Salinas, CA – April 13, 2006 – Barlocker Insurance Services will become part of the Leavitt Group in early June. A joint statement acknowledged that a definitive letter of intent was signed on April 6th, followed by inter-company announcements.
According to Dane Leavitt, the Leavitt Group’s CEO, “The letter of intent follows 18 months of careful discussions. The results are a transaction which will strengthen both companies and a process which has allowed personal relationships to be built between the leaders in each. We have the deepest regard for Calvin Barlocker, Fred Stafford, Bill Barlocker, Ron Hayduk, and others with whom we have worked in bringing our organizations together. We look forward to the years ahead.”
While the transaction’s terms were not disclosed, Leavitt Group Enterprises will hold a majority interest in Barlocker Insurance Services, Inc., which will continue to operate its branches in Salinas, Fresno, Merced, San Jose, Laguna Hills, Ventura, Carlsbad and Woodland Hills, California. Minority interests will be held by managers of various branches, consistent with the Leavitt Group’s business model, which contemplates key producers holding significant portions of ownership in each largely autonomous agency.
Barlocker Insurance Services will continue to operate under its long-established name. After the Barlocker transaction, the Leavitt Group and its co-owners will operate over 100 locations in 13 states. Barlocker’s 150 employees will bring the Leavitt Group’s employee total to 1,225 and the written premiums of the combined organization to $1.25 Billion.
Calvin Barlocker will continue as the President of Barlocker Insurance Services. In addition, he will serve as a Chief Area Officer for the Leavitt Group, become a significant shareholder of Leavitt Group Enterprises, and serve on the Boards of both companies. Concerning the transaction, Mr. Barlocker said, “I’m pleased. It preserves and provides opportunity for my people, takes care of my perpetuation responsibility, and leaves me well-incentivized to keep building Barlocker Insurance Services and the Leavitt Group. My goals in the transaction have been well met.”