Business
Reliance Global Announces Acquisition of Barra & Associates, a Recognized Provider of Property and Casualty, Life and Health Insurance
Barra operates a growing network with over 60 agents and agency partners Acquisition expected to be highly synergistic and accretive LAKEWOOD, NJ, April 27,
About this update from Reliance Global Group, Inc.
[{"type":"text","content":" Barra operates a growing network with over 60 agents and agency partners Acquisition expected to be highly synergistic and accretive LAKEWOOD, NJ, April 27, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or the “Company”), which combines artificial intelligence (AI) and cloud-based technologies with the personalized experience of a traditional insurance agency, today announced it has acquired Barra & Associates, a recognized provider of both personal and commercial insurance products, including property and casualty insurance, life insurance, health insurance and other insurance products. The Company acquired Barra & Associates for approximately, $7.5 million, comprised of cash and debt. Following the transaction, Grant Barra, founder and CEO of Barra & Associates, will continue to oversee the Barra & Associates subsidiary, as well as other senior responsibilities within the Company. Ezra Beyman, CEO of Reliance Global Group, commented, “We are very excited to announce this highly strategic acquisition of Barra & Associates, which is complementary to our existing offerings and supports our nationwide expansion plans. This type of transaction, which we have been targeting for some time, adds over 60 agents and agency partners, which we can scale both rapidly and cost-effectively. Moreover, Barra brings an advanced technology infrastructure that is aligned with our acquisition strategy. By combining our own tech stack, including 5MinuteInsure.com, we look forward to creating synergies for growth, including the affiliated-agent business model. Barra & Associates already has a solid track record of growth and profitability. In 2021 alone, we estimate Barra & Associates generated over $700K of EBITDA. The fact we were able to consummate this acquisition for cash and debt, with no equity dilution, reinforces the strength of our balance sheet and the cash flow of our combined portfolio companies. Moreover, we believe this transaction further illustrates our ability to acquire synergistic and accretive businesses at attractive multiples. Combined with our recent acquisition of Medigap in January 2022, we are executing on our strategy, resulting in strong revenue growth and improved profitability.” Grant Barra, CEO of Barra & Associates, further noted, “I could not be mor...