NEW YORK, April 11, 2012 /PRNewswire/ -- National Financial Partners Corp. (NYSE: NFP), a leading provider of benefits, insurance and wealth management services, today announced an expansion of its corporate benefits presence in New York, through the acquisition of the remaining outstanding interests of Nemco Group, LLC (Nemco). Prior to this transaction, NFP owned a minority interest in Nemco. Following the consummation of the acquisition, Nemco became a wholly-owned subsidiary of NFP Corporate Services (NY), LLC. This transaction closed on April 2, 2012.
NFP Corporate Services (NY), operating under the NFP brand, was recently created with the combination of AGS Benefits and NFP Dreyfuss & Birke. The NY team is run by Paul Schnell, William Austin and Jordan Gray and has annualized revenue of approximately $29 million, including Nemco.
Nemco, with annualized revenue of approximately $11 million, is a leading NY based group benefits firm. Cyrus Walker and Stephen Cooper, previous management of Nemco, will report directly to the managing directors of NFP Corporate Services (NY) and maintain senior sales roles.Commenting on today's announcements, Mr. Austin said, "NFP has a strong history with Nemco and we are confident that combining our efforts will further strengthen our corporate benefits presence in the NY metro area. We look forward to working closely with Cyrus, Stephen and the Nemco team." Also commenting, Mr. Walker said, "As a part of the NFP family for many years, we fully appreciate the value we can realize by leveraging NFP's exceptional resources and working together under one brand. We are thrilled to fully integrate with the team in NY and look forward to enhancing our capabilities and improving our sales opportunities going forward."