Assurant Inc., a New York specialty insurer, has agreed to pay $250 million for Signal Holdings LLC, a Wayne-based purveyor of wireless handset repair and insurance. Sellers are brothers Tom and Steve Cloetingh, who founded Signal in 1984, and Trident II, an investment fund managed by StonePoint Capital, Greenwich, Conn., which invested in Signal in 2002.
Signal employs 150 at its headquarters and call center, plus 330 at a handset repair facility in York. Finance, benefits and other headquarters functions will likely be combined with Assurant over time, but "our objective is to grow this business," said Assurant spokesman James Sykes.
The two companies have worked closely together since 2000, when Assurant began underwriting Signal's insurance policies. "We're putting together a service plan" that will be easier to sell than insurance policies, since they won't need agents to sell them, said Sykes.
UPDATE: The Cloetinghs grew up in Cherry Hill, then moved to the Main Line, where Tom went to Lower Merion High School (later George Washington U and a Drexel MBA), and Steve to Episcopal Academy (then Gettysburg College). Inquirer story here.
- Bloomberg News
- New York Times Dealbook
- Washington Post Economy Watch
- U.S. propaganda
- Dealbreaker
- Edgar SEC Filings
- Emma Bond Filings
- ACG Philadelphia Deals and Dealmakers
- Seeking Alpha CEO call transcripts
- FCC Documents on Comcast-NBC Universal merger
- Jones Philadelphia Skyline Report
- Grubb Business Real Estate
- Studley Business Real Estate
- Plan Philly
- Penn Praxis
- Technically Philly
- Llenrock real estate blog
- Pennsylvania state budget
- New Jersey state budget
- Philadelphia city budgets
- Delaware 2010 budget
- U.S. budget
- Pennsylvania State Employees Retirement System
- February
- January
- December 2011
- November 2011
- October 2011
- September 2011
- August 2011
- July 2011
- June 2011
- May 2011
- April 2011
- March 2011
- February 2011
- January 2011
- December 2010
- November 2010
- October 2010
- September 2010
- August 2010
- July 2010
- June 2010
- May 2010
- April 2010
- March 2010
- February 2010
- January 2010
- December 2009
- November 2009
- October 2009
- September 2009
- August 2009
- July 2009
- June 2009
- May 2009
- April 2009
- March 2009
- February 2009
- January 2009
- December 2008
- November 2008
- October 2008
- September 2008
- August 2008
- July 2008
- June 2008
- May 2008
- April 2008
- March 2008
- February 2008
- News | Sports | Business | What's Happening | Restaurants & Food | Entertainment | Living | Marketplace | Jobs
