Reliance Global Group subsidiary sells employee benefits insurance assets to Altruis Benefit Management
EZRA•Reliance Global Group said its subsidiary sold employee benefits insurance assets to Altruis Benefit Management in a deal valued at $8 million, including $4.44 million in cash, a $3.10 million note, a $300,000 indemnity and a $161,000 working-capital holdback. Altruis may also receive earnout payments of up to $1 million over three years based on revenue growth.
1. Deal terms
A Reliance Global Group subsidiary sold employee benefits insurance assets to Altruis Benefit Management in a deal valued at $8 million. The terms include $4.44 million in cash, a $3.10 million note, a $300,000 indemnity and a $161,000 working-capital holdback.
2. Potential earnout
Altruis is entitled to earnout payments of up to $1 million over three years based on revenue growth.
