FORT LAUDERDALE, Fla., May 26, 2015 /PRNewswire/ -- Patriot National, Inc. (NYSE: PN) announced today that it has acquired Brandywine Insurance Advisors, a specialty insurance brokerage focusing on the construction industry. The total purchase price, assuming all earn-out criteria are met, would be $4.2 million. The projected 2015 revenue is $2.8 million.
Brandywine, based in the greater Philadelphia area, is known for its expertise in property and casualty, employee benefits and group captive business lines for construction and other industries. Brandywine's President Rennie Rodriguez will continue to operate the business with his team and will become part of Trigen Insurance Solutions, a subsidiary of Patriot National.
"The acquisition of Brandywine Insurance Advisors further broadens our base of commercial line insurance in specialty areas that require a distinct set of knowledge and expertise that is the hallmark of Patriot's value proposition to its carrier clients," said Steven M. Mariano, Chief Executive Officer of Patriot National. "We plan to leverage our network of more than 1,600 agents to expand Brandywine's surety and construction sector services offering on a nationwide basis."
"As with most of our recent acquisitions, we expect this deal to be immediately accretive to EBITDA," Mariano added.
"Joining forces with Patriot National presents an exciting opportunity to expand our expertise and carrier relationships across a national platform. Patriot has an outstanding reputation for navigating complex lines of insurance and our strength in construction will provide a highly complementary offering to their growing portfolio," said Rennie Rodriguez, President of Brandywine Insurance Advisors.
About Patriot National
Patriot National is a national provider of comprehensive technology and outsourcing solutions within the property and casualty marketplace, primarily in workers' compensation, for insurance companies, employers, local governments and reinsurance captives. Patriot National provides general agency services, technology outsourcing, software solutions, specialty underwriting and policyholder services and claims administration services to its insurance carrier clients and other clients. Patriot National is headquartered in Fort Lauderdale, Florida with nine regional offices around the country.
Forward Looking Statements
This press release may include statements that may be deemed to be forward-looking statements. Words such as "may," "will," "should," "likely," "anticipates," "expects," "intends," "plans," "projects," "believes," "estimates," "positioned," "outlook," "Guidance," and similar expressions are used to identify these forward-looking statements. By their nature, forward-looking statements involve risks and uncertainties, and there are important factors that could cause actual results to differ materially from those indicated in these statements, including the potential that revenue, net income or adjusted EBITDA could finally be determined to be below the range discussed in this press release. For example, we may not be able to place insurance policies for our clients, our expenses may be higher than we expect, we may have difficulty integrating new acquisitions, new acquisitions may not perform as anticipated, as well as those matters contained in our filings with the Securities and Exchange Commission. Although we base these forward-looking statements on assumptions that we believe are reasonable when made, we caution you that forward-looking statements are not guarantees of future performance or events and that results may differ materially from statements made in or suggested by the forward-looking statements contained in this press release. Any forward-looking statement that we may make in this press release speaks only as of the date of such statement, and we undertake no obligation to update any forward-looking statement or to publicly announce the results of any revision to any of those statements to reflect future events or developments.
Media and Investor Contacts:
Julie MacMedan (310) 622-8242 Paige Hart, (310) 622-8244 Financial Profiles, Inc. PatriotNational@finprofiles.com
SOURCE Patriot National, Inc.