This is The Hilb Group’s third acquisition in Massachusetts in 2017
The Hilb Group (THG) has announced another Massachusetts acquisition. On November 1, 2017, THG officially acquired HR Knowledge of Mansfield. This latest acquisition marks
The Hilb Group, LLC (THG) announced today the acquisition of HR Knowledge (HRK). The transaction became effective November 1, 2017.
“HRK’s unique business model in the employee benefits space and tremendous track record of growth will complement and help expand our benefits operation across our organization,” said Ricky Spiro, CEO of THG. “We are pleased to have Ken, Jeff and their team join our company.”
HRK, based in Mansfield, provides integrated HR services to employers nationwide. These include payroll, employee benefits, human resources management and benefits brokerage & administration. Founded in 2001, the company has been recognized as one of “Inc. 5000’s America’s Fastest Growing Private Companies.”
According to the terms of the transactions, HRK’s managing directors, Ken Bettenhauser and Jeff Garr, as well as the rest of the HRK team, will continue to operate out of their existing location.
“This partnership will play a key role in achieving our goal to deliver a comprehensive set of services and solutions to our current and future clients,” said Ken Bettenhauser. “We are excited to take our business in this new direction and look forward to working with everyone at THG.”
“We view this move as an opportunity for our employees to build on the success and growth HRK has had over the years,” added Jeff Garr. “As a part of THG, our clients can now tap into a wider range of products, services and expertise to address their needs.”
This marks the 10th acquisition for The Hilb Group in 2017
In addition to this being The Hilb Group’s 10th acquisition in 2017, and its 40th overall, this latest purchase also marks the sixth Massachusetts-based acquisition for THG since 2015. The following is a list of the other Mass.-based agencies that the firm has acquired, along with links to Agency Checklists articles. Since we only started reporting on M&As and this agency in particular 2016, the 2015 transactions do not have links.
- Massachusetts’s “Five Star” Agency, Mid-State Insurance, Purchased by The Hilb Group (2017)
- The Hilb Group acquires Sapers & Wallacks (2017)
- The Hilb Group Acquires Hyannis’ Dowling & O’Neil (2016)
- Hilb Group Announces Acquisitions of Insurance Firms Gencorp and Cornerstone (2015)
Richmond-based Hilb Group portfolio company of Boston private equity partnership
Formed in Richmond, Virginia in 2009, the Hilb Group has grown exponentially through targeted acquisitions in the middle market insurance brokerage space. With the addition of MSIA, the Group now has over 41 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 high quality 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.