Brown & Brown, Inc. Announces the Asset Acquisition of ADM Marketing Group, Inc. and ADM Insurance Services, Ltd. by Brown & ...
January 04 2021 - 6:45AM
J. Scott Penny, Chief Acquisitions Officer of Brown & Brown,
Inc. (NYSE:BRO), and Harold (Howie) E. Haldeman, the owner of ADM
Marketing Group, Inc. and its affiliate ADM Insurance Services,
Ltd. (collectively, ADM), today announced that Brown & Brown
Dealer Services (BBDS) has acquired substantially all of the assets
of ADM.
Founded in 1987, ADM is an independent sales and
service organization providing F&I products and sales support
to automotive and powersport dealers in the Northeast and
Mid-Atlantic. Following the transaction, the ADM team will
continue doing business from their existing location in Camp Hill,
Pennsylvania, and will become part of BBDS, which operates under
the leadership of Mike Neal.
Mr. Neal stated, “Howie and his team have built
one of the leading F&I operations in the area by leveraging
their full-service product offerings and outstanding service to
cultivate a uniquely loyal dealership customer base. This
transaction represents an exciting opportunity to continue growing
our BBDS operations, and we are delighted to welcome the talented
ADM team aboard.”
Mr. Haldeman stated, “I would like to thank our
dedicated team for their hard work and our valued dealer customers
for their continued support. We are extremely proud of what
our organization has accomplished over the years and believe the
best is yet to come. By combining forces with a large,
national organization like BBDS, we’re enabling our customers to
benefit from broader resources and more diverse product offerings,
and also opening the door to new opportunities and growth potential
for our team.”
Brown & Brown, Inc. is a leading insurance
brokerage firm, providing risk management solutions to individuals
and businesses. With more than 80 years of proven success and
thousands of teammates, we offer knowledge you can trust and strive
to deliver superior customer service. For more information, 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 factors 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.
R. Andrew WattsChief Financial Officer(386)
239-5770
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