WalkerHughes Expands into Missouri with IBA Acquisition
Deal News | Jan 16, 2025 | EIN
WalkerHughes Insurance, a privately held, founder-led retail insurance brokerage headquartered in Indianapolis, Indiana, has announced its first acquisition outside of its home state. The company acquired Independent Brokers Agency LLC (IBA), a Ballwin, Missouri-based insurance agency. IBA, known for its personal lines, commercial lines, and employee benefits services, has been family-owned for over three decades. Heather Wessels and Mike Swatske, key figures at IBA, will continue to manage the agency's operations as part of WalkerHughes in Missouri. This acquisition enables WalkerHughes to expand its geographical footprint and capabilities, while strengthening service offerings in Missouri. WalkerHughes has seen substantial growth via both organic means and acquisitions in the Midwest, partnering with BW Forsyth Partners since 2023 to support its long-term expansion strategy.
Sectors
- Insurance
- Investment
Geography
- United States – The companies involved, WalkerHughes Insurance and Independent Brokers Agency LLC, are based in the United States, with operations in Indiana and Missouri.
- Indiana – WalkerHughes Insurance's headquarters are located in Indianapolis, Indiana, making it a key region of origin for the acquiring company.
- Missouri – Independent Brokers Agency LLC is based in Ballwin, Missouri, marking the state as significant due to being the location of WalkerHughes's expansion efforts.
Industry
- Insurance – The article discusses WalkerHughes Insurance's acquisition of Independent Brokers Agency LLC, emphasizing the insurance industry sector through the involvement of insurance brokerage business and services.
- Investment – With WalkerHughes Insurance's partnership with BW Forsyth Partners, a private investment firm, the article touches upon investment aspects as part of the strategic acquisition and funding initiatives.
Financials
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| WalkerHughes Insurance | Acquiring Company | Company | A privately held, founder-led retail insurance brokerage business headquartered in Indianapolis, Indiana, specializing in commercial lines, personal lines, and employee benefits. |
| Independent Brokers Agency LLC | Target Company | Company | A family-owned insurance agency based in Ballwin, Missouri, offering personal lines, commercial lines, and employee benefits. |
| BW Forsyth Partners | Investment Partner | Company | A Missouri-based private investment firm that has partnered with WalkerHughes since 2023, providing support for long-term investment strategies. |
| Heather Wessels | Principal of IBA | Person | Continues to manage the Ballwin, Missouri office, playing a key role in the integration with WalkerHughes. |
| Mike Swatske | Partner of IBA | Person | Continues to manage the Ballwin, Missouri office, contributing to the integration with WalkerHughes. |
| Benjamin Schoettmer | CEO of WalkerHughes | Person | Leading WalkerHughes through its expansion and acquisition strategies, emphasizing capability and footprint growth. |