Sidley is representing Porch Group, Inc. (Porch) in its acquisition of Homeowners of America (HOA) for US$100 million. The transaction, which is pending regulatory approval, is expected to close in the second quarter of 2021, and follows on the heels of Sidley’s representation of Porch.com, Inc. in its going-public SPAC merger with Porch Group’s predecessor, PropTech Acquisition Corporation, which closed on December 23, 2020.
The acquisition will result in Porch becoming one of the nation’s largest insurtech companies.
HOA is a Managing General Agent and insurance carrier hybrid licensed to operate in 31 states.
Porch provides software and services to more than 10,500 home services companies such as home inspectors, moving companies, real estate agencies, utility companies, and warranty companies. Through these relationships and its multiple brands, Porch provides a moving concierge service to homebuyers, helping them save time and make better decisions on critical services, including insurance, moving, security, TV/internet, home repair and improvement, and more.
The Sidley deal team is being led by Josh DuClos and Matt Stoker, and includes Jack Yamin, Mike Heinz, Stephanie Dobecki, and Anthony Friedman, as well as Rachel Kleinberg, Anna Remis, Tom Cunningham, Kate Roberts, Matt Johnson, Jim Lowe, Pam Martinson, and Jingjing Lin.