, and market competitiveness. The finalized sale, at a value above the initial purchase price Reliance purchased Fortman for in 2019, reflects Reliance’s commitment to prudent capital deployment and its continued focus on maximizing shareholder returns.
The Company also reaffirmed its expectation that the acquisition of Spetner Associates, Inc. (“Spetner”) will be completed. Spetner has built significant momentum in recent years, with consistent growth and healthy cash flow contributions across its operations. The transaction is expected to complement Reliance’s existing business model and align with its OneFirm strategy, creating opportunities to expand operational scale and drive long-term value.
“Closing the Fortman transaction marks a key milestone in our strategic roadmap and reflects the disciplined approach we take to identifying, enhancing, and monetizing value within our portfolio,” commented Ezra Beyman, CEO of Reliance. “From the outset, Fortman was a compelling acquisition, and through targeted operational improvements, we positioned the business for long-term success. Selling the asset at a premium demonstrates the strength of our execution and adds meaningful capital to our balance sheet, increasing our flexibility to advance strategic priorities. This transaction reinforces our commitment to executing initiatives that strengthen our platform, support sustainable growth, and accelerate our transformation into a streamlined, tech-enabled insurance organization. I remain confident in our ability to deliver lasting value to our shareholders.”
Source: Reliance Global Group
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