Nixon Peabody represented Interboro LLC in the $2.5M sale of its personal automobile insurance subsidiary Maidstone Insurance Company (Maidstone Insurance) and its operations to Standard Diversified Opportunities Inc. (Standard Diversified).
Maidstone Insurance is a personal automobile insurance company based in New York and licensed in 24 states. Through its acquisition of Maidstone Insurance, Standard Diversified will bolster and widen its property and casualty business line. The acquisition will also expand Standard Diversified’s portfolio, with holdings in the outdoor advertising and tobacco products industries.
As part of the purchase agreement, Standard Diversified will infuse $10M of new capital to Maidstone Insurance.
Interboro LLC is a holding company, which through its subsidiaries, provides insurance products such as auto insurance. The company is based in Mineola (NY).
Nixon Peabody’s deal team was led by M&A and Corporate Transactions partner Jim Hatem (Picture) and included Private Equity and Investment Funds partner Andrew Share, Public Company Transactions partner Sean Clancy, and Labor & Employment partner Tom McCord.
Law Firms: Nixon Peabody LLP;
Clients: Interboro LLC;