STEVENS POINT, Wis (WSAU) Two divisions of the Noel Group are being sold to Berkshire Hathaway Specialty Insurance. The sale of Insure America LLC and MyAssist, Inc. was announced Monday. Terms have not been made public.
Noel Group founder John Noel says the sale of the two divisions came rather quickly, and it’s great news for their future. “I can’t tell you how excited all of us are. All of our employees and management, we’re extremely enthused about being part of the Berkshire Hathaway group.”
Noel Group has been growing rapidly in these two businesses, and John Noel says this acquisition by Berkshire Hathaway will allow them to grow in scale and scope to new levels. “It’s going to be a tremendous opportunity, both now and in the future for economic growth and jobs. It’s just fantastic news, not only for Stevens Point and Portage County, but it’s great news for the State of Wisconsin as well.”
Whenever a business is bought or sold, one of the first concerns is usually about the future of that business, and if it will stay in town. Noel says that is not an issue with these companies. “It will not leave the area. It will stay in Stevens Point, Wisconsin, and we also have an office in Fort Lauderdale.”
Noel Group’s MyAssist and Insure America divisions have been expanding so rapidly, that Noel says it’s getting a bit crowded in their downtown Stevens Point office. “Unfortunately, we’re out of space where we currently are, and we’re looking for additional space as we’re hiring at least twenty new people a month.”
John Noel has been involved with these two companies, as well as Compass Properties since their inception, and he has no intention of retiring just yet. “Well, I’m staying on. I love my job. I’m happy to come to my job every day. I’m now working for Berkshire Hathaway which is run by Warren Buffett. He’s eighty-three, and I know there’s no age discrimination, so I’m going to keep working, buddy.”
Noel will stay on after the sale with a goal of increasing international business and overseeing operations.
Stevens Point Mayor Andrew Halverson was excited about the news, saying the sale will benefit the local economy,and that they will be "a wonderful addition to the diversified major employment base of Stevens Point.” Halverson added, "We are very excited about what the future will hold for Stevens Point in terms of jobs, growth and development."
(Our interview with John Noel can be heard on our website, here.)