NEWS RELEASE
Contact: Thomas J. Sukay
610-420-5901
Tom Sukay, CEO of Sukay & Associates announced that the firm acted as the financial advisor for Friedman & Friedman Agency Inc. (“Friedman”) in its sale to RSC Insurance Brokerage, Inc. Founded in 1947, Friedman is located at 900 Merchants Concourse in Westbury, New York. Local operations will continue under the leadership of Steve Sharp and Bob Friedman.
Tom Sukay stated that “Friedman is the most recent agency located in Long Island that has been represented by Sukay & Associates, Inc. In addition to Friedman, the firm represented CBS Coverage Group, Archer & Associates, Inc. and The Fitzharris Agency. Friedman provides the leadership and production capability that is very attractive in today’s market. The Friedman deal was another effort of the team of financial advisors and legal counsel that differentiates Sukay & Associates from other advisory firms.
Friedman’s legal counsel was led by Richard Satin of Schnader Harrison Segal & Lewis LLP who is often used as legal counsel by Sukay & Associates clients. The Friedman transaction is a textbook situation of what can happen when the buyer, seller, financial advisor and client work effectively as a team. The transaction could not have gone any smoother.”
Steve Sharp commented on Sukay & Associates, “Tom and John perform to the best of their ability and with the sincere objective of serving the client. They know that if they do that well, it serves all of us better. Truly professional through and through… They conducted a process that allowed us to choose from several well qualified buyers.
They kept us well-informed and we knew what to expect at every step of the process. Tom and John anticipated issues and were ready to offer solutions. Most of all, they were very detail oriented. They anticipated even the smallest of issues and offered timely solutions. These deals become very personal and Tom and John were available at all hours, including evenings and weekends. We look forward to continuing our relationship and would certainly recommend them as advisors to other agency owners.”
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 and industry experience and have guided clients in every aspect of a transaction, including post-closing integration, to ensure returns are maximized.
Sukay was very pleased to have completed its first transaction with Risk Strategies. The Company is a privately held, national firm with over 900 employees across more than 35 offices and ranks among the top 20 Brokers in the country. As a leading U.S. insurance broker, Risk Strategies offers sophisticated risk management advice as well as insurance and reinsurance placement for property & casualty, healthcare and employee benefits risks.
Risk Strategies, backed by their Private Equity Partner, Kelso & Company successfully completed 13 acquisitions in 2016. Risk Strategies continues to actively seek experienced management teams that are client centric and have highly specialized areas of focus. The firm’s goal is to add depth, resources and expertise to each vertical to achieve best-in-class capabilities in each market they serve.
Sukay, Friedman and Risk Strategies worked closely to resolve the many issues that are to be expected when the parties have not worked together previously. Richard Satin’s expertise and guidance and familiarity with Risk Strategies made the process more efficient. Sukay and Risk Strategies have already begun discussions on another transaction and hope to enhance their relationship in the upcoming years.
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