NEWS ARCHIVE
2006- Barlocker Insurance Services purchased by The Leavitt Group
June 21, 2006
SALT LAKE CITY, UTAH - Barlocker Insurance Services of Salinas, California announced today that it will become part of the Leavitt Group in early June.
According to Dane Leavitt, the Leavitt Group's CEO, "The letter of intent follows 18 months of careful discussions. The results are a transaction which will strengthen both companies and a process that has allowed personal relationships to be built between the leaders in each.
While the transaction's terms were not disclosed, Leavitt Group Enterprises will hold a majority interest in Barlocker Insurance Services Inc., which will continue to operate its branches in Salinas, Fresno, Merced, San Jose, Laguna Hills, Ventura, Carlsbad and Woodland Hills, Calif. Minority interests will be held by managers of various branches, consistent with the Leavitt Group's business model, which contemplates key producers holding significant portions of ownership in each largely autonomous agency. Barlocker Insurance Services will continue to operate under its long-established name.
After the Barlocker transaction, the Leavitt Group and its co-owners will operate over 100 locations in 13 states. Barlocker's 150 employees will bring the Leavitt Group's employee total to 1,225 and the written premiums of the combined organization to $1.25 billion.
Calvin Barlocker will continue as the president of Barlocker Insurance Services. In addition, he will serve as a chief area officer for the Leavitt Group, become a significant shareholder of Leavitt Group Enterprises, and serve on the boards of both companies.
Shelley Volovic of NewBridge Group was the lead negotiator in the transaction. Ms. Volovic introduced the businesses and provided constant communication for more than 18 months until the transaction was consummated.
