The previously announced US$4.4 billion acquisition of Hub International Ltd, a global insurance brokerage, by U.S. private equity firm Hellman & Friedman has been completed. The private equity sellers are Apax Partners and Morgan Stanley Principal Investments, which bought the company for US$1.8 billion in 2007. The Chicago-based Hub was founded in 1998 through a merger of 11 Canadian insurance brokerages and continues to have significant operations and employees in Canada. Canadian counsel on the deal was provided by Torys LLP.
HUB INTERNATIONAL LIMITED ANNOUNCES SUCCESSFUL COMPLETION OF ACQUISITION BY HELLMAN & FRIEDMAN LLC
Chicago Oct 2, 2013
Hub International Limited (“Hub”) today announced that it successfully completed its buyout by funds advised by Hellman & Friedman LLC (the “Transaction”). The Transaction values Hub at approximately US$4.4 billion. In connection with the closing of the Transaction, Hub also completed the funding of a US$2.1 billion Senior Secured Credit Facility (the “Secured Facility”), and a US$950 million private offering of Senior Unsecured Notes (the “Notes”).
Martin Hughes, Chairman and Chief Executive Officer of Hub commented: “We are very excited to move forward with our new partner, Hellman & Friedman. This transaction will strengthen our company’s already solid foundation and enhance our ability to build Hub well into the future.”
“Hub is an exceptional organization and has established itself as a market leading, premier insurance brokerage,” said David Tunnell, Managing Director of Hellman & Friedman. “We are excited to partner with the Hub team and to support them in their next stage of growth going forward.”
About Hub International Limited
Headquartered in Chicago, IL, Hub International Limited is a leading global insurance brokerage providing property and casualty, life and health, employee benefits, investment and risk management products and services through offices located in the United States (including Puerto Rico), Canada, and Brazil. For more information visit www.hubinternational.com.
About Hellman & Friedman LLC
Hellman & Friedman LLC is a leading private equity investment firm with offices in San Francisco, New York and London. Since its founding in 1984, H&F has raised and, through its affiliated funds, managed over $25 billion of committed capital. The Firm focuses on investing in superior business franchises and serving as a value-added partner to management in select industries including financial services, insurance, software, business & marketing services, internet & digital media, media, healthcare and energy & industrials. For more information on H&F, visit www.hf.com.
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Hub International Limited
Source: HUB International Limited
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