Published in Finance

Lighthouse Group expands lakeshore presence with Gales Agency acquisition

BY Wednesday, January 05, 2022 11:37am

GRAND RAPIDS — Insurance and employee benefits agency Lighthouse Group has acquired Gales Agency from Shelby State Bank.

The acquisition extends Lighthouse’s presence to markets northwest of Grand Rapids. Gales Agency now operates as a division of Grand Rapids-based Lighthouse, which is owned by Alera Group in Deerfield, Ill.

Lighthouse Group Managing Partner Tom Helmstetter COURTESY PHOTO

The deal was an “exciting addition to our growing footprint,” Lighthouse Managing Partner Tom Helmstetter said in an announcement.

“We are eager to support their presence in this region of the state and Gales’ strategic carrier partnerships will significantly enhance our capabilities for our existing clients in the area,” Helmstetter said.

Through the third quarter of 2021, Alera Group ranked eighth among the top acquirers of insurance agencies, according to Chicago-based Optis Partners LLC that tracks M&A activity in the industry. Alera Group, which acquired Lighthouse in December 2020 and has 120 locations in the U.S., closed on 23 acquisitions through the third quarter of 2021 and 131 since 2017, according to Optis Partners.

Lighthouse has offices in Grand Rapids, Kalamazoo, Holland, Muskegon, Troy, Flint, Jackson and Empire.

Gales Agency has offices in Shelby, Hart, Pentwater and Whitehall. The 89-year-old agency previously operated since 1999 as a subsidiary of Shelby State Bank.

“Our partnership with Gales Agency has been mutually beneficial for many years. With the growth of both companies, this transaction allows us to focus on our banking relationships in the various markets we serve and it allows Gales Agency the resources to continue to grow,” Shelby State Bank President and CEO Mishelle Comstock said in a statement.

Terms of the acquisition were undisclosed.

Read 1238 times Last modified on Wednesday, 05 January 2022 15:39