Boston, MA. Nixon Peabody represented Interboro LLC in the $2.5M sale of its personal automobile insurance subsidiary Maidstone Insurance Company (Maidstone Insurance) and its operations to Standard Diversified Opportunities Inc. (Standard Diversified).
Maidstone Insurance is a personal automobile insurance company based in New York and licensed in 24 states. Through its acquisition of Maidstone Insurance, Standard Diversified will bolster and widen its property and casualty business line. The acquisition will also expand Standard Diversified’s portfolio, with holdings in the outdoor advertising and tobacco products industries.
As part of the purchase agreement, Standard Diversified will infuse $10M of new capital to Maidstone Insurance.
Nixon Peabody’s deal team was led by M&A and Corporate Transactions partner Jim Hatem and included Private Equity and Investment Funds partner Andrew Share, Public Company Transactions partner Sean Clancy, and Labor & Employment partner Tom McCord.
This is the second deal Nixon Peabody has advised for Interboro LLC. In 2016, the company was advised by Nixon Peabody in the sale of Interboro Insurance Company, a New York–based insurance company, to UPC Insurance, a publicly traded insurance company based in St. Petersburg, FL. The value of the deal was $57M.
For further information on the Maidstone Insurance deal, please see the press release: Standard Diversified Opportunities Inc. Closes Acquisition of Maidstone Insurance Company