Brown & Brown, Inc. (NYSE:BRO) acquired Winston Benefits, Inc. on October 1, 2021. Winston Benefits will continue to operate as Winston Benefits from their offices in New Jersey under the leadership of Colin Bradley and Curran Bradley. Houlihan Lokey, Inc. (NYSE:HLI) served as financial advisor to Winston Benefits.

Brown & Brown, Inc. (NYSE:BRO) completed the acquisition of Winston Benefits, Inc. for approximately $120 million on October 1, 2021. The purchase price consists of cash paid of $79.46 million, common stock issued worth $5 million, other payable of $7.72 million pertaining to additional contingent consideration expected to be paid within 12 months, and a maximum potential earn-out payable of $29 million.