High Street Insurance Partners, which is backed by Huron Capital, has acquired three insurance agencies: Schoolcraft, Michigan-based Trust Shield Insurance Group; Martin, Michigan-based Ken Bleeker Insurance Agency and New Hartford; and New-York based Gates-Cole Associates. No financial terms were disclosed.
DETROIT, May 7, 2020 /PRNewswire/ — Leading lower-middle-market private equity firm Huron Capital announced today that its full-service insurance brokerage platform, High Street Insurance Partners (“High Street”), has acquired three additional agencies.
These new agency partners are:
Schoolcraft, Michigan-based Trust Shield Insurance Group (“TSIG”)
Martin, Michigan-based Ken Bleeker Insurance Agency (“Bleeker”)
New Hartford, New-York based Gates-Cole Associates (“Gates Cole”).
High Street, one of 15 Huron Capital ExecFactor® initiatives, was created to pursue growth through add-on acquisitions in the insurance agency market. High Street will gain greater market share through these acquisitions in West Michigan and will expand into a new state with potential for additional growth. Financial details of the transactions were not disclosed.
“All three of these companies will provide High Street with an even deeper team of respected industry professionals with decades of combined expertise,” said High Street CEO Scott Wick. “We expect that these additions to the High Street family will help us to solidify our position as a leading insurance agency in our home market in Michigan and new markets.”
Founded in 1993, Schoolcraft, Michigan-based TSIG operates three offices in West Michigan. In addition to individual customers, TSIG has a client base that includes Michigan-based companies in the energy, landscaping, and agriculture industries.
“At Trust Shield Insurance Group, we have built a strong, family-owned business over nearly three decades,” said founder and principal Tom Olvitt. “We are especially excited about joining the High Street family because we personally know members of its leadership team, and we believe we will be able to grow faster and provide even better service by joining forces.”
Martin, Michigan-based Bleeker Insurance provides services to clients statewide and specializes in personal and commercial lines of property and casualty insurance, group and individual health coverages, and individual life insurance. Brian Bleeker, President, will remain in his current role and active in the business.
“Our team is happy to secure a partnership that makes sense for the local legacy we have built over the past 51 years,” said Bleeker. “I also believe our clients will benefit from the additional resources available to us through High Street.”
Gates-Cole Associates is a central New York-based insurance agency with 9 offices in the greater Syracuse area. The agency sells property and casualty insurance plans to employers and individuals in New York state. President Bill Cole and Vice President Tom Cole will remain active in the business in their current roles.
“Our desire for expansion is aligned with High Street’s objectives,” said Bill Cole. “We are committed to securing and strengthening our business in Western and Central New York and are encouraged by the opportunities ahead.”
Altogether, the acquisitions show the effectiveness of Huron Capital’s proprietary ExecFactor® investment model and the plan for High Street’s growth. ExecFactor® combines the insurance industry expertise experienced industry executives with Huron Capital’s extensive investment experience and committed capital.
“Even with the disruption in the economy from the coronavirus pandemic, High Street’s growth plans remain on track and its deal pipeline is robust,” said Huron Capital Partner Matt Hare. “The rapid growth that Scott Wick and his team have been able to achieve in a short time has been impressive, and we are confident that the addition of these three distinguished community-leading companies and industry specialists will help to keep that momentum going.”
About Huron Capital
Based in Detroit, Huron Capital is an operationally focused private equity firm 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. Celebrating its twentieth anniversary in 2019, Huron Capital has raised over $1.8 billion in capital through six committed private equity funds and invested in over 190 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’s sector focus includes business services, consumer products & services and specialty industrials. For more information, please visit: www.huroncapital.com.
About High Street Insurance Partners
Founded in 2018 and headquartered in Traverse City, MI, High Street Insurance Partners is a full-service insurance brokerage that provides a broad array of business insurance & risk management; employee benefits & human capital management; financial & retirement services; and personal insurance solutions. With offices throughout close-knit communities in Michigan, New York & Pennsylvania, High Street Insurance Partners employs over 300 insurance specialists. Additional information can be found at www.HighStreetPartners.com.