Reliance Global Announces Acquisition Barra & Associates
Reliance Global Group, 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 transaction, which has been in our sights for some time, adds more than 60 agents and agency partners. We can scale this type of transaction quickly and cost-effectively. Barra’s advanced technology infrastructure is in line 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. We were able to complete this acquisition in cash and debt with no equity dilution. This strengthens our balance sheet as well as the cash flow from our combined portfolio companies. We believe that this transaction further illustrates the ability of our company to acquire synergistic, 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 more excited to join Reliance Global Group during this period of rapid nationwide expansion. We will be able to introduce new InsurTech options to our agents, agency partners and customers through 5MinuteInsure.com. This will help us drive more revenue. Reliance brings tremendous resources, industry talent and access to capital that we believe will enable us to further accelerate growth.”
