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In late August, Insurance Insider US revealed that Leavitt was looking for a minority investor. -
Sources said that the underwriter has been working with Houlihan Lokey to find a potential backer.
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Earlier this month this publication revealed that the brokerages were in advanced talks to secure a deal.
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Woodruff Sawyer is understood to have revenue in the $240mn ballpark and Ebitda in excess of $50mn.
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The deal follows Davies' recent acquisitions of the TPA arms of HW Kaufman and Brown & Brown.
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The average size of acquired agencies was $2.74mn, down from $4.23mn a year earlier.
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The deal’s closing comes just a month and a half after the companies announced the transaction.
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The Insurance Insider US news team runs you through this week’s key agency M&A.
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Lee succeeds Neill Currie, who will become an independent director.
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It is understood that the TPA is working with Waller Helms on the process.
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Carlyle re-launched efforts to find minority investor last June.
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The Insurance Insider US news team runs you through this week’s key agency M&A.
