Leonard Green & Partners LP, a Los Angeles-based private equity firm, has made an investment in Hub International, a global insurance brokerage.
Headquartered in Chicago, Hub is a global insurance broker and financial services firm providing risk management, insurance, employee benefits, retirement and wealth management products and services. The company boasts more than 16,000 employees in offices located throughout North America. Hellman & Friedman will retain a controlling interest in Hub, while the company’s management team will continue to hold a significant equity position. Additionally, Altas Partners will remain a significant minority shareholder and continue to be members of the board.
“Hub is the premier insurance broker and has all the attributes we look for in investments – a best-in-class management team, a differentiated culture, a long and consistent track record of success, and multiple ways to grow,” says Adam Levyn, partner at LGP.
Morgan Stanley & Co. LLC is serving as financial advisor to Hub, Simpson Thacher & Bartlett LLP is serving as legal counsel to Hub, and MarshBerry provided market research assistance to HUB. Barclays acted as financial advisor and Latham & Watkins LLP as legal counsel, to LGP.