Insurance agency acquires business
A local insurance agency has added a third branch with the acquisition of a Michigan firm.
Grand Rapids-based Collins & Associates said this month it purchased SAIF Agency Group from Owner Cliff Shanoski. SAIF is located in Kingsley, south of Traverse City.
Collins & Associates also operates a Harbor Springs office.
Grand Rapids-based Calder Capital, a mergers and acquisitions firm, advised Collins & Associates on the transaction.
Financial terms of the deal were not disclosed.
Collins & Associates President Parke Collins II said despite the agency’s strong organic growth, acquiring a northern Michigan firm was in its strategic best interest, “and SAIF Agency had all of the right characteristics."
“We look forward to providing their customers a great level of care and a wider range of services and choices,” Collins said.
Founded in 1997, SAIF Agency Group offered commercial and personal lines insurance products.
“I’ve had many wonderful years operating and growing my agency, but the time came for me to turn it over to a well-reputed buyer to grow and service my customers,” Shanoski said.
Founded in Grand Rapids in 1929, Collins & Associates is a third-generation insurance agency, which has operated from its Cascade Road headquarters since 1981.
The agency offers commercial insurance, risk management services, employee benefits and more.