Finance History | 2850 Golf Road — A Chicago Broker Took Public Currency in 1984
· 1984-6
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Finance History | 2850 Golf Road — A Chicago Broker Took Public Currency in 1984
kevin
People treat Gallagher as a Rolling Meadows campus and a serial buyer of local brokers.
The listed company is a 1927 Chicago agency that used a Big Board ticker as acquisition stock.
Arthur J. Gallagher founded the firm in Chicago in 1927. On 21 June 1984 Arthur J. Gallagher and Co. began trading on the New York Stock Exchange under AJG.
In a 2004 investor presentation the company restated the 1984 IPO at 1.72 dollars a share and a 57 million dollar market capitalization, figures adjusted for later splits. Those numbers are the company's own restatement, not the raw 1984 ticket.
The same deck set tangible net worth at the IPO, restated, at 23 million dollars in that presentation's 1984 column.
The mechanism is a privately held mid-market broker taking a public listing so that cash and stock can buy other privately held brokers, year after year, instead of building every office from scratch.
The headquarters later consolidated at 2850 Golf Road in Rolling Meadows, Illinois. The pin is that campus entrance, visible from the public road.
Photo: Arild Vågen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street, where AJG listed.
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