CHICAGO, IL - Hub International Limited (HUB), a leading global insurance brokerage, announced today that it has entered into an agreement with Leonard Green & Partners, L.P. (LGP), a Los Angeles-based private equity firm. With a current total enterprise valuation of $23 billion, which represents the largest enterprise value to date for a private insurance broker, HUB expects to receive a substantial minority investment from funds managed by LGP.

HUB's valuation has grown fivefold over the last 10 years. HUB had a valuation of $4.4 billion and annual revenue of more than $1 billion in 2013 when Hellman & Friedman (H&F) initially invested in the broker. In 2018, just 4.5 years later, HUB's revenue exceeded $2 billion and its valuation had grown to $10 billion in connection with Altas Partners' substantial minority investment in the company. In 2022, HUB hit $3.7 billion in annual revenue and is valued at $23 billion today.

"Despite the headwinds of the pandemic, interest rate hikes, and a global economic downturn, HUB has demonstrated its ability to persevere and excel. In the last 4.5, years we've delivered a 2.5 times ROI," stated Marc Cohen, President and CEO, Hub International. "Our relentless focus on investing in boundaryless resources that provide best-in-class advice and solutions for our customers and our dedication to attracting and retaining the best talent in the industry affirms my optimism and energy for the future potential of HUB."

HUB attributes its growth to the ongoing investments it has made in industry and product specialization, digital solutions, brand marketing, broadening of employee benefit and human resources services, expansion into retirement and private wealth, growth in MGA/wholesale capabilities, and most recently expanding complex risk and international solutions. The company will continue investing in these areas as well as new initiatives to reflect the changing needs of our clients. Further, HUB remains bullish on its acquisition strategy and growing its geographic footprint.

Today's announcement also marks HUB's intention to explore bringing on additional minority investors in the coming months. The proceeds of these investments will be used to repurchase equity interests from existing equity holders. H&F will retain a controlling-interest in HUB, while the company's management team will continue to hold a significant equity position. Additionally, Altas will remain a significant minority shareholder and continue to be members of the board. LGP will be joining the board.

"HUB is an exceptional company – a gold-standard specialty-focused insurance broker," said Hunter Philbrick, Partner at Hellman & Friedman. "H&F takes great pride in our long-term approach with the companies we invest in, and it has been a privilege to support HUB's incredible growth journey over almost a decade. HUB is now the 5th largest broker in the world and is growing faster today than at any point in its history. We look forward to continuing our relationship with the company as the largest shareholder, alongside the fantastic teams at Altas Partners and now, LGP."

"HUB is a remarkable business with demonstrated success," said Andrew Sheiner, CEO of Altas Partners. "We are proud to be a part of its incredible journey and look forward to supporting HUB's future success along with our wonderful partners."

"We have admired HUB for a long time and are excited to partner with the entire HUB management team, Hellman & Friedman, and Altas to support the next phase of the company's growth. HUB is the premier insurance broker and has all the attributes we look for in investments – a best-in-class management team, a differentiated culture, a long and consistent track record of success, and multiple ways to grow," said Adam Levyn, Partner at LGP.

The transaction is expected to close in Q3 2023 and is subject to customary closing conditions and regulatory approvals.

Morgan Stanley & Co. LLC is serving as exclusive financial advisor to HUB, Simpson Thacher & Bartlett LLP is serving as legal counsel to HUB, and MarshBerry provided market research assistance to HUB. Barclays acted as exclusive financial advisor and Latham & Watkins LLP as legal counsel, to LGP.

About Hub International

Headquartered in Chicago, Illinois, Hub International Limited is a leading full-service global insurance broker and financial services firm providing risk management, insurance, employee benefits, retirement and wealth management products and services. With more than 16,000 employees in offices located throughout North America, Hub's vast network of specialists brings clarity to a changing world with tailored solutions and unrelenting advocacy, so clients are ready for tomorrow. For more information, visit Hub Media Center.

About Hellman & Friedman

Hellman & Friedman is a preeminent global private equity firm with a distinctive investment approach focused on a limited number of large-scale equity investments in high-quality growth businesses. H&F seeks to partner with world-class management teams where its deep sector expertise, long-term orientation and collaborative partnership approach enable companies to flourish. H&F targets outstanding businesses in select sectors including software & technology, financial services, healthcare, consumer & retail, and other business services.

Since its founding in 1984, H&F has invested in over 100 companies. The firm is currently investing its tenth fund, with $24.4 billion of committed capital, and has over $85 billion in assets under management as of December 31, 2022. Learn more about H&F's defining investment philosophy and approach to sustainable outcomes at www.hf.com.

About Altas

Founded in 2012, Altas Partners is a North American private equity firm with a distinctive investment approach focused on selectively acquiring significant interests in high-quality and market-leading businesses with meaningful growth potential. Altas focuses on select sectors where it has deep expertise, seeking one or two compelling investment opportunities each year. The Firm's patient investment philosophy, engaged approach to ownership, and flexible time horizon distinguish Altas as a buyer of choice for many management teams and founders. Altas is headquartered in Toronto with another office in New York and manages approximately $10 billion on behalf of leading global institutional and family office investors. For more information, please visit www.altas.com.

About LGP

Leonard Green & Partners, L.P. ("LGP") is a leading private equity investment firm founded in 1989 and based in Los Angeles with $70 billion of assets under management. The firm partners with experienced management teams and often with founders to invest in market-leading companies. Since inception, LGP has invested in over 120 companies in the form of traditional buyouts, going-private transactions, recapitalizations, growth equity, and selective public equity and debt positions. The firm primarily focuses on companies providing services, including consumer, healthcare, and business services, as well as retail, distribution and industrials. For more information, please visit www.leonardgreen.com.

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We are delighted to announce that Dominic Barton, a long-standing advisor to our Firm, has re-joined the Altas Advisory Board. Dominic has had a highly distinguished career, including 32 years at McKinsey & Company where he served as Global Managing Director from 2009-2018. 

Following his retirement from McKinsey, Dominic joined the Altas Advisory Board, pleased to support the Altas team and our CEO Andrew Sheiner, who began his career along with Dominic at McKinsey’s Toronto office in 1986. Dominic subsequently left the Altas Advisory Board for a time when he agreed to become Canada’s Ambassador to China, serving in this role from 2019-2021.

Dominic brings a wealth of experience and global relationships to the Firm. The Altas team will benefit from his decades of experience as an advisor to companies and CEOs and his insights into how to build world-class businesses.

Dominic’s Background:  

The son of an Anglican missionary, Dominic was born and lived in Uganda before moving to Canada at age seven. He studied at the University of British Columbia where he earned a Bachelor’s degree in Economics and at Oxford University as a Rhodes Scholar where he earned an MPhil degree in Economics. Other notable affiliations and roles include: Chancellor of the University of Waterloo; Chairman of the Board of Directors of Rio Tinto; Chairman of LeapFrog Investments, an impact-investment firm focused on emerging markets; and Senior Advisor and Partner at Radical Ventures, a leading AI investment firm. Dominic was previously Chair of the Board of Teck Resources, Chair of Standard Chartered Bank’s International Advisory Council, Chair of the Canadian Minister of Finance’s Advisory Council on Economic Growth, Chair of the Seoul International Business Advisory Council, an Advisory Board Member of the Olayan Group, and a Non-Executive Director at the Singtel Group (Singapore) and Investor AB (Sweden).

Altas is pleased to announce that Hannah Currie has joined the firm as Vice President, Human Resources and Talent.

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Prior to joining Altas, Hannah held senior human resources leadership roles at Shopify and Canada Post, where she focused on talent strategy, deployment, and advisory support.

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Hannah holds a Bachelor of Arts in Political Science (with Honours) and a Master of Industrial Relations from Queen’s University.

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The Altas team was thrilled to host the Firm’s first in-person Annual General Meeting since 2019 last week in Toronto. The event featured many of our CEOs, senior executives, and board members discussing Altas’ businesses and the dynamics at play in the current market environment. A huge thank you to our investors who spent the day with us in Toronto, as well as those who tuned in virtually.

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Altas is pleased to announce that Paul Emery has joined the firm as a Partner.

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Prior to joining Altas, Paul worked at Hellman & Friedman in New York, identifying, evaluating, and executing investment opportunities across a variety of industries, with a focus on healthcare and financial services. Paul began his career in the Global Power and Utilities Group at Morgan Stanley.

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Paul holds a Bachelor of Science from the University of Virginia (with Distinction) and an MBA from the Stanford Graduate School of Business (Arjay Miller Scholar).

Altas is pleased to announce that Michael Casson has joined the firm as a Director.

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Prior to joining Altas, Michael worked at Bain Capital in Sydney, Australia. While at Bain Capital he focused on private equity investment opportunities across a variety of sectors and worked closely with portfolio company management teams.  Previously, he worked at Bain & Company in Toronto where he worked on both commercial due diligence and corporate strategy projects.

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Michael holds an A.B. in Physics from Harvard College (cum laude) and an MBA from Harvard Business School (High Distinction).

Altas is pleased to announce that Michael Korzinstone has joined the firm as a Partner.

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Prior to joining Altas, Michael worked at Cinven in New York where he was a founding member of the North American investment team and led sector origination in technology and tech-enabled business services. Previously he was with Silver Lake for ten years in New York and London, identifying, evaluating, and executing investment opportunities across the technology, technology-enabled, and information services sectors.

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Michael holds a Bachelor of Science in Economics from The Wharton School of the University of Pennsylvania with dual concentrations in Finance and Accounting.

Altas Partners is pleased to announce that it has become a signatory to the United Nations-supported Principles for Responsible Investment (UNPRI). UNPRI is recognized as the leading global network for investors who are committed to integrating environmental, social, and governance (ESG) considerations into their investment practices and ownership policies.

“Responsible investing has always been elemental to our objective of consistently generating strong returns, with the least amount of risk, for our partners” said Andrew Sheiner, CEO of Altas. “We are committed to being responsible stewards of our businesses, and we are delighted and proud to become a signatory of UNPRI.”

Altas is pleased to announce that Unified Women’s Healthcare has been selected as a 2022 US Best Managed Company. Sponsored by Deloitte Private and The Wall Street Journal, the program recognizes outstanding U.S. private companies and the achievements of their management teams.

“I am forever grateful to all of our Team Members for their dedication to the mission, vision, and goals of Unified,” said Bob LaGalia, President & CEO at Unified. “I sincerely hope they feel pride for this recognition as we earned this together as a team. If we continue stay true to our values and support one another, we will succeed in making healthcare better.”

The 2022 designees are U.S. private companies that have demonstrated excellence in strategic planning and execution, a commitment to their people and fostering a dynamic, resilient culture, as well as strong financials. This year’s designees continued to propel their businesses forward by prioritizing purpose, investing in their workforces, and demonstrating their commitment to diversity, equity, and inclusion.

Applicants are evaluated and selected by a panel of external judges focused on assessing hallmarks of excellence in four key areas: strategy, ability to execute, corporate culture and governance/financial performance. Unified now joins a global ecosystem of honorees from more than 40 countries recognized by the Best Managed Companies program.