The planned investment from LGP into Hub International was announced in April of this year.
Hub has grown in value over the last ten years, from $4.4bn in 2013 when Hellman & Friedman (H&F) initially invested to $10bn when Altas joined in 2018.
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However, Hub reached $3.7bn in annual revenue in 2022 and is valued at $23bn today.
Hub will use the investment to repurchase equity interests from existing equity holders. H&F and Altas will both still have a controlling interest and significant minority respectively.
Morgan Stanley served as exclusive financial advisor to Hub, Simpson Thacher & Bartlett served as legal counsel to Hub, and MarshBerry provided market research assistance to Hub. Barclays acted as exclusive financial adviser and Latham & Watkins served as legal counsel to LGP.
Hub International has been on a recent shopping spree with Horizon the next target.
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By GlobalDataHub International also acquired the assets of Assured Risk Advisors also this month.
The acquired company will now be referred to as Assured Risk Advisors, a Hub International company.
In July, it made two deals.
It acquired the assets of Golden Corner Wealth Advisors.
Located in South Carolina, Golden Corner is a financial advisory firm that specialises in wealth management and retirement.
In addition, the firm offers personalised services and educates clients on financial concepts and products. This includes investment, financial planning, and insurance.
Furthermore, it snapped up the assets of Edbrooke/Stelcner.
