Posted on 15 Jan 08
Storefront owner Britt/Paulk Insurance Agency, Inc., a privately-held Program Administrator, has agreed to acquire substantially all of the assets of Mitchell, York & Cooper, LLC, a Florida-based Marine Insurance broker.
Financial details of the transaction were not disclosed.
Mitchell, York & Cooper was founded in 1988 and provides quality marine insurance products for marinas, ship yards, marine contractors, cargo, boat dealers, and U.S. longshore and harbor workers through independent agents.
John Paulk, president of Britt / Paulk commented, “This acquisition strengthens our presence in Florida and provides our company with our first entrée into the marine products market. As a company, this is our first acquisition, but, it will certainly not be our last. We intend to continue looking for additional growth opportunities through acquisitions that will fit well with our corporate culture and our long term strategy.”
Stephen York, president and one of the original founders of Mitchell, York & Cooper said, “We are delighted to become a part of the Britt / Paulk team. The national distribution channels established by Britt / Paulk and their easy to operate Online Policy Underwriting System (OPUS) will make our marine products accessible to literally, thousands of new agents.”
Dene Schoerner, Britt / Paulks COO, added, “The acquisition of Mitchell, York & Cooper has opened the way for Britt / Paulk to contract with the top carriers of marine products in this country. Steve Yorks decision to join the Britt / Paulk team is a real bonus. He will continue to head up the Florida operation. With Steves guidance, we see short and long term opportunities, regionally and nationally, to quickly expand the markets for our new marine products. We are delighted to have a marine products insurance professional with Steves qualifications and background to join our team.”
LMC Capital LLC served as Britt / Paulks financial advisor in connection with this transaction.
Britt / Paulk is a privately held Program Administrator located in Carrollton, Georgia. The company underwrites Builders Risk, Equipment, Poultry/Swine Confinement, Self Storage, Aviation, Ocean Marine Cargo, Forestry Products, Equipment Breakdown, and Workers Compensation. All programs are admitted with A ratings or better. Coverage is provided in all 50 states.
For more information, visit their storefront at www.programbusiness.com.