BRP Group (BRP) Prices 8M Share IPO at $30.5/sh

BRP Group, Inc. (NASDAQ: BRP), an independent insurance distribution firm, today announced the pricing of its offering of 8,000,000 shares of its Class A common stock at a price to the public of $30.50 per share. The underwriters for the offering also have a 30-day option to purchase up to 1,200,000 additional shares of the Company’s Class A common stock. BRP Group’s Class A common stock trades on the Nasdaq Global Select Market under the ticker symbol “BRP.” The offering is expected to close on September 17, 2021, subject to customary closing conditions.

BRP Group intends to use the net proceeds from the sale of the shares of Class A common stock offered in the offering to purchase newly issued membership interests of Baldwin Risk Partners, LLC (“LLC Units”) from its operating subsidiary Baldwin Risk Partners, LLC. Baldwin Risk Partners, LLC intends to use the proceeds from the sale of LLC Units to BRP Group as follows: (i) to pay fees and expenses in connection with the offering and (ii) for working capital and other general corporate purposes, including to fund cash payments to be made upon the closing of previously announced Partner acquisitions, Partnership opportunities that BRP Group is considering and future Partnership opportunities.

If the underwriters exercise their option to purchase additional shares of Class A common stock, BRP Group intends to use the additional net proceeds it receives to purchase additional newly issued LLC Units from Baldwin Risk Partners, LLC. Baldwin Risk Partners, LLC intends to use the proceeds from the sale of additional LLC Units to BRP Group for the same purposes as stated above.

J.P. Morgan, Wells Fargo Securities, BofA Securities, Morgan Stanley, Jefferies and William Blair are acting as joint book-running managers and Keefe, Bruyette & Woods, A Stifel Company, Raymond James, Capital One Securities and Dowling & Partners Securities LLC are acting as co-managers for the offering.

A registration statement (including a base prospectus) and a preliminary prospectus supplement relating to these securities have been filed with the Securities and Exchange Commission. The registration statement became automatically effective upon filing. The offering is being made only by means of a prospectus supplement (including the accompanying base prospectus). A copy of the final prospectus supplement, when available, may be obtained from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at 1-866-803-9204 or by email at [email protected]; Wells Fargo Securities, LLC, 500 West 33rd Street, New York, NY 10001, Attn: Equity Syndicate Department, or by telephone at 1-800-326-5897 or by email at [email protected]; or BofA Securities, Inc., 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, Attn: Prospectus Department, or by email at [email protected].

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