With its leader ready to retire, a local insurance brokerage firm struck a deal this month that gives an Alabama company its first presence in the market.
Birmingham, Ala.-based Dixon Wells acquired Richmond-based Special Service Agency a transaction that went into effect March 17. Financial terms were not released.
Like Special Service Agency, Dixon Wells sells insurance and financial products to insurance agents. It offers life insurance, annuities, and long-term care policies from companies such as Genworth, ING, MetLife and others.
The acquisition gives the firm its first operations in Virginia and adds decades of local experience out of the gate.
Special Service Agency has been in business for 37 years, said Douglas Watts, regional sales director at the Richmond firm. Don Francisco founded the firm and then sold it upon his retirement. Nancy Ayers, its owner prior to the acquisition, also served as president and was one of the firm’s original employees.
“She wanted to retire and was looking for someone to buy the agency, so it was a good fit for us,” Watts said. “[Dixon Wells was] looking to expand into the Virginia area, so it was a good fit for them.”
Principal Ray Hunt. (Photo courtesy of Dixon Wells.)
Dixon Wells kept on all five of Ayers’ employees in the acquisition and will operate out of Special Service Agency’s office at 7110 Forest Ave.
In addition to Birmingham, Dixon Wells has offices in Columbia, S.C., Nashville and Charlotte.
Established firms in each city merged about four years ago to form Dixon Wells, said Principal Ray Hunt. Special Service Agency was the group’s first acquisition and was attractive because of its longstanding reputation.
“Dixon Wells brings us more strength, depth and resources,” he said.
Watts said Special Service Agency’s clients won’t see a change in service.
The company now employs 36 people among all five offices, Hunt said.
With its leader ready to retire, a local insurance brokerage firm struck a deal this month that gives an Alabama company its first presence in the market.
Birmingham, Ala.-based Dixon Wells acquired Richmond-based Special Service Agency a transaction that went into effect March 17. Financial terms were not released.
Like Special Service Agency, Dixon Wells sells insurance and financial products to insurance agents. It offers life insurance, annuities, and long-term care policies from companies such as Genworth, ING, MetLife and others.
The acquisition gives the firm its first operations in Virginia and adds decades of local experience out of the gate.
Special Service Agency has been in business for 37 years, said Douglas Watts, regional sales director at the Richmond firm. Don Francisco founded the firm and then sold it upon his retirement. Nancy Ayers, its owner prior to the acquisition, also served as president and was one of the firm’s original employees.
“She wanted to retire and was looking for someone to buy the agency, so it was a good fit for us,” Watts said. “[Dixon Wells was] looking to expand into the Virginia area, so it was a good fit for them.”
Principal Ray Hunt. (Photo courtesy of Dixon Wells.)
Dixon Wells kept on all five of Ayers’ employees in the acquisition and will operate out of Special Service Agency’s office at 7110 Forest Ave.
In addition to Birmingham, Dixon Wells has offices in Columbia, S.C., Nashville and Charlotte.
Established firms in each city merged about four years ago to form Dixon Wells, said Principal Ray Hunt. Special Service Agency was the group’s first acquisition and was attractive because of its longstanding reputation.
“Dixon Wells brings us more strength, depth and resources,” he said.
Watts said Special Service Agency’s clients won’t see a change in service.
The company now employs 36 people among all five offices, Hunt said.