Stevens Point Companies Acquired by Berkshire Hathaway

Noel Group of Stevens Point is selling two of its divisions to investment giant Berkshire Hathaway.

Berkshire Hathaway is part of billionaire investor Warren Buffett’s financial empire. In an agreement reached late January, it is acquiring Insure America, which provides insurance for travel agencies, and MyAssist, which provides live assistance and directions for car owners. Both companies are part of Noel Group of Stevens Point.

“This has been a positive thing for our organization,” said Brad Rutta, Noel Group’s director of marketing. “Both companies align really well with each other culturally. Berkshire Hathaway is very well known for its integrity and commitment to financial stability and success.”

Rutta says the deal will mean more jobs. It also leaves existing management, including CEO John Noel, in charge.

“A big part of it is John will remain on as CEO, and continue to lead the direction that we’re going,” said Rutta. “Our plans are all expansion-based, so we expect more growth. That’s been all the conversation – around where we can staff up and help employ.”

Noel Group currently employs about 175 people in Stevens Point. Rutta says the company expects to grow by nearly 38 percent in the near future.

Terms of the agreement with Berkshire Hathaway have not yet been released.