Mahwah-based Capacity Coverage, an insurance brokerage firm, and ARM-Capacity of New York announced Friday that it has acquired Mt. Pleasant Agency Inc., based in Thornwood, N.Y.
The transaction was completed through Mt. Pleasant Capacity Agency LLC, a newly formed unit which is jointly owned by ARM-Capacity, and by Joseph Picharallo and Keith Shaland, managing partners of the agency, the firm announced in a news release. Financial terms were not disclosed.
Mt. Pleasant sells personal and commercial insurance products, and will continue to operate in its Westchester office.
Robert G. Lull, CEO of Capacity Coverage, said, "Our investment in Mt. Pleasant enables Capacity Coverage and ARM-Capacity to expand business operations into Westchester County. This transaction, the fourth we have announced this year, continues Capacity Coverage's program of expanding through strategic partnerships with high quality agencies. We are delighted to welcome the entire Mt. Pleasant team to the Capacity Group of companies."
David Harris, President of ARM-Capacity, added, "We are convinced that Mt. Pleasant, through the leadership of Joe Picharallo and Keith Shaland, is well positioned to continue to grow and thrive. We are delighted to be working with Joe and Keith as partners."
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