Parker, Smith & Feek Acquired by IMA Financial
The team at Parker, Smith & Feek.
IMA Financial Group, a North American insurance brokerage firm specializing in risk management, insurance, wholesale brokerage, and wealth management, has acquired Washington-based Parker, Smith & Feek (PS&F) to expand its brokerage services in the Pacific Northwest, Alaska and Hawaii.
IMA’s Biggest Get So Far
The PS&F team in Alaska will remain fully intact and continue to do business as Parker, Smith & Feek led by Jana Smith as regional vice president.
IMA’s acquisition of PS&F, the 49th largest brokerage company in the US, positions IMA as one of the fastest-growing independent brokerage firms in the country, growing its team to 1,700 associates, with 2022 revenues projected between $400 million and $500 million.
“In a year marked by M&A activity, the partnership between PS&F and IMA is monumental for both firms and the brokerage industry,” says Kevin Stipe, president of Reagan Consulting. “The deal is among the largest in the midmarket sector, and at a time when a majority of deals are driven by private equity investors acquiring a majority interest in brokers, IMA and PS&F will remain both independent and employee-owned and managed.”
PS&F will become an IMA company but retain its name, offices, and clients, who will benefit from the added resources IMA brings to the partnership. The last three firms to join the IMA family—k.p.d Insurance, Bolton & Company and Diversified Insurance Group—have reported significant sales increases since the inception of their partnerships.
“We find reputable, growing partners like PS&F that align with our culture and look for synergies and capabilities that fuel organic growth,” says IMA Financial Group Chairman and CEO Rob Cohen. “The strategy is both true to our mission and successful—our organic growth rates are more than double the industry average. PS&F’s interest in IMA is further evidence that our long-term strategy to build the best independent, employee-owned broker in our industry continues to resonate with the best brokers who share that vision.”
The acquisition represents IMA’s largest partnership to date, adding 330 new associates and further expanding its national footprint. IMA has clients in all fifty states and now has employee-owners in seventy-nine locations across the country, with ten regional offices that collaborate and align client services throughout the enterprise. PS&F will continue to operate in its six offices in Bellevue, Tacoma and Spokane, Washington; Anchorage, Alaska; Honolulu, Hawaii; and Portland, Oregon. Current president and CEO Dave Eckroth will continue to lead the team.
“For more than eighty years, our team has lived our core values of focusing on client objectives and committing to the success of all team members. These values and our culture of creativity and innovation have been key drivers of our continued success,” Eckroth says. “We saw the same passion and purpose in our friends at IMA and firmly believe the combination of our firms solidifies our future as an independent, client-focused, high-performing agency.”
The partnership will double IMA’s health care specialty and significantly grow its construction practice. PS&F’s construction and project risk expertise dates back decades and includes prominent brokerage projects such as the original construction and recent $100 million renovation of the Seattle Space Needle and the construction of Seattle’s three tallest skyscrapers. With a commitment to innovation, PS&F has expanded its reach, adding top clients and brokers in real estate, health care, food resources, and manufacturing.
“Our growth strategy is fueled by a commitment to provide specialized and technical solutions for our clients,” says Cohen. “PS&F’s highly specialized teams and innovative approach align perfectly, and we are confident our combined future is bright.”