Huron Capital’s High Street Insurance Partners ExecFactor® Platform Completes Fourth Add-on
Insurance firm deepens regional presence in northern Michigan with add-on acquisition of KorthaseFlinn Insurance & Financial Services
Detroit, MI – May 28, 2019 – Leading lower-middle-market private equity firm Huron Capital today announced High Street Insurance Partners (“High Street”), its ExecFactor® commercial and personal insurance platform, has acquired KorthaseFlinn Insurance & Financial Services (“KF” or “the Company”), an independent insurance and financial services firm.
Based in Boyne City, Michigan, with additional offices in East Jordan, Gaylord and Petoskey, KF is one of northern Michigan’s largest independent insurance and financial services firms. KF provides specialized business, employee benefits, financial and personal insurance solutions. The Company’s employees currently serve over ten thousand clients throughout the Midwest.
“KF’s experienced employees and excellent client service have built the Company a strong reputation in the insurance industry,” said Scott Wick, Managing Partner & Chief Executive Officer of High Street. “We are confident that KF’s focus on providing tailored risk solutions to its clients and robust customer network will enhance our ability to service new and existing relationships at the highest level.”
Randy Flinn, President of KF, will continue to lead the Company while reporting to Randall Koch, Managing Partner and Chief Operating Officer of High Street. Terms of the acquisition were not disclosed.
“We believe Huron Capital’s history of growing companies through add-on acquisitions will add great benefit to our current clients and create additional relationship opportunities across Michigan,” Flinn said. “We expect our partnership with High Street will help us elevate our customer services and grow our expertise, and we are incredibly excited about the opportunity this presents for our company, customers, employees and all of our stakeholders.”
This marks the fourth acquisition for High Street – a provider of commercial insurance, personal lines and employee benefits services – since its formation by Huron Capital in 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 KF’s diverse client base and trusted financial services are a great addition to High Street as we continue to deepen our presence across Michigan,” said Matt Hare, Partner at Huron Capital. “We are excited to welcome the KF team to the High Street family and look forward to pursuing additional expansion opportunities in the insurance agency market.”
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 170 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
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 KorthaseFlinn Insurance
Founded in 1926, KorthaseFlinn Insurance & Financial Services is one of Northern Michigan’s largest independent insurance and financial services firms. The Company’s team of professionals from various backgrounds, bring a wealth of knowledge and expertise to solve client’s risk management problems and to help them protect and accumulate assets. Today it operates four offices and services over ten thousand clients throughout the Midwest. For more information, please visit: www.korthaseflinn.com.