Steadfast Group has expanded its presence in the US insurance market by acquiring 100% of ISU Group (ASX: SDF), a prominent independent insurance agency network. The acquisition, valued at AU$55 million, will be financed through Steadfast's existing corporate debt facilities and free cash flow. It is expected to immediately enhance earnings per share (EPS). This move aligns with Steadfast's successful acquisition strategy.
CEO Robert Kelly expressed enthusiasm for this venture, citing significant opportunities to introduce Steadfast's unique business model to the US insurance market. He highlighted ISU's cultural alignment with Steadfast, its trusted brand, and experienced management team. Steadfast plans to work closely with ISU to deliver added value by implementing Steadfast's business and insurance solutions for ISU members and clients. This strategic expansion signifies Steadfast's commitment to growth and innovation in the insurance sector, reinforcing its position as a key player in the industry.
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