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Toronto-based private equity firm Altas Partners LP will take a minority stake in Hub International Ltd., the Chicago-based brokerage announced Wednesday.
“Under the agreement, Hub expects to receive a substantial minority investment from funds managed by Altas. Funds managed by Hellman & Friedman will remain the largest investor in Hub, and the company’s management team will continue to hold a significant equity position,” Hub said in statement.
The Altas transaction values Hub at more than $10 billion, the statement said. The transaction is expected to close before year-end. No further details of the transaction were disclosed.
Hub is the sixth-largest brokerage globally, with 2017 brokerage revenue of $1.87 billion, according to Business Insurance’s most recent ranking.
The acquisitive brokerage has expanded rapidly over the past decade and has been one of the top acquirers of rival brokers and agents in the United States and Canada for the past several years.
San Francisco-based private equity firm Hellman & Friedman LLC bought Hub in 2013.
2017 brokerage revenue: $1.87 billion