M&A Deal Summary

Brown & Brown Acquires Tricast

On July 18, 2018, Brown & Brown, Inc. acquired information technology company Tricast, Inc. from Blue Heron Capital and 424 Capital

Acquisition Highlights
  • This is Brown & Brown’s 1st transaction in the Information Technology sector.
  • This is Brown & Brown’s 62nd transaction in the United States.
  • This is Brown & Brown’s 1st transaction in Wisconsin.

M&A Deal Summary

Date 2018-07-18
Target Tricast, Inc.
Sector Information Technology
Buyer(s) Brown & Brown, Inc.
Sellers(s) Blue Heron Capital
424 Capital
Deal Type Add-on Acquisition

Target

Tricast, Inc.

Milwaukee, Wisconsin, United States
Tricast, Inc. is an operator of healthcare IT company focused on pharmacy benefits data monitoring and analytics. Tricast is based in Milwaukee, Wisconsin.

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Buyer(S) 1

Buyer

Brown & Brown, Inc.

Daytona Beach, Florida, United States

website


Category Company
Founded 1939
SectorInsurance
Employees10,843
Revenue 2.6B USD (2020)
DESCRIPTION

Brown & Brown is a provider of insurance and reinsurance products and services to general business, corporate, governmental and quasi-governmental, institutional, professional, trade association and individual clients. Brown & Brown was formed in 1939 and is based in Daytona Beach, Florida.


DEAL STATS #
Overall 62 of 99
Sector (Information Technology) 1 of 2
Type (Add-on Acquisition) 59 of 95
State (Wisconsin) 1 of 2
Country (United States) 62 of 95
Year (2018) 9 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-13 Coffman-Standridge, Inc.

Russellville, Arizona, United States

Coffman-Standridge, Inc. is a provider of property and casualty insurance products and services to customers. Coffman-Standridge was founded in 2010 and is based in Russellville, Arizona.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-18 Vandroff Insurance Agency, Inc.

Jacksonville, Florida, United States

Vandroff Insurance Agency, Inc. provides a wide variety of personal and business insurance products and services to clients in Jacksonville and Northern Florida.

Buy -

Seller(S) 2

SELLER

Blue Heron Capital

Richmond, Virginia, United States

Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2006
SizeSmall
Type Sector Agnostic
DESCRIPTION

Blue Heron Capital is a private equity firm focused on growth equity and lower middle-market buyout opportunities. Blue Heron looks to invest $3 to $7 million in businesses with $5 to $25 million in sales. Preferred sectors include tech-enabled business service companies and healthcare. Blue Heron will invest across the US, but prefers opportunities along the East Coast. Blue Heron Capital was established in 2006 and is based in Richmond, Virginia.


DEAL STATS #
Overall 1 of 2
Sector (Information Technology) 1 of 2
Type (Add-on Acquisition) 1 of 2
State (Wisconsin) 1 of 1
Country (United States) 1 of 2
Year (2018) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-10-15 Verisma Systems, Inc.

Alexandria, Virginia, United States

Verisma is a provider of health information technology and software services to enable the secure release of protected health information (PHI). Verisma was founded in 2002 and is based in Alexandria, Virginia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-16 WiserTogether, Inc.

Boston, Massachusetts, United States

WiserTogether, Inc. is a treatment-guidance tool that helps people find the right treatment for them quickly and reliably. WiserTogether’s personalized healthcare treatment comparison software enables consumers to choose the right treatment – most effective in the outcome, most personally suitable, and most cost-effective and affordable. WiserTogether, Inc. was established in 2008 and is based in Boston, Massachusetts.

Sell -
SELLER

424 Capital

Investor Investor Investor Investor Investor

website


Category Growth Capital Firm
Founded 1995
SizeMiddle-Market
Type Sector Agnostic
DESCRIPTION

424 Capital is a growth capital partner that makes control equity investments in lower middle-market companies within B2B Tech-Enabled Services. 424 Capital works in partnership with founders and management teams to accelerate and scale for long-term growth. Focusing primarily on investments in North America, we invest in companies that are profitable, growing, and that align with our values of honesty, integrity, and impact. 424 Capital was founded in 1995 and is headquartered in Wakefield, Massachusetts.


DEAL STATS #
Overall 2 of 6
Sector (Information Technology) 1 of 2
Type (Add-on Acquisition) 1 of 4
State (Wisconsin) 1 of 1
Country (United States) 1 of 5
Year (2018) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-22 LearnWell

Plymouth, Massachusetts, United States

LearnWell offers a fully managed education solution for students in the hospital, behavioral health/rehabilitation, and home-based settings. LearnWell’s technology-enabled service provides certified teachers on-site at the health center and coordinates with each individual student’s home school to ensure that the student keeps up with peers in their home district to the extent possible. LearnWell was founded in 1995 and is based in Plymouth, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-21 Itrac LLC

Portland, Oregon, United States

Itrac is a provider of technology-enabled practice optimization solutions to dental practices across the United States, helping practitioners increase productivity, improve profitability, and drive revenue growth. Itrac offers a comprehensive suite of services including website design and hosting, direct mail campaigns, pay-per-click advertising, reputation management, call tracking and analytics, and continuing education. Itrac was founded in 1995 and is based in Eugene, Oregon.

Buy -