Reliance Global Group announced it has completed an asset sale of Ottawa, Ohio-based Fortman Insurance Services, wholly owned subsidiary, for $5 million in cash. The transaction marks the successful execution of a strategic initiative to monetize a non-core asset and further strengthen the Company’s financial position.
Reliance didn’t disclose the buyer of Fortman.
Following its acquisition by Reliance, Fortman continued to enhance its operational efficiency, financial stability, and market competitiveness, Reliance said. Reliance sold Fortman at a value above the initial purchase price Reliance purchased the agency for in 2019.
“From the outset, Fortman was a compelling acquisition, and through targeted operational improvements, we positioned the business for long-term success,” said Reliance CEO Ezra Berman. “Selling the asset at a premium demonstrates the strength of our execution and adds meaningful capital to our balance sheet, increasing our flexibility to advance strategic priorities.”
Reliance reaffirmed its expectation that the acquisition of Spetner Associates, Inc., based in St. Louis, Missouri, will be completed. The transaction is expected to complement Reliance’s existing business model and align with its OneFirm strategy, creating opportunities to expand operational scale and drive long-term value, Reliance said.
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