The NY-domiciled Maidstone Insurance Company has been sold to a publicly traded diversified holding company.
Stonybrook Capital served as the financial advisor to Northwood Ventures and other investors in their sale of Maidstone Insurance to Special Diversified Opportunities (SDOIA).
Maidstone Insurance is a personal lines insurer with more than 500 appointed brokers. The company has 23 state licenses, including NY, TX, CA, and IL. Originally operating under the name of AutoOne Insurance, it was acquired from OneBeacon by Interboro Holdings in 2011, then later rebranded as Maidstone in 2013. Interboro itself was acquired by Northwood Ventures in February 2007.
“Stonybrook was imperative in providing guidance, running the transaction process, and maximizing value in the sale of Maidstone,” Northwood Ventures managing partner and founder Peter Schiff said in a statement.
“Stonybrook is delighted to be involved in the sale of Maidstone, and are pleased to have been able to help management find a buyer that supported their initially expressed goals for the transaction,” commented Stonybrook Capital director Ravi Arps.
“We are appreciative to have been chosen for this assignment by Northwood Ventures and Maidstone and acknowledge the opportunity to work with such an established family office,” added Stonybrook Capital senior managing director and board member Dwight Evans. “We believe that our partnership with AHJ Capital Markets was helpful in finding a suitable buyer and vetting their ability to complete the transaction.”
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