Overview of Transaction

• Third Wave Insurance, a retail insurance brokerage platform backed by TPG, has entered into definitive agreements to acquire five insurance and advisory agencies across Louisiana, Mississippi, and Florida, marking its entry into the Gulf Coast market and further expanding its footprint in the Southeast.
• The businesses acquired are Massad Olinde, a Baton Rouge based employee benefits and retirement advisory business; Acuity Group, a Ridgeland, Mississippi employee benefits brokerage that includes BAS, its third party administrator for self funded health plans; AWS, a commercial property and casualty agency serving the greater New Orleans market; Spielmann and Associates, a Lafayette based wealth management and employee benefits advisory business; and Alexander Financial Group, an Orlando based commercial property and casualty agency.
• Following close, all five businesses will operate under the Palmer and Cay brand, Third Wave’s flagship retail business, under the leadership of Jack Cay and the Palmer and Cay management team. Kelly Cox, a longtime leader within Acuity Group, will lead the combined Gulf Coast platform and will report to Cay.

Significance of Transaction

• The transactions advance Third Wave’s strategy of building a technology enabled, producer focused retail platform through disciplined acquisition, adding employee benefits, commercial property and casualty, self funded healthcare administration, retirement, and wealth advisory capabilities in a single step rather than sequentially.
• Each of the five businesses holds a long established position in its local market, and together they give Third Wave a scaled regional advisory model for middle market clients across Louisiana, Mississippi, and Florida from day one, anchored by a Gulf Coast leadership team already known in the region.
• Gulf Coast insurance distribution remains highly fragmented, and multi agency transactions of this kind reflect how well capitalized platforms are now entering new markets with immediate scale and a full service offering rather than building outward from a single anchor agency.

Mystic Capital’s Advisor Role

• Mystic Capital served as financial advisor to Third Wave Insurance, advising the company on evaluation of the opportunity, valuation, transaction structuring, negotiation, and execution across all five acquisitions.
• The mandate follows Mystic Capital’s role advising on the formation of Third Wave Insurance and its inaugural partnership with Palmer and Cay, and reflects the firm’s sector exclusive focus on insurance distribution M&A across retail brokers, MGAs, program administrators, and wholesalers, with more than 1,000 transactions advised since 2001.

Read the full announcement: https://www.businesswire.com/news/home/20260728148178/en/