BRP Group, Inc. Announces Pricing of Its Follow-on Offering

Rhea-AI Summary

BRP Group, Inc. announced the pricing of an offering of 11,500,000 shares of Class A common stock at $13.25 per share, with an additional 30-day option for underwriters to purchase 1,725,000 more shares. The offering is set to close on June 29, 2020, subject to customary conditions. Joint book-running managers include J.P. Morgan and BofA Securities, among others. This offering follows a registration statement declaration by the SEC and aims to support BRP's growth within the independent insurance distribution market, serving over 500,000 clients.

Positive

• Successful pricing of 11,500,000 shares at $13.25, indicating market confidence.
• Potential for additional 1,725,000 shares to raise more capital.
• Positioning for growth in the independent insurance distribution sector.

Negative

• None.

TAMPA, Fla., June 24, 2020 (GLOBE NEWSWIRE) -- BRP Group, Inc. (“BRP” or the “Company”) (NASDAQ: BRP) today announced the pricing of its offering of 11,500,000 shares of its Class A common stock at a price to the public of $13.25 per share. The underwriters for the offering also have a 30-day option to purchase up to 1,725,000 additional shares of its Class A common stock. BRP Class A common stock trades on the Nasdaq Global Select Market under the ticker symbol “BRP.” The offering is expected to close on June 29, 2020, subject to customary closing conditions.

J.P. Morgan, BofA Securities, Wells Fargo Securities and Jefferies are acting as joint book-running managers, and Keefe, Bruyette & Woods, A Stifel Company, Raymond James, William Blair, Dowling & Partners Securities LLC and Capital One Securities are acting as co-managers for the offering.

This offering is being made only by means of a prospectus. A copy of the final prospectus related to the offering may be obtained, when available, from: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at 1-866-803-9204; BofA Securities, Inc., NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255, Attn: Prospectus Department, or by email at dg.prospectus_requests@bofa.com; Wells Fargo Securities, LLC, 500 West 33rd Street, New York, NY 10001, Attn: Equity Syndicate Department, or by telephone at 1-800-326-5897 or by email at cmclientsupport@wellsfargo.com; or Jefferies LLC, 520 Madison Avenue, 2nd Floor, New York, NY 10022, Attn: Equity Syndicate Prospectus Department, or by telephone at 1-877-821-7388 or by email at prospectus_department@Jefferies.com.

A registration statement on Form S-1 relating to these securities was declared effective by the Securities and Exchange Commission. Copies of the registration statement can be accessed through the Securities and Exchange Commission’s website at www.sec.gov. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

ABOUT BRP GROUP, INC.

BRP Group, Inc. (NASDAQ: BRP) is a rapidly growing independent insurance distribution firm delivering tailored insurance and risk management insights and solutions. BRP represents over 500,000 clients across the United States and internationally.

NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release may contain various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which represent BRP’s expectations or beliefs concerning future events. Forward-looking statements are statements other than historical facts and may include statements that address future operating, financial or business performance or BRP’s strategies or expectations, including those about the offering. In some cases, you can identify these statements by forward-looking words such as “may”, “might”, “will”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, “outlook” or “continue”, or the negative of these terms or other comparable terminology. Forward-looking statements are based on management’s current expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements.

Factors that could cause actual results or performance to differ from the expectations expressed or implied in such forward-looking statements include, but are not limited to, those described under the caption “Risk Factors” in BRP’s Annual Report on Form 10-K for the year ended December 31, 2019, BRP’s Quarterly Report on Form 10-Q for the three months ended March 31, 2020 and the preliminary prospectus related to the offering, and in BRP’s other filings with the SEC, which are available free of charge on the Securities and Exchange Commission’s website at: www.sec.gov, including those factors relevant to this offering and BRP’s Class A common stock, debt obligations and related restrictions, liquidity, Partnership pipeline and business, financial condition and results of operations, as well as factors related to the potential effects of the COVID-19 pandemic on our business, financial condition and results of operations. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All forward-looking statements and all subsequent written and oral forward-looking statements attributable to BRP or to persons acting on behalf of BRP are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and BRP does not undertake any obligation to update them in light of new information, future developments or otherwise, except as may be required under applicable law.

CONTACTS

INVESTOR RELATIONS

Investor Relations
(813) 259-8032 | IR@baldwinriskpartners.com

PRESS

Rachel Carr, Marketing Director
Baldwin Risk Partners
(813) 418-5166 | Rachel.Carr@baldwinriskpartners.com

FAQ

What is the stock offering price for BRP Group?

BRP Group priced its offering at $13.25 per share.

How many shares is BRP Group offering?

BRP Group is offering 11,500,000 shares of Class A common stock.

When will BRP Group's stock offering close?

The offering is expected to close on June 29, 2020.

Who are the underwriters for BRP Group's stock offering?

The underwriters include J.P. Morgan, BofA Securities, Wells Fargo Securities, and Jefferies.

Does BRP Group have an option for additional shares in the offering?

Yes, underwriters have a 30-day option to purchase up to 1,725,000 additional shares.