Recent deals

December 2020
Hines Associates advises O’Leary Insurances on its sale to Brown & Brown, Inc.

Hines Associates (“Hines”) is delighted to announce that it advised the shareholders of O’Leary Insurances on its sale to Brown & Brown, Inc (“Brown & Brown”)

Brown & Brown, Inc. (NYSE: BRO) has entered into an agreement to acquire the general insurance operating companies of O’Leary Insurances (“OLI”). The transaction is expected to close in January 2021.

O’Leary Insurances was founded in 1961 by Archie O’Leary. In 1979, Archie’s son Anthony O’Leary joined the firm, and under his leadership, OLI has grown to become Ireland’s largest independently owned brokerage with over 200 employees operating from eight locations, including Cork, Dublin, Galway and Waterford. The OLI team specialises in providing a high level of customer service for commercial and personal insurance needs throughout Ireland and abroad.

Hines was retained by O’Leary Insurances to advise and assist on a sale process to maximise value for the shareholders, while finding a new owner with the right cultural fit to continue with the development of the business and its employees.

Hines’ role included:

  • Advising the shareholders on sale strategy and tactics
  • Assisting in the selection of potential investors and facilitating introductions as appropriate
  • Overseeing the preparation of marketing materials including producing a pro forma EBITDA which included a detailed synergy assessment, with a view to maximising shareholder value
  • Leading commercial negotiations with Brown & Brown and enshrining key terms in a detailed Heads of Terms
  • Ensuring that legal documentation accurately captured the commercial terms agreed and remaining fully engaged to completion

Anthony O’Leary stated,
“Advising on the sale of a strong family business of nearly 60 years duration is a challenge – mainly because demonstrating the value of decades of experience requires a deep understanding of the business in question.  

In relation to O’Leary Insurances, Hines quickly realised the quality of the asset. Their commitment and positive contribution throughout the project has been of immense value to us in achieving the desired result – which was not simply the securing of the best financial consideration. Of high importance to our team is the culture and general business philosophy of our partners and Hines’ understanding of this important requirement was fundamental to the success of the project.” 

“It was a pleasure to work closely with Anthony to find the right partner to take the business forward and we wish him and the OLI team all the best on the next stage of their journey” said Jack Stewart.