Worldwide Facilities has signed a letter of intent (LOI) to acquire Gerald J. Sullivan & Associates (GJS), which trades as The Sullivan Group.
Worldwide Facilities will acquire all the outstanding shares of GJS other than GJS Re which provides reinsurance and related consulting services. The parties anticipate completing the transaction, which is subject to certain conditions, within the next thirty days.
Worldwide Facilities CEO Davis Moore said: “We are pleased that Jerry Sullivan, a widely-respected industry veteran and insurance innovator, will be connected to our company in a consulting role focused on leadership and product development. His experience, wisdom and significant industry relationships will be a great asset for Worldwide Facilities.
“We are also extremely pleased and excited to partner with Hank Haldeman and the entire Sullivan team. Their exclusive national underwriting programs, including KDIS, MGA offerings and brokerage operations further strengthen and geographically diversify our value proposition to our retailer customers.”
Sullivan chairman Jerry Sullivan said: “The Sullivan team is excited about the combination. Our products are complementary, our cultures are very compatible and it is personally satisfying to see the successful perpetuation of the business through a company as respected as Worldwide Facilities.”
Sullivan president Hank Haldeman said: “As a part of Worldwide Facilities, the Sullivan team is looking forward to helping the combined company continue to execute a growth strategy for the benefit of customers, markets and employees.
“The opportunity to marry respective products and distribution platforms leverages our position in the marketplace within an independent, wholesale-dedicated environment, led by individuals that share our vision, ethics and culture.”
Source: Company Press Release