M&A
confidence high
sentiment neutral
materiality 0.65
Reliance Global's Altruis unit sells benefits agency assets for $8M; repays $2.18M Oak Street debt
Reliance Global Group, Inc.
- Altruis Benefit Consultants sold substantially all of its employee benefits insurance agency assets to Altruis Benefit Management, LLC for $8.0M, closing Sept 23, 2026.
- Consideration: $4,440,782.60 cash, $3,097,488.40 secured promissory note (due Sept 30, 2026), $300,000 indemnity holdback and $161,729 working capital holdback.
- Up to $1,000,000 contingent earnout over three 12-month periods if revenue grows 10%, 15% or 20%+ versus the year ended June 30, 2026; subordinated to buyer's senior debt.
- Oak Street Funding credit facilities under the April 26, 2022 Master Credit Agreement were repaid in full ($2,176,164) and liens released; Oak Street waived the prepayment premium.
- Transition services agreement keeps the six acquired-business employees employed by Altruis, made available to buyer through Oct 31, 2026, then expected to transfer.