Hagerty, Inc. completed the acquisition of remaining 60.26% of Broad Arrow Group, Inc for $73.3 million.
August 15, 2022
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Hagerty, Inc. (NYSE:HGTY) entered into a definitive agreement to acquire remaining 60.26% of Broad Arrow Group, Inc. for $64.8 million on August 9, 2022. Broad Arrow founders and industry veterans Kenneth Ahn, Alain Squindo, Ian Kelleher, Donnie Gould, Barney Ruprecht, Alexander Weaver, David Swig, Karsten Le Blanc, Ramsey Potts, Madeline Baker and Mike Mortorano, along with their colleagues, will become a part of the Hagerty team as part of the deal, and Kenneth Ahn will continue to lead the team as President of Hagerty Marketplace. The deal is expected to close on August 16, 2022. Matthew M. Holman of Squire Patton Boggs (US) LLP acted as legal advisor to Hagerty. Rob Lynn, Geoff Willard and Eric Weberman of Goodwin Procter LLP acted as legal advisor to Broad Arrow. Sean M. Keyvan & Scott Pollock of Sidley Austin LLP acted as legal advisors to Hagerty, Inc.
Hagerty, Inc. (NYSE:HGTY) completed the acquisition of remaining 60.26% of Broad Arrow Group, Inc. for $73.3 million on August 16, 2022.
Hagerty, Inc. is an automotive enthusiast brand and specialty vehicle insurance provider. The Company is a provider of specialty vehicle insurance, expert car valuation data and insights, live and digital car auction services, immersive events and automotive entertainment custom made for the Americans who self-describe as car enthusiasts. Through its insurance model, the Company acts as a Managing General Agent (MGA) by underwriting, selling, and servicing classic car and enthusiast vehicle insurance policies. In addition, the Company offers Hagerty Drivers Club (HDC) memberships, which can be bundled with its insurance policies and give subscribers access to an array of products and services, including Hagerty Drivers Club Magazine, automotive enthusiast events, its proprietary vehicle valuation tool, emergency roadside assistance, and special vehicle-related discounts. The Company provides insurance for approximately 2.4 million classic cars and enthusiast vehicles.