Marsh & McLennan's (MMC) Unit Closes Pavilion Acquisition
Zacks Investment Research | Dec 04, 2018 09:42PM ET
Marsh & McLennan Companies, Inc.’s (NYSE:MMC) subsidiary Mercer announced completing the pending buyouts of the investment consulting, alternatives consulting and wealth management operations of Pavilion Financial Corporation (Pavilion) effective Nov 30, 2018. However, terms of the deal were not disclosed.
With this deal, Mercer is expecting to provide wider and deeper global research and specialist resources to its consultants and clients. The acquired company’s expertise in the healthcare, insurance and endowment plus foundation segments along with Mercer’s intellectual capital would definitely help clients with enriched, personalized and comprehensive solutions. The Pavilion will represent Mercer’s U.S. not-for-profit and insurance offerings. Mercer will offer its new suite of alternative investments through an online platform.
Marsh & McLennan has been consistently putting in efforts to expand its footprint via acquisitions and penetration into new areas. The company has made numerous purchases within its different operating units that have enabled it to enter new geographical regions, extend within the existing ones and foray into new businesses.
In recent months, the company acquired Klein Agency and Insurance Associates with which, it will be able to grow in the greater Washington DC region and enhance its construction capabilities. It also completed a buyout in Scotland, adding to its revenue base. The company recently bought Houston-based Wortham Insurance along with Eustis Insurance & Benefits, a leading independent insurance agency in Louisiana.
Mercer has also closed the purchase of Summit Strategies Group on Nov 15, 2018. Moreover, the unit is going to buy JLT Specialty, subject to certain closing conditions. All these transactions further poise the company well for growth.
Shares of this Zacks Rank #3 (Hold) company have gained 2.1% in a year’s time against its Original post
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