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California's broker group starts on the acquisition track



The newly formed brokerage group Alkeme Holding LLC expects more than twice this size this year when it launches a series of acquisitions, said its top executive.

Ladera Ranch, California-based Alkeme was launched in October last year with a combination of six affiliated brokers in California and a Scottsdale, Arizona-based investment management company.

The company is supported by New York-based private equity investment firm GCP Capital Partners LLC, formerly an investor in Grand Rapids, Michigan-based broker Acrisure LLC, which has grown rapidly through acquisitions over the past decade.

Alkeme has approximately $ 30 million in revenue and is likely to double in size by 2021

, says CEO Curtis Barton, who is also CEO of Venture Pacific Insurance Services Inc., one of Alkeme's six founders.

The business is about 60% commercial property / accident insurance in the middle market, with the benefits and personal lines of the remaining employees, he said. [19659002] Alkeme has signed letters of intent to buy seven other brokers and expects to close the deal in the first quarter, Barton said.

The acquisitions will expand the brokerage business to other states, including on the East Coast and the Midwest, he said.

"We want to build a business that is sustainable, with people who want to stay with the company and work," he said. "We want to buy companies that have niches that we can grow from, or have a strategic advantage for the company when we put the pieces of the puzzle together."

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