Insurance company acquires agency
An independent risk management and insurance agency in West Michigan has been acquired by a northern Michigan insurance company.
Traverse City-based High Street Insurance Partners — a portfolio company of Detroit-based Huron Capital — has acquired Jenison-based Ottawa Kent Insurance Agency, according to Huron Capital.
Terms of the deal were not disclosed.
“Ottawa Kent has a large and diverse base of customers across a number of industries, including maintenance services, manufacturing and business services, and also has relationships with many leading insurance companies,” said Scott Wick, managing partner and CEO, High Street.
“We believe this wide range of customers and markets, along with a talented and experienced staff, makes Ottawa Kent a strong addition to the High Street family.”
High Street will retain all Ottawa Kent principals “to help ensure that existing customers continue to receive expected and expanded services,” according to Huron Capital.
“Ottawa Kent’s principals have established an impressive network in the insurance industry in Michigan and beyond, providing High Street with even more industry expertise and a deeper bench of resources,” said Matt Hare, partner, Huron Capital. “We look forward to working with the Ottawa Kent team to build on its previous successes and create even more.”
Mike Haverdink, president, Ottawa Kent, said he is “confident that High Street is the right partner to position the combined company for future growth.”
“We believe this is the right decision at the right time for our customers and 64 employees, and we are pleased that the existing partners will have an opportunity to be a part of one of the fastest-growing insurance brokerages in the Midwest,” he said.
This acquisition marks High Street’s sixth deal since it was founded in June 2018.
Founded in 1973, Ottawa Kent provides insurance and risk management solutions to more than 10,000 customers from its offices in Jenison, Sparta, Holland and Byron Center.
High Street Insurance Partners
Founded in 2017, High Street Insurance Partners provides commercial property and casualty insurance, employee benefits services and personal lines to a wide range of industries.
High Street is one of 15 ExecFactor initiatives created by Huron Capital. ExecFactor seeks to combine a CEO’s industry expertise with Huron Capital’s investment experience and capital.
Founded in 1999, Huron Capital is an operationally focused private equity firm focused on growing lower middle-market companies through its proprietary ExecFactor and buy-and-build investment models.
Over the past two decades, Huron Capital has successfully established six investment funds totaling about $1.8 billion in capital and has completed over 175 transactions throughout North America.
Huron Capital portfolio companies have had aggregate annual revenues of over $3 billion, 15,000 employees and more than 325 facilities.