Farmers Union Mutual Insurance Company of Arkansas has affiliated itself with its counterpart in North Dakota, consolidating the operations and capital of both entities.
The transaction will allow Farmers Union Mutual Insurance Company of North Dakota to expand out of its core state of North Dakota, a release said. Stonybrook Capital was named advisor to Farmers Union Mutual Insurance Company of Arkansas, and its affiliated agency Eagle Management, in the transaction.
“This transaction brings us a capital partner within our Farmers Union Mutual family. We think this was a proverbial ‘win-win’ for both companies and our policyholders,” said Farmers Union Mutual Insurance Company of Arkansas president Mike Bush.
“Stonybrook was pivotal in negotiating, structuring and driving valuation in this transaction,” commented Farmers Union Mutual Insurance Company of Arkansas chairman Jeff Downing.
“We appreciate Stonybrook’s ability to work with our clients on M&A transactions,” added HOLBORN Corporation chairman of the board and CEO Frank Harrison.
“This being our fifth engagement in the mutual sector over the last two years, we are pleased with our ability to help mutual companies find creative solutions for raising capital and effecting M&A. As the only investment bank that is a member of NAMIC, we look forward to future work in this space,” remarked Stonybrook Capital principal and managing director Joe Scheerer.
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