Brightway Insurance announced it would acquire Towne Center Insurance Agency. Chris Palumbo, previously the owner of Towne Center, will act as a producer and work with Ken Toney, owner of Brightway. Brightway, an insurance retailer in Sanford, Fla., said the acquisition would be the first of several this year for the company, which offers franchisees access to capital to help them grow through acquisitions.
Brightway said it is ramping up products and benefits to its agency owners, including a $500,000 investment in an advertising co-op program that encourages owners to reinvest in their stores to accelerate their growth. And, plans are in place to acquire licenses in nearly all 50 states by July 2014, the company said. These licenses would enable the company to enter new geographic markets through organic growth and acquisition, giving it a quick footprint in new states.
Brightway said agents then could grow their books of business as Brightway’s back-office support team and systems manage renewals. Brightway would perform financial and legal due diligence on behalf of agency owners who identify acquisition opportunities. Agency owners benefit from a combination of cash and a business loan from Brightway’s multi-million dollar line of credit, Brightway said.
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