Brooke Agrees to Purchase Network of Insurance Agencies
On Thursday, Brooke Franchise Corp. announced its agreement to buy 60 insurance agency locations from companies related to Chicago-based J and P Holdings Inc.
The agency locations are in Missouri, Kansas, Colorado, Texas and Illinois, Overland Park-based Brooke Corp. Brooke Franchise's parent.
Financial terms of the transaction weren't disclosed. The deal is expected to close on Friday.
The agencies sell auto insurance under the trade names Lone Star Auto, Insurance Xpress, Car Insurance Store, Hallberg Insurance Agency and Hallberg Xpress, Brooke Corp. said in the release. The acquired agencies will be converted into Brooke franchises or merged into existing Brooke franchise locations.
"This acquisition is a good geographical fit with our existing franchise locations that specialize in auto insurance sales and provides opportunity for current Brooke franchisees to grow through acquisition," Kyle Garst, Brooke Franchise's chairman and CEO, said in the release. "It also increases our franchise location count to approximately 900 locations and additional franchise locations generate additional branding and processing economies of scale."
Brooke Franchise distributes insurance and banking services through a network of more than 800 franchise locations.
Source: Source: Kansas City Business Journal | Published on September 27, 2007
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