Heritage Capital Group, Inc.an investment banking and financial advisory firm serving middle-market and emerging growth companies in the US and worldwide, is pleased to announce that its client, Coastal Insurance Underwriters, has partnered with Constellation Affiliated Partners.
Coastal, founded by President/CEO Charles “Chuck” Bushong in 2007, is an insurance program administrator providing unique products to the Community Association marketplace. Coastal underwrites property, general liability, crime, D&O, golf & country club, equipment breakdown, workers’ compensation, inland marine, umbrella, small business, and private flood insurance products. Coastal currently underwrites insurance in Florida, California, Alabama, Texas, Georgia, Kentucky, and Tennessee. Headquartered in Ponte Vedra Beach, Florida, Coastal has grown to become one of the largest Managing General Underwriters in the United States focused on community association products with over 8,000 homeowners and condominium associations currently insured.
“Dan Edelman and the Heritage team’s expertise and their ability in communicating with both the buyer and seller was a great advantage to us,” remarked Charles Bushong, owner and CEO of Coastal Insurance. “Their professional approach, level of detail, and problem solving skills really impressed me and brought a lot of value to the transaction process.”
Attorney Leslie Wickes, Partner in Charge of Adams & Reese, LLP’s Jacksonville office, represented Coastal during the transaction process and worked closely with Dan Edelman and the Heritage team. “Heritage’s involvement was key to closing this transaction smoothly on terms that met our clients’ goals. They took the time to build the financial model, understand the industry, identify the best private equity partner, and negotiate the best deal possible.” Ms. Wickes lauded, “The team’s relentless work ethic, and command of the numbers and complex deal terms really set Heritage apart.”
Constellation is a New York-based insurance consolidator platform that specializes in acquiring MGA program administrator and wholesale companies in the United States and Canada. Constellation’s partners use a set of core values to evaluate and pursue strategic partnerships with companies that have demonstrated superior underwriting principles and have earned a solid industry reputation. The diverse group of companies within Constellation’s portfolio bring a vast array of insurance and re-insurance offerings to the North American marketplace. Constellation is backed by RedBird Capital Partners, a private investment firm focused on building high-growth companies with flexible, long-term capital.
Heritage served as the exclusive financial advisor to Coastal. The team included Dan Edelman, Howard Serkin, Alex Kellison, Don Wiggins, and Doug Kravet.
The terms of the transaction were not disclosed.