Huron Capital's High Street Insurance Partners Expands
April 1, 2021
DETROIT -- Huron Capital Partners LLC ("Huron Capital"), a leading lower middle-market private equity platform, announced today that its full-service insurance brokerage platform, High Street Insurance Partners ("HSIP"), has acquired Elliott Hartman Agency ("Elliott Hartman") and Wall Street Insurance ("Wall Street").
HSIP, formed in August 2018 by Huron Capital to build a full-service insurance brokerage business, has now completed 21 acquisitions since its formation and continues to pursue add-on acquisitions in the insurance agency market.
"The addition of these two great companies in new markets builds on our ongoing geographic insurance agency expansion and also enforces our specialty market strategy," said HSIP CEO Scott Wick. "Our consolidation track record is on our planned pace, and we continue to successfully integrate partners and develop HSIP into a national agency of choice."
Founded in 1959, Waterloo, Iowa-based Elliot Hartman specializes in transportation insurance with coverage options spanning a wide range of recreational vehicle packages as well as comprehensive automotive and truck offerings, which include commercial policies and cargo protection. All agency principals will remain active in the business.
"The deep knowledge and experience we have gained by providing trucking and transportation insurance for more than 62 years has been the bedrock of our success," said Elliott Hartman Agency President Scott Poppens. "We now have a chance to offer our expertise to HSIP as we, in turn, benefit from the scale and financial resources HSIP can offer."
For more than 30 years, Colorado-based Wall Street Insurance has provided insurance coverage for personal products and business needs ranging from aircraft, art collections and automobiles to boats, off-road vehicles and wine collections. With offices in the Vail and Beaver Creek, Colorado areas, Wall Street has clients across the globe.
"We are thrilled to join HSIP's network of agency partners as we continue to offer specialized services to current and prospective clients," said Wall Street Agency President Nick Budor. "Similar to the individually tailored portfolios we help customers insure, we feel this partnership provides us with the resources necessary to expand our services."
HSIP is one of 15 Huron Capital ExecFactor® initiatives, which combine a CEO's industry expertise with Huron Capital's extensive investment experience and committed capital.
"HSIP continues to be one of our fastest growing platforms, and we are thrilled with the momentum the team has had identifying new partners to join the company thus far in 2021," said Huron Capital Principal Brian Rassel. "In addition to scale, both acquisitions provide a variety of expertise and insurance specializations that will benefit HSIP and all of our partners."
About Huron Capital
Founded in Detroit in 1999, Huron Capital is an operationally focused private equity platform with a long history of growing lower middle-market companies through our proprietary ExecFactor® buy-and-build investment model. We prefer complex situations where we can help companies reach their full potential by combining our operational approach, substantial capital base, and transaction experience with seasoned operating executives. An early pioneer of the buy-and-build approach, Huron Capital has successfully established six private equity funds aggregating nearly $2.0 billion in committed capital and invested in over 200 companies, and our portfolio companies have employed over 11,000 people throughout North America. The Huron Capital buy-and-build investment model includes equity recapitalizations, family succession transactions, market-entry strategies, corporate carve-outs, and management buyouts of companies having revenues up to $200 million. Huron Capital targets both control and non-control equity stakes in fundamentally-sound companies that can benefit from the Firm's operational approach to creating value. Huron Capital focuses on niche segments within the business services, consumer products & services and specialty industrials sectors. For more information, please visit: www.huroncapital.com.
About High Street Insurance Partners
High Street Insurance Partners (HSIP) is a full-service independent insurance brokerage firm. Founded in 2018, the Traverse City, Michigan-based company provides a broad array of business insurance & risk management; employee benefits & human capital management; financial & retirement services; and personal insurance solutions delivered through community-focused agencies. HSIP employs over 450 insurance coverage specialists & consultants in offices based in Colorado, Connecticut, Iowa, Maryland, Michigan, New York, Oregon & Pennsylvania. Additional information can be found at www.highstreetpartners.com.
Certain information herein may contain forward-looking statements which are provided to assist the reader in understanding the beliefs and opinions with respect to future opportunities as perceived by Huron Capital and others quoted herein. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance in future periods to differ materially from any projections or results expressed or implied by such forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The issuer of these statements undertakes no obligation to update forward-looking statements if circumstances or estimates or opinions should change except as may be required by applicable securities laws.
Contact:
Brent Snavely, Director
Lambert & Co.
(313) 309-9516
bsnavely@lambert.com
SOURCE: Huron Capital Partners LLC