Ranked No. 89 on this year’s NJBIZ Lists Top 250 Privately Held Companies rankings, after boosting its revenue by 74 percent, a company that made 18 acquisitions in 2019 has scooped up another target.
On Aug. 27, World Insurance Associates announced it had acquired Peoples/Commercial Insurance Services LLC.
Terms of the deal, which was reached on Aug. 1, were not disclosed.
Based in Topeka, Kan., and doing business as Peoples Insurance Group, the company founded in 1917 is the largest locally owned independent agency in the city, according to World Insurance Associates.
It offers insurance service lines including personal, business, commercial, life disability and bonds.
“After having worked this summer with the WIA team to form a partnership, we are very excited that WIA recognizes the hard work and dedication from the entire Peoples Insurance Group team,” Peoples Vice President Erin Lesser said in a statement. “I am thrilled to say that nothing is changing, Mike and I plan to continue working at the agency and our team is staying with us.”
Giordano, Halleran & Ciesla PC counseled Tinton Falls-based World Insurance Associates and Scali Group LLP advised the firm on the transaction. Legal counsel for Peoples Insurance Group was provided by Smith Law Firm. No additional advisors or diligence firms were disclosed.
Since its founding in 2012, World Insurance Associates said it has completed 71 acquisitions, and now serves customers across 53 offices and 13 states, plus Washington, D.C.