Huron Capital’s High Street Insurance Partners Acquires InPro Insurance Group
Newest acquisition expands High Street’s presence into Southeast Michigan
DETROIT, MI – December 18, 2019 – Leading lower-middle-market private equity firm Huron Capital announced today that High Street Insurance Partners (“High Street”), its ExecFactor® full-service insurance brokerage platform, has acquired InPro Insurance Group (“InPro”), an independent insurance agency.
The Troy, Michigan-based insurance firm provides commercial, group and personal insurance to businesses ranging from local governments to maintenance services and industrial manufacturing.
“I’m looking forward to partnering with High Street and providing both our sales team and customers with greater resources,” said Dave Goodman, President of InPro. “I know the High Street team and the people who have been helping the company grow and believe our team will thrive as we join forces.”
The acquisition is High Street’s first in Southeast Michigan and gives the company access to InPro’s diverse customer base. Goodman will remain active in his current role at InPro and is expected to serve as a valuable resource as High Street looks for additional partners across the region.
“Dave and High Street have similar values and goals for where we would like to take our company in the future,” said Scott Wick, Managing Partner and CEO of High Street Insurance Partners. “We are excited to add Dave’s proven business and industry acumen and believe this acquisition will lead to additional opportunities.”
InPro is the seventh acquisition for High Street since its formation by Huron Capital in mid-2018. High Street, which is one of 15 Huron Capital ExecFactor® initiatives, was designed to pursue a buy-and-build strategy through add-on acquisitions in the insurance agency market. ExecFactor® combines a CEO’s industry expertise with Huron Capital’s extensive investment experience and committed capital.
“We believe InPro will provide another great addition to High Street’s roster of clients, expands our geographical reach and will likely lead to some exciting future opportunities,” said Matt Hare, Partner at Huron Capital.
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® and buy-and-build investment models. We prefer complex situations where we believe we can help companies reach their full potential by combining our operational and strategic resources, substantial capital base, and transaction experience with seasoned operating executives. Over the past two decades, Huron Capital has successfully established six investment funds totaling approximately $1.8 billion in capital and has completed over 175 transactions throughout North America. Huron Capital portfolio companies have had aggregate annual revenues exceeding $3.0 billion, 15,000 employees and operated over 325 facilities. Huron Capital targets both control and non-control equity stakes in fundamentally sound companies that the firm believes can benefit from its operational approach to creating value. These transactions typically take the form of equity recapitalizations, family succession transactions, market-entry strategies, corporate carve-outs, and management buyouts of companies having revenues up to $200 million. 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
Headquartered in Traverse City, Michigan, High Street Insurance Partners provides commercial property & casualty insurance, employee benefits services and personal lines to a wide range of industries. High Street Insurance Partners distinguishes itself through the specialization of its practice groups, leveraging the collective expertise of its partners to provide tailored solutions to its clients. Aligning industry expertise with insurance products and services expertise, it significantly enhances the customer experience and provides agency partners the opportunity to grow and expand with their customer base. For more information, please visit: www.highstreetpartners.com.
About InPro Insurance Group
InPro Insurance Group is a full-service independent insurance agency based in Troy, Michigan and provides a complete suite of business, personal, and group benefit insurance products. Partnered with national carriers, the team provides comprehensive coverage solutions at competitive premiums. InPro professionals use knowledge and experience to determine and develop the best coverage options to manage and protect commercial and personal assets. For more information, please visit: www.inproagent.com
Certain information herein may contain forward-looking statements which are provided to assist the reader in understanding the beliefs and opinions with respect to future opportunities as perceived by Huron Capital and others quoted herein. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance in future periods to differ materially from any projections or results expressed or implied by such forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The issuer of these statements undertakes no obligation to update forward-looking statements if circumstances or estimates or opinions should change except as may be required by applicable securities laws.