Brown & Brown, Inc. Acquires All Assets of Brokerage Group Specializing in Automotive Accounts
- May 16, 2018
Brown & Brown, Inc. Announces the Asset Acquisition of Automotive Development Group, LLC
DAYTONA BEACH, FL -- J. Scott Penny, Chief Acquisitions Officer of Brown & Brown, Inc. (NYSE:BRO), and Joel Kansanback and Bill Kelly, the principals of Automotive Development Group, LLC ("ADG"), announced that Brown & Brown of Kentucky, Inc., a subsidiary of Brown & Brown, Inc., has acquired substantially all of the assets of ADG.
ADG is a performance improvement company providing F&I training and auto warranty and related products for auto dealer clients across the United States. ADG has annual revenues of approximately $11 million. The ADG team will become part of the Brown & Brown auto, RV and powersports practice, which operates under the leadership of Mike Neal, President of Brown & Brown of Kentucky, Inc.
Mike stated, "As the Brown & Brown presence in the auto/F&I space has continued to grow, we saw the need for a well-developed platform to enhance that growth. Joel and Bill have built a sophisticated program to deliver insurance products to their dealer partners while helping those partners optimize their operations. We believe the ADG team will complement our existing operations and bring more solutions to our clients."
Joel Kansanback stated, "We felt like the changing automotive space provides a unique opportunity to really help dealers. Partnering with Brown & Brown gives us the backing to capitalize on that and grow at a much faster pace."
Bill Kelly added, "Once we met the management team at Brown & Brown we realized that is was a perfect fit for us culturally. The shared vision of putting the needs of our dealer clients first with a collection of the best training and best insurance offerings in the industry is a winning formula."