Brown & Brown, Inc. Announces the Asset Acquisition of United Development Systems, Inc.
May 15 2019 - 6:00AM
J. Scott Penny, Chief Acquisitions Officer of Brown & Brown,
Inc. (NYSE:BRO), and Randy Crisorio, the owner of United
Development Systems, Inc. (“UDS”), today announced that Brown &
Brown of Kentucky, Inc., a subsidiary of Brown & Brown, Inc.,
has acquired substantially all of the assets of UDS.
Since its founding in 1982, UDS has been a
leader in F&I performance and compliance management for auto
dealers in Florida and the Southeast. Randy Crisorio and the
UDS team have been recognized by the F&I industry over multiple
years for providing best-in-class F&I sales and compliance
training for their dealer partners. The UDS team will become
part of Brown & Brown Dealer Services, which operates under the
leadership of Mike Neal, President of Brown & Brown of
Kentucky, Inc.
Mike stated, “Randy, along with his sons Jeff
and Brian, has established UDS as an industry recognized leader in
F&I training. The UDS team gives us an established
presence in Florida and the Southeast. Also, the UDS training
and technology resources will enhance our national platform to
service our dealer partners across the country. We are
excited about what our new UDS teammates bring to Brown & Brown
Dealer Services.”
Randy Crisorio stated, “On behalf of the entire
UDS team, we are excited to join and collaborate with the expanding
Brown & Brown Dealer Services group. Brown & Brown
continues to pick winners placing the team at the spear of the
F&I industry delivering dominant performance for dealer
customers. This union expands our footprint and product
offerings making Brown & Brown an excellent choice for
franchise dealers.”
Brown & Brown, Inc., through its
subsidiaries, offers a broad range of insurance products and
related services. Additionally, certain Brown & Brown
subsidiaries offer a variety of risk management, third-party
administration, and other services. Serving business, public
entity, individual, trade and professional association clients
nationwide, Brown & Brown is ranked by Business Insurance
magazine as the United States’ sixth largest independent insurance
intermediary. Brown & Brown’s Web address is
www.bbinsurance.com.
This press release may contain certain
statements relating to future results which are forward-looking
statements, including those associated with this acquisition. These
statements are not historical facts, but instead represent only
Brown & Brown’s current belief regarding future events, many of
which, by their nature, are inherently uncertain and outside of
Brown & Brown’s control. It is possible that Brown &
Brown’s actual results and financial condition may differ, possibly
materially, from the anticipated results and financial condition
indicated in these forward-looking statements. Further information
concerning Brown & Brown and its business, including factors
that potentially could materially affect Brown & Brown’s
financial results and condition, as well as its other achievements,
is contained in Brown & Brown’s filings with the Securities and
Exchange Commission. Such factors include those factors relevant to
Brown & Brown’s consummation and integration of the announced
acquisition, including any matters analyzed in the due diligence
process, and material adverse changes in the business and financial
condition of the seller, the buyer, or both, and their respective
customers. All forward-looking statements made herein are made only
as of the date of this release, and Brown & Brown does not
undertake any obligation to publicly update or correct any
forward-looking statements to reflect events or circumstances that
subsequently occur or of which Brown & Brown hereafter becomes
aware.
R. Andrew WattsChief Financial Officer(386)
239-5770
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