TAMPA, Fla., Dec. 08, 2020 (GLOBE NEWSWIRE) -- BRP Group, Inc. (NASDAQ: BRP) today announced the proposed underwritten offering of shares of its Class A common stock.

In addition, BRP also announced that it continues to have a strong partnership pipeline and currently expects to close in 2021 Partner acquisitions generating total annualized revenue of approximately $120 million to $150 million, approximately 90% of which is anticipated to close in the second, third and fourth quarters of 2021.

BRP intends to use a portion of the net proceeds from the sale of the shares of Class A common stock offered in the offering to purchase newly issued membership interests of Baldwin Risk Partners, LLC (“LLC Units”) from its operating subsidiary Baldwin Risk Partners, LLC. Baldwin Risk Partners, LLC intends to use the proceeds from the sale of LLC Units to BRP as follows: (i) to pay fees and expenses in connection with the offering and (ii) for working capital and other general corporate purposes, including the Partnership with Burnham Benefits Insurance Services, Inc., Burnham Gibson Wealth Advisors, Inc. and Burnham Risk and Insurance Solutions, LLC (collectively, “Burnham”) and other Partnership opportunities that BRP is considering and future Partnership opportunities.

BRP intends to use the remaining net proceeds from the sale of the shares of Class A common stock offered in the offering to purchase LLC Units from its founders and certain executive officers.

J.P. Morgan, BofA Securities, Wells Fargo Securities, Morgan Stanley, Jefferies and William Blair are acting as joint book-running managers, and Keefe, Bruyette & Woods, A Stifel Company, Raymond James, Dowling & Partners Securities LLC and Capital One Securities are acting as co-managers for the offering.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any offer or sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

BRP has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (“SEC”) for the offering to which this communication relates. Before you invest you should read the prospectus in that registration statement and other documents BRP has filed with the SEC for more complete information about BRP and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov.

ABOUT BRP GROUP, INC.

BRP Group, Inc. (NASDAQ: BRP) is a rapidly growing independent insurance distribution firm delivering tailored insurance and risk management insights and solutions. BRP represents over 500,000 clients across the United States and internationally.