LOS ANGELES, Sept. 18, 2018 /PRNewswire/ — WORLDWIDE FACILITIES, LLC (“Worldwide Facilities”) and MCCLELLAND AND HINE, INC. / MCCLELLAND & HINE TRUCKING UNDERWRITERS LLC (collectively “MHI”) announce that they have entered into a Letter of Intent pursuant to which Worldwide Facilities proposes to acquire the assets of MHI. The parties anticipate completing the transaction, which is subject to certain conditions, within the next thirty days.
“We are extremely pleased that Gil Hine, Amicia Hine and their team are joining our company. Gil, Amicia and the MHI leadership have done an excellent job of building a great company. Their proprietary technology and underwriting products are enormously complementary and will be beneficial to our growing platform. MHI’s business provides us with a broader geographical footprint as well as a more diversified product offering. We are very excited to partner with the MHI team and have them participate in our broad-based equity ownership plan,” comments Davis Moore, CEO of Worldwide Facilities.
Gil Hine, Chairman of MHI, says, “When you first meet the leaders of an organization and your first reaction is ‘they are like us’ and everything from then on reinforces that feeling, you know you are making the right decision. For me, I feel like I did thirty-six years ago when McClelland and Hine started. Our team is just as pumped as I am to partner with Worldwide Facilities and help contribute to their continuing success.”
Amicia Hine, CEO of MHI, adds, “Our vision for the continued success of the MHI business platform and the contribution we can make to the profitable growth of the combined companies is evident and compelling. The compatibility of MHI and Worldwide Facilities’ leadership culture, dedication to career building and professional growth of our members, along with our commitment to our partners, our customers and our industry, made this an obvious and exciting next step for our organization.”
Marsh, Berry & Company, Inc. served as the financial advisor to MHI.
About Worldwide Facilities, LLC
Worldwide Facilities is a national wholesale insurance broker and managing general agent that has been in business since 1970. Its brokers and underwriters are industry leaders providing expertise in a wide range of specialty lines, as well as extensive contacts with carriers domestically and overseas. For more information, please visit wwfi.com.
About McClelland and Hine, Inc. / McClelland & Hine Trucking Underwriters LLC
McClelland and Hine, Inc. / McClelland & Hine Trucking Underwriters LLC is a Managing General Agent and Excess and Surplus Lines Broker headquartered in San Antonio, Texas. MHI began writing business in 1982 and later expanded its operation with the opening of additional offices in Houston, Dallas and Atlanta.
Media Contact: Erika Guerra, EGuerra@wwfi.com, Direct: (213) 236-4509
SOURCE Worldwide Facilities, LLC
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