Woodruff-Sawyer & Co., an independent brokerage based in San Francisco, announced today that it will be acquiring Capstone Insurance, the property/casualty brokerage division of Newton, Massachusetts-based financial services firm EBS Capstone.
The transaction is expected to be completed by the end of the year. The terms of the deal were not disclosed.
Once the transaction is complete, Capstone Insurance will be rebranded as Woodruff-Sawyer & Co. New England and will operate from a Newton office. It would be the first East Coast location for Woodruff-Sawyer & Co. which currently has offices in California, Colorado, Hawaii, Oregon and Washington.
EBS Capstone will continue on separately with their non-P/C brokerage businesses after the transaction, offering investing and financial services and employee benefits services.
Founded in 1918, Woodruff-Sawyer & Co. offers insurance, employee benefits and risk management services. The firm has approximately 425 employees nationwide.
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