The acquisition will merge KAP’s brokerage platform with a leading independent agency network, collectively representing over 380 agencies nationwide. According to reports, the deal is also is contingent upon customary closing conditions, including approval from Keystone’s shareholders.
Patrick Kinney, CEO of KAP, will lead the combined organization. David E. Boedker Sr., who has served as Keystone’s CEO since 1998, will retire upon the closing of the transaction but will continue as a strategic adviser to Kinney through the end of 2025. Boedker, Keystone’s first employee in 1987 and a pivotal figure in the founding of KAP, will remain as the Executive Vice Chairman of KAP’s Board of Directors.
Following the acquisition and additional transactions anticipated to close soon, KAP is projected to achieve approximately $375 million in run-rate revenue. The organization will have completed 100 transactions since 2020 and will employ over 1,600 people across 31 states, offering a range of solutions in risk management, employee benefits, and other financial services.
Commenting on the move, Patrick Kinney, CEO of KAP, said: “This strategic move opens up a new chapter in our growth ambitions. By joining KAP and Keystone, we can deliver even greater value to our independent agencies, clients and carrier partners. Together, we will continue to uphold our shared commitment to innovation, service excellence, and community impact.”
David E. Boedker Sr added: “This step completes our strategic vision of bringing KAP and Keystone together, creating an exciting growth opportunity for our network of agencies to capitalize on our existing relationship while preserving the core values that have defined Keystone for over forty years.”
