High Street Insurance Partners, which is backed by Huron Capital Partners, has acquired three insurance firms: Hartzell Insurance Associates, NYAB Insurance and Perry & Carroll Insurance. No financial terms were disclosed.
DETROIT, April 12, 2021 /PRNewswire/ — Huron Capital Partners LLC (“Huron Capital”), a leading lower middle-market private equity platform, announced today that its full-service insurance brokerage platform, High Street Insurance Partners (“HSIP”), has acquired Hartzell Insurance Associates (“Hartzell Insurance”), NYAB Insurance (“NYAB”), and Perry & Carroll Insurance (“Perry & Carroll”).
HSIP, formed in August 2018 by Huron Capital to build a full-service insurance brokerage business, has now completed 24 acquisitions since its formation and continues to pursue add-on acquisitions in the insurance agency market.
“We are thrilled with the addition of these three longstanding companies in the Northeast markets, which strengthens our geographic footprint and enhances our specialty market strategy,” said HSIP CEO Scott Wick. “We share similar beliefs and values with each of these companies and their dedication to providing superior levels of service in their communities and niche customer groups.”
Hatfield, Pennsylvania-based insurance broker Hartzell Insurance has been providing businesses with business, personal and group health insurance for nearly three decades.
“Our philosophy is simple; through our customer service expertise, we will be able to keep your employees happy and focused on their work while relieving them of the worries of dealing directly with the insurance company,” said Hartzell Insurance Agency President Scott Hartzell. “We are dedicated to working with companies both large and small, and we are confident that this partnership with HSIP will provide us with opportunities to expand our status as a regional leader.”
Founded in 2012, Long Island-based NYAB is an insurance brokerage that specializes in personal and commercial insurance with a focus on New York City’s transportation industry.
“Our brokers and customer service representatives boast over 50 years of combined and diversified experience that complements our innovative approach to evaluating risk,” said NYAB Agency President Charlie LaSala. “Our capabilities will be enhanced through the support gained by joining HSIP, as we broaden our expertise and scale to the benefit of all of our customers.”
Perry & Carroll, Inc. is one of the oldest independent insurance agencies, serving the southern tier of New York and northern tier of Pennsylvania for over 160 years. In addition to the acquisition, the company also announced the retirement of President Jim Rogers, who has been with the agency for 37 years. Other management team members will continue to lead the agency from the full-service office in downtown Elmira.
“It was important for Perry & Carroll to retain our identity as a community focused agency – one that Jim has long worked to establish, and we cannot thank him enough for his dedication to our company,” said Scott Proudfoot, Perry & Carroll President and Treasurer. “Our collaboration with High Street Insurance Partners provides greater resources to meet the needs of our customers. We are very excited about this next step in our agency’s continued success.”
HSIP is one of 15 Huron Capital ExecFactor® initiatives, which combine a CEO’s industry expertise with Huron Capital’s extensive investment experience and committed capital.
“The momentum of HSIP in early 2021 is unrelenting, and we couldn’t be happier with the additions the team continues to identify and make to its growing roster,” said Huron Capital Principal Brian Rassel. “This growth in geography, expertise, and specializations are beneficial to not only HSIP’s ongoing strategic growth plan, but also for the employees and customers.”
About Huron Capital
Founded in Detroit in 1999, Huron Capital is an operationally focused private equity platform with a long history of growing lower middle-market companies through our proprietary ExecFactor® buy-and-build investment model. We prefer complex situations where we can help companies reach their full potential by combining our operational approach, substantial capital base, and transaction experience with seasoned operating executives. An early pioneer of the buy-and-build approach, Huron Capital has successfully established six private equity funds aggregating nearly $2.0 billion in committed capital and invested in over 200 companies, and our portfolio companies have employed over 11,000 people throughout North America. The Huron Capital buy-and-build investment model includes equity recapitalizations, family succession transactions, market-entry strategies, corporate carve-outs, and management buyouts of companies having revenues up to $200 million. Huron Capital targets both control and non-control equity stakes in fundamentally-sound companies that can benefit from the Firm’s operational approach to creating value. Huron Capital focuses on niche segments within the business services, consumer products & services and specialty industrials sectors. For more information, please visit: www.huroncapital.com.