Mystic Capital advises Gremesco of New Jersey in its sale to Bridge Specialty Group – a subsidiary of Brown & Brown, inc. (NYSE:BRO)
Overview of Transaction
- Founded in 2000, Gremesco of New Jersey (“Gramesco” or “Company”) is a wholesale insurance broker of P&C insurance products and services through retail agents primarily in New Jersey and New York.
- After assessing a variety of strategies, Gramesco decided to partner with Bridge Specialty Group, a subsidiary of Brown & Brown, Inc (NYSE:BRO), a leading insurance brokerage firm founded in 1939, with over 11,000 teammates in more than 300 locations across the U.S. and select global markets.
- Composed of more than 25 boutique brands, Bridge Specialty Group, LLC was launched in February 2021 by Brown & Brown, Inc. to encompass its broad portfolio of wholesale insurance businesses.
- Following the transaction, Gramesco’s operations will become part of Bridge Specialty Group’s “Morstan General Agency” Woodbridge, New Jersey office.
Significance of Transaction
- The acquisition of Gremesco will bolster Morstan’s strong network of brokers in the tri-state area.
- The partnership will provide Gremesco strategic new coverage options for its clients, technology, and access to a broad distribution network – paving a long runway for expansion.
Mystic Capital’s Role
- Mystic Capital was engaged by Gremesco to reposition the Company for the next chapter of its growth. Collectively, several strategies were evaluated before concluding with a sale to Bridge Specialty Group.
- Having guided Brown & Brown on previous transactions, Mystic Capital has a long history advising premier insurance organizations to highly favorable outcomes and underscores Mystic’s credo of fostering long-term, value-creating relationships built on trust and results.