Mystic Capital Advises Gremesco Corp. on its sale to Towerstone, Inc
Overview of Transaction
- Towerstone, Inc., a specialty wholesale insurance brokerage and managing general agency part of the IMA Financial Group family, completed the acquisition of Gremesco Corp., a Northeast-focused insurance solutions provider with deep surplus lines and specialty brokerage expertise.
- Founded in 1993 by Christopher Larson, Gremesco is known for customized risk placement and strong carrier relationships. It will integrate into Towerstone’s national platform, augmenting Towerstone’s existing offerings across energy, construction, property, and environmental specialty lines.
- The transaction embeds Gremesco’s experienced team within Towerstone’s infrastructure, combining regional market knowledge with a broader suite of wholesale solutions and consultative risk services.
Significance of Transaction
- Joining Towerstone’s platform enhances access to expanded underwriting markets, binding authorities, and IMA’s technology and operational capabilities, enabling accelerated growth and improved service delivery for broker partners and insureds.
- The combination broadens Gremesco’s product portfolio and geographic reach — empowering its team to leverage Towerstone’s scale, carrier connectivity, and specialty focus across multiple risk classes.
- For Towerstone and its parent, IMA Financial Group, the acquisition strengthens the wholesale brokerage footprint by adding a highly regarded regional specialty provider, reinforcing growth in key markets and expanding Towerstone’s diversified risk capabilities.
Mystic Capital’s Role
- Mystic Capital served as exclusive financial and strategic advisor to Gremesco Corp., leading a tailored process that highlighted the company’s differentiated specialty insurance position and facilitated engagement with strategic partners.
- The transaction reinforces Mystic Capital’s reputation as a leading advisor to founder-led specialty insurance firms, supported by its long-standing relationship with Gremesco’s founder across multiple successful exits.