Hub International Limited announced that a new investor, Los Angeles-based private equity firm, Leonard Green & Partners L.P. has signed on with the firms’ existing shareholders, “to support the next phase of the company’s growth,” Hub states in an announcement about the new agreement.
Crediting a relentless focus on developing boundaryless resources to support advice and solutions for consumers and talent alike, Hub also attributes its growth to the ongoing investment made in industry and product specialization, digital solutions and marketing. It also credits its investment in employee benefits and human resources, its expansion into retirement and private wealth, managing general agency (MGA) and wholesale capabilities and its expansion in complex risk and international solutions.
“The company will continue investing in these areas as well as new initiatives to reflect the changing needs of our clients,” they state. “Hub remains bullish on its acquisition strategy and growing its geographic footprint.”
The firm also announced that it intends to explore bringing on additional minority investors in the coming months. The transaction with Leonard Green & Partners is expected to close in the third quarter of 2023. Private equity firm, Hellman & Friedman will retain its controlling interest in Hub, while Atlas Partners will remain a significant minority shareholder and member of the board of directors. Following the close of the transaction, the firm’s new investor will also join Hub’s board of directors.