IMA Financial Group Inc. announced on Wednesday that it will acquire Pasadena, California-based broker Bolton & Co. in a deal that could see it move into the top 20 brokers in the United States.
Terms of the transaction, which to close on May 1 were not published.
The deal will expand Denver-based IMA's brokerage services to California, and the combined company will have 1,200 employees and generate annual sales of over $ 300 million, IMA said. Bolton will retain its brand and continue to operate from its offices in Los Angeles, Orange County and the San Francisco Bay Area.
Bolton is the 59th largest US business broker, with $ 54.86 million in US brokerage revenue for 201
The deal follows IMA's acquisition of Springfield, Oregon-based k.p.d. Insurance Inc. earlier this month.
Bolton will expand the IMA's geographical reach and business benefits, said IMA President and CEO Rob Cohen in an interview with Business Insurance .
Employee revenue will account for $ 64.1 million, or about 21%, of the combined business, based on the latest figures, Cohen said.
Bolton will strengthen IMA's specialization activities, add skills in education and expand its capacity in construction, he said.  Both companies are "strongly committed to independence and private ownership. We decided that it makes sense for us to merge and focus on building the brokers of the future," says Cohen.
Bolton President and CEO Steve Brockmeyer will to serve as market president for IMA's California division and continue in his leadership role., and Bolton's 200 employees will join IMA according to the deal, he said.
Bolton, founded as a family-owned company in 1931, will be the 10th: e and the largest broker that IMA has acquired since the beginning of 2020.  “If you look at the best brokers in the industry, you see public companies, you see private equity-backed companies and you see a large family-owned company, but you do not ser is an independent employee-owned company, "said Cohen.
The IMA's goal is to continue to grow organically and then "add strategic partnerships when it makes sense," he said.