Local firm buys The (other) Martin Agency

Bob Hilb

Bob Hilb

The Hilb Group’s eight-figure spending spree continues unabated, and its latest target was a Southeast company with a name that many in Richmond will recognize.

The Southside-based insurance brokerage firm closed last week on its purchase of The Martin Agency, an insurance company in Kentucky and Florida not to be confused with the Richmond advertising giant of the same name.

The deal closed Aug. 1 and is Hilb’s latest in a streak that now spans 11 acquisitions in three years. The company is armed with more than $20 million from private equity investors and has a goal to snatch up all sorts of insurance agencies under one umbrella.

Terms of this latest transaction were not disclosed. As is typical with Hilb’s deals, the owners of the acquired agency receive a combination of cash and shares in the Hilb Group.

CEO Bob Hilb said the firm will take on about a dozen new employees and The Martin Agency’s three offices in Danville, Ky., Celebration, Fla. and Ormond Beach, Fla.

This is Hilb’s third purchase in 2014 and its second this year in Florida.

“There’s no specific target to go after a certain geography,” Hilb said. “We always go for people first. If that works, then the business part falls into place later.”

The Martin Agency Inc. is a family-owned insurance agency that focuses on commercial and personal lines of insurance. It was founded by a couple who then brought their children and an in-law into the fold.

Founder Angie Martin will continue on with the firm. Her son-in-law, John Carrithers, will run the agency under Hilb.

Hilb’s growth is fueled by a recently reloaded round of funding from New York private equity firm BHMS Investments. Hilb has put that money to work and become one of the fastest-growing companies in Richmond.

It’s headquartered at 8720 Stony Point Parkway and now has more than 130 employees.

Its annual revenue is now in eight-figure territory, Hilb said. It has set a goal of $100 million in annual revenue.

The addition of The Martin Agency will add about 12 percent to the firm’s bottom line, Hilb said, and the company isn’t done yet for the year.

“We fully expect we’re going to do another two or three this year,” Hilb said. “There’s always stuff in the pipeline.”

Bob Hilb

Bob Hilb

The Hilb Group’s eight-figure spending spree continues unabated, and its latest target was a Southeast company with a name that many in Richmond will recognize.

The Southside-based insurance brokerage firm closed last week on its purchase of The Martin Agency, an insurance company in Kentucky and Florida not to be confused with the Richmond advertising giant of the same name.

The deal closed Aug. 1 and is Hilb’s latest in a streak that now spans 11 acquisitions in three years. The company is armed with more than $20 million from private equity investors and has a goal to snatch up all sorts of insurance agencies under one umbrella.

Terms of this latest transaction were not disclosed. As is typical with Hilb’s deals, the owners of the acquired agency receive a combination of cash and shares in the Hilb Group.

CEO Bob Hilb said the firm will take on about a dozen new employees and The Martin Agency’s three offices in Danville, Ky., Celebration, Fla. and Ormond Beach, Fla.

This is Hilb’s third purchase in 2014 and its second this year in Florida.

“There’s no specific target to go after a certain geography,” Hilb said. “We always go for people first. If that works, then the business part falls into place later.”

The Martin Agency Inc. is a family-owned insurance agency that focuses on commercial and personal lines of insurance. It was founded by a couple who then brought their children and an in-law into the fold.

Founder Angie Martin will continue on with the firm. Her son-in-law, John Carrithers, will run the agency under Hilb.

Hilb’s growth is fueled by a recently reloaded round of funding from New York private equity firm BHMS Investments. Hilb has put that money to work and become one of the fastest-growing companies in Richmond.

It’s headquartered at 8720 Stony Point Parkway and now has more than 130 employees.

Its annual revenue is now in eight-figure territory, Hilb said. It has set a goal of $100 million in annual revenue.

The addition of The Martin Agency will add about 12 percent to the firm’s bottom line, Hilb said, and the company isn’t done yet for the year.

“We fully expect we’re going to do another two or three this year,” Hilb said. “There’s always stuff in the pipeline.”

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