Peter C. Foy & Associates Insurance Services has acquired four brokerages in the last three months, the company announced Wednesday.
The Woodland Hills company purchased First Fidelity Brokerage in New York City; Horizon Insurance in Bradendon, Fla.; Moulton Insurance in Western Massachusetts; and Avidity Insurance in Kansas.
The acquisitions come on the heels of PCF receiving an undisclosed financial sponsorship in April from Bay Area holding company Huntsman Gay Global Capital, which invests in growth-by-acquisition strategies for its portfolio companies.
Foy & Associates has been buying small, independent brokerages at a breakneck clip as of late – including the four recent purchases, the company has made 13 acquisitions in 2020. Since its first acquisition a few years ago, the company has grown more than 17 times over, according to Chief Financial Officer Dani Goldsmith.
“PCF’s story is resonating in the market, evidenced by our success rate with new brokerage partners,” said Chief Executive Peter Foy in a statement. “The PCF model offers a unique combination of accelerated growth opportunities and continued entrepreneurship that is highly attractive to the agency owner who believes his or her agency’s future is even brighter than the past.”
He said Huntsman Gay’s added resources have helped strengthen the firm’s M&A pipeline and stand up a shared services office in Salt Lake City.
Added Huntsman Gay Partner John Block: “PCF’s fast start is the result of a cohesive, shared vision with Peter and his team, and an efficient execution playbook driven by decades of shared industry experience. Together, we are building a platform that can offer win-win partnerships to brokers across the country as the insurance industry enters a hardening market.”