IFC National Marketing, a 20-person firm of health insurance and annuity experts that is based in Fairmont, Minn., has been acquired by a leading independent distributor of life and health insurance products.
IFC's employees and three Minnesota offices will join Dallas-based Integrity Marketing Group, which acquired the company on Jan. 19. Integrity has 5,000 employees and a network of 68 offices nationwide.
Terms of the transaction were not disclosed, but this isn't the only deal Integrity has made this month. On Jan. 12, Integrity acquired a much larger health care services company, Connexion Point, based in Sandy, Utah, that has about 3,000 employees. Earlier this week, the company also acquired CSG Actuarial, based in Omaha.
IFC owners Dave Martens, Dave Thesing and Todd Villeneuve and IFC employees will remain with the firm, and as part of the deal will get shares in Integrity's Employee Stock Ownership Plan. Martens, Thesing and Villeneuve were insurance industry veterans who founded IFC in 2003.
"We've watched other industry-leading organizations join forces with Integrity and we are ready to experience that same success at IFC," Martens said in a news release. "We've had tremendous growth over the years, but we realized we needed more resources to position IFC for a successful future."
Backed by private-equity owners, Integrity has acquired dozens of similar firms since 2016, including Plymouth-based GoldenCare in 2019.
"The leaders of IFC saw the value of being part of a larger organization and quickly understood the innovative, tech-focused vision of what we're building at Integrity," said Integrity co-founder and CEO Bryan Adams in a release. "We're taking a group of already successful people and arming them with the tools, resources and technology they need to supercharge their growth."
California-based private-equity firm HGGC counts Integrity Marketing among its portfolio companies, its other portfolio companies including Eden Prairie-based software firm HelpSystems.
The firm has more than $5.4 billion in capital commitments and has made over 200 platform investments including acquisitions and refinancings for its portfolio companies.
One of HGGC's co-founders is former NFL quarterback Steve Young.
Patrick Kennedy • 612-673-7926