BRP Group, Inc. Announces Acquisition of National Health Plans & Benefits Agency, LLC: BRP Group Inc.

2022 AUG 16 (NewsRx) -- By a News Reporter-Staff News Editor at Mergers & Acquisitions Daily News -- BRP Group, Inc. (“BRP Group” or the “Company”) (NASDAQ: BRP), through an indirect subsidiary, announced that it has acquired substantially all the assets of National Health Plans & Benefits Agency, LLC (“NHPBA”). Based in Fraser, Michigan, NHPBA is a leading provider of individual health insurance products, predominantly for individuals under 65. NHPBA also has a growing Medicare practice. As a result of this Partnership, BRP Group’s nomenclature for a strategic acquisition, NHPBA brings to BRP Group approximately 50 colleagues and provides deep expertise in the individual health insurance market that has powered strong organic growth since NHPBA’s inception. Following this Partnership, NHPBA will operate within the Company’s Guided Solutions operating group. “We are thrilled to partner with David Dziewit and the entire NHPBA team who have built a fantastic organization,” said David Smith, President and Executive Operating Officer of Guided Solutions. “The addition of NHPBA will further strengthen our product offerings within the individual health insurance market and provide an excellent opportunity to further support our carrier and insured partners. We are excited to welcome the NHPBA team into the BRP Group family and believe their wealth of experience and client-centric focus will generate new growth opportunities for us.” “Joining forces with BRP Group is the natural next step for our business, as we will be able to better serve our client base with a variety of new opportunities and services,” said David Dziewit, President and CEO of National Health Plans & Benefits Agency, LLC. “We are proud of our team’s collective accomplishments, and we look forward to our colleagues sharing in future successes as we continue on our growth path.” In connection with the Partnership, BRP Group intends to issue to certain new employees restricted shares of the Company’s Class A Common Stock (each, a “Grant”) that the Compensation Committee of the Board of Directors of the Company previously approved. The Grants will be issued pursuant to the Company’s Partnership Inducement Award Plan in accordance with the exemption provided by NASDAQ Listing Rule 5635©(4). The Compensation Committee approved the Grants to motivate and reward the recipients to perform at the highest levels and contribute significantly to the success of BRP Group and its affiliates. The upfront cash payment to NHPBA was reduced by the estimated value of the Grants. The below table summarizes the material terms of the Grants. Partnership Number of Grantees Aggregate Shares Granted Vesting Terms* NHPBA 46

15,959

33.3% per year over 3 years or 100% after 3 years

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