HARRISBURG, PA – February 2022 – Penwell Bowman + Curran’s merger and acquisition practice continued to grow by leaps and bounds in 2021, especially in the insurance agency space.
Most insurance companies depend on independent agents to distribute their insurance products. In the past year, national insurance agency aggregators were quick to gobble up higher performing agencies. There was no shortage of agency owners who were willing to sell due to the record high multiples of EBITDA that buyers were paying, and there were many buyers anxious to acquire agencies due to relatively cheap capital and financing.
“In the four short years since we started our firm, much of our merger and acquisition practice has focused on insurance agencies. In 2021, we completed the acquisition of 22 agencies for an aggregate purchase price of over $200 million,” said Scott Penwell, managing partner of Penwell Bowman+ Curran. “Our practice is truly national in scope and includes not only larger platform agencies but smaller tuck-in agencies and books of business. The agencies our clients acquired were located in a number of states, including Pennsylvania, Missouri, Texas, New Jersey, Kansas, Indiana, Illinois, Ohio and Michigan.”
While interest rates are expected to rise in 2022, most industry experts expect the aggregation trend to be strong again in 2022.
About Penwell Bowman + Curran LLC
Penwell Bowman + Curran LLC was formed in 2017 by Scott Penwell, Brandt Bowman and Matt Curran to provide big-firm corporate, securities and insurance work in a smaller, more creative, efficient and nimble environment. The firm has expanded to six lawyers and regularly provides legal services in the areas of corporate governance, corporate finance and securities, franchising, and mergers and acquisitions, as well as offering unique expertise to clients in the insurance agency and insurance company industries.