Sapers & Wallack has been a family-owned firm in Newton for over 80 years
The Hilb Group (“THB”) announced this week that it has acquired the group benefits division of Sapers & Wallack, Inc. (“S&W”). Founded in 1932 in Newton, Sapers & Wallack is a third-generation family owned agency specializing in group benefits, executive benefits, retirement plan consulting, wealth management and insurance.
In 2008, the Boston Business Journal highlighted the company as one of the largest employee benefits firms in Massachusetts. The family-owned agency for over 80 years says joining The Hilb Group will allow the firm to continue to prosper while expanding its options for its clients.
“Joining THG is the right fit for our agency’s group benefits division, our employees and our clients,” said Aviva Sapers, President of S&W. “THG’s agency structure will allow the division to retain our unique service model and workplace culture while also increasing access to the resources and expertise of a top 50 insurance brokerage.”
“We are very excited for our group benefits division to be joining THG and view this move as an opportunity for our employees to build on the success and growth S&W has had over the last 80 years,” added Ed Wallack, Treasurer of S&W. “As a part of THG, our clients will now have access to a wider range of products, services and expertise to address their needs.”
According to the terms of the transaction, effective as of February 1, 2017, all of Sapers & Wallack’s group benefits division’s current employees will join The Hilb Group’s New England employee benefits operations. S&W’s group benefits division president, Tom Connors, will also move over as the new Managing Director of the Boston office of The Hilb Group of New England. Led by Rob Calise, The Hilb Group’s Boston office will be based out of the current S&W location.
Both S&W’s current President, Aviva Sapers and Treasurer Ed Wallack, will remain with S&W and continue to operate the agency’s executive benefits, insurance, retirement and wealth management divisions. The firm will also collaborate with THG of New England in order to provide those clients with a full range of commercial insurance and employee benefits solutions.
“We are pleased to bring S&W’s group benefits division and their associates to the growing Hilb Group of New England team,” said Robert J. Hilb, Founder and CEO of THG. “Their expertise and market relationships will complement and help expand our benefits operation in the area.”
THG is a portfolio company of the Boston private equity partnership ABRY Partners
Formed in 2009, Richmond-based The Hilb Group has grown through targeted acquisitions in the middle market insurance brokerage space to become a top 50 insurance agency in the U.S. With the addition of Sapers & Wallack, the Group now has more than 40 offices throughout 10 states: Florida, Kentucky, Maryland, Massachusetts, New York, North Carolina, Tennessee, Texas, Virginia, and West Virginia.
In 2015, The Hilb Group became a portfolio company of ABRY Partners, a Boston-based equity fund. ABRY invests in highquality companies and partners with management to help build their businesses. Since its founding in 1989, ABRY has completed over $42.0 billion of leveraged transactions and other private equity, mezzanine or preferred equity placements, representing investments in over 450 properties.
ABRY concentrates on industry sectors where they have substantial operating and investment experience and seeks to bring their industry insight to the investment process to understand key issues, accurately assess opportunity, and bring relevant information to bear. ABRY seeks to partner with skilled executives and invest significant capital to help build stronger companies that become industry leaders.
