Sukay & Associates Advises Salem Five Insurance Agency, LLC in its Acquisition of Otis Brown Insurance Agency, LLC
(May 16, 2016, Naples FL.) – Tom Sukay, CEO of Sukay & Associates announced that the firm acted as the financial advisor for Salem Five Insurance Agency, LLC in its acquisition of Otis Brown Insurance Agency, LLC. Salem Five Insurance is a wholly-owned subsidiary of Salem Five Bank. Salem Five Bank is located at 71 Washington St. in Salem Massachusetts.
Tom Sukay stated that “We became involved with Salem Five Insurance and Salem Five Bank several years ago and have maintained a strong relationship since that time. Salem Five initially contacted Sukay & Associates because of our experience in both the banking and insurance industries. We quickly discovered that Salem Five was the ideal client. We love to work with companies and individuals such as Salem Five. They have a desire to serve their clients and found them to be the ideal landing spot for insurance agency owners that are looking to perpetuate their agency. Sukay & Associates maintains an office in Hingham Massachusetts. We look forward to continuing our relationship with Salem Five.”
Bruce Potter, Executive Vice President at Salem Five Bank commented on Sukay & Associates, “Since we established our relationship with Sukay & Associates, they have now assisted us in the review of a total of three agencies. One of the conclusions that we all reached during that process was our need to expand our insurance operation into Middlesex County, specifically in the Lexington market. The Otis Brown acquisition allowed us to achieve that goal. Sukay & Associates helped us put together the external and internal team that made this deal possible.”
Sukay & Associates
Sukay & Associates was founded in 2003 to provide advisory services to the insurance brokerage industry. The principals – Thomas J. Sukay and John Biasiello – have more than 50 years of relevant deal, insurance and banking industry experience and have guided clients in every aspect of a transaction, including post-closing integration, to ensure returns are maximized.
