Real Estate Carve-Outs Counsel for Insurance Brokerage Acquisitions
Independent sponsor counsel for insurance brokerage, focused on Real Estate Carve-Outs and the deal mechanics that protect sponsor economics and LP alignment.
Insurance Brokerage deals in the lower middle market run a specific playbook. Real Estate Carve-Outs is where the structure either holds or starts to leak.
The typical insurance brokerage platform sits at $10M to $150M EV with EBITDA in the $3M to $25M range. The thesis runs on regional retail agency roll-ups. Producer non-competes are unenforceable in too many states to ignore. Plan retention, not litigation.
How Real Estate Carve-Outs actually gets structured.
Separate operating real estate into a single-purpose entity pre-close.
Document an arm's-length lease with renewal options and assignment rights.
Address title, survey, and environmental on each parcel.
Coordinate the real estate close with the operating company close.
In insurance brokerage, layer in E&O tail insurance priced and bound as part of the Real Estate Carve-Outs workstream.
Leaving the real estate inside the operating company. The buyer pays a higher multiple than the real estate deserves.
"Real estate trades at a different multiple than the business. Separate it, lease it, manage it."Jason Powell · Real Estate Carve-Outs
The deal is one thing. The capital that opens up after close is another.
The capital that opens up post-close, from refinancing to growth equity to strategic exit, runs through a small set of Wall Street relationships. That network is built in.
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Bring the insurance brokerage deal. Get Real Estate Carve-Outs done right.
Direct counsel from a securities and M&A attorney with billions in structured transactions, the independent-sponsor-native playbook, and the capital markets network that opens up post-close.