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TRAVERSE CITY, Mich., Aug. 10, 2022 /PRNewswire/ — Hagerty (HGTY), an automotive lifestyle brand and a leading specialty insurance provider focused on the global automotive enthusiast market, today announced that it has entered into a definitive agreement to acquire all outstanding shares of Broad Arrow Group, which specializes in in the transactional segments of the collector car market.
Earlier this year, Hagerty acquired approximately 40 percent equity ownership in Broad Arrow Group (Broad Arrow) as a centerpiece of its automotive Marketplace strategy, designed to provide consumers new trust-based platforms for buying, selling and financing collectible cars.
Hagerty is now acquiring the remaining 60 percent of Broad Arrow for $64.8 million in an all-stock transaction, with an expected closing date of August 16, 2022.
“In addition to being trusted experts in their field, the Broad Arrow Group team shares our ethos of excellence when it comes to customer experience, so we are a natural fit,” said McKeel HagertyCEO of Hagerty. “We expect our additional investment in Broad Arrow to enhance our growth and profitability over time, as we intend to rapidly scale this part of our overall business.”
The…
Full story available on Benzinga.com
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