Broker OneDigital has made its first acquisition in the area of commercial real estate / accident with its acquisition of St. Louis-based HM Employee Benefits and Risk Management.
OneDigital, the 18th largest American business broker, according to Försäkringsförsäkring latest ranking, announced on Thursday the acquisition, which is the first to integrate property / accident in its health, pension and personnel consulting companies. The terms for the acquisition of OneDigital, which is owned by venture capital companies, were not announced.
The move to the property / damage facility was a natural next step for the 20-year-old company, says Mike Sullivan, OneDigital co. founder and growth manager.
It expects the property / accident to account for at least a quarter of the revenue within the next few years, he said.
OneDigital has "been a little different" from other companies. in focusing on the benefits and staff space, and the HM acquisition represents a "continued development" for the company, he said.
Mike Shanahan, HM's Chairman of the Board, President and CEO, said the brokerage, which focuses on the middle market and large national accounts, operates in all 50 states. OneDigital has focused on small and medium-sized markets.
OneDigital has additional real estate / accident deals underway and continues to make acquisitions in the benefits area, says Sullivan. It also plans to expand to Canada and elsewhere internationally, he said.
Mr. Sullivan said the company completed 55 acquisitions last year, with sales of $ 200 million and plans to make 30 to 50 acquisitions this year.
"I expect Mike Shanahan to be actively involved in how we shape the P / C side of the business, he said.