First Financial Holdings Inc. in Charleston, S.C., said Monday that it has completed its sale of its managing general insurance agency subsidiary to Burns & Wilcox Ltd. of Farmington Hills, Mich.
Under the deal that closed Friday, Burns & Wilcox acquired substantially all of the assets of First Financial's Kimbrell Insurance Group Inc. in exchange for cash. Additionally, there was a provision for a potential earn-out payable over two years based on specific annual revenue growth goals. Other financial terms of the deal were not disclosed.
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