The Hilb Group is a part of Boston-based Abry Partners
The Hilb Group, LLC, a middle-market insurance agency based out of Richmond, Virginia, has announced the acquisition of BAR Insurance Brokerage, Inc. BAR is a Needham-based employee benefits firm with a focus on providing a wide range of group benefits products and services to its clients.
According to the terms of the transaction, which was effective as of June 1, 2018, BAR will join THG’s New England operations. BAR’s President, Rick Raisman, also joins THG, where he will work alongside THG’s team to grow the region’s benefits division.
“The experience and market relationships that Rick and his company bring to THG will continue to fuel the growth of our existing benefits division in the New England region,” says Ricky Spiro, THG CEO. “We are thrilled to welcome BAR to our expanding team.”
This is the first acquisition for THG in Massachusetts in 2018
This is the first Massachusetts acquisition announced by The Hilb Group in 2018. In 2017, THG announced three Massachusetts-based acquisitions. With this latest acquisition, the brokerage firm now has acquired six agencies in the Commonwealth 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 in 2016, the 2015 transaction does not have links.
- Massachusetts’ HR Knowledge Acquired By The Hilb Group
- Massachusetts’s “Five Star” Agency, Mid-State Insurance, Purchased by THG
- 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 ten 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.
