Highstreet Insurance Partners is prepared to accelerate its expansion and acquisition strategy with a new infusion of $550 million in capital. This significant financial boost solidifies the company’s position as a major player in the dynamic insurance market.
The new capital comes from a delayed draw term loan, led by Ares Capital. Initially, Highstreet sought to raise $500 million, but the offering was oversubscribed due to strong investor demand. This high level of interest led the company to increase the total to $550 million. The additional funds will be strategically deployed to support Highstreet’s ongoing acquisition efforts and to drive innovation across its platform.
Founded in 2018 and headquartered in Traverse City, Michigan, Highstreet is an independent insurance agency that offers a wide range of services. These include business insurance, employee benefits, personal insurance, and retirement services. The company operates through a network of community-focused agencies, leveraging local relationships and expertise. This model allows them to maintain a strong regional presence while sharing operational resources across the entire organization.
The effectiveness of Highstreet’s strategy is reflected in its remarkable growth. The company has completed over 170 acquisitions, extending its footprint into hundreds of communities. This rapid expansion is powered by an integrated operating model that combines centralized resources with the local knowledge of its teams. This approach ensures that Highstreet can effectively protect its clients’ assets and provide tailored solutions.
Highstreet is also deeply committed to innovation and the integration of new technologies. CEO Scott Wick emphasizes the company’s commitment to developing a data-driven insurance platform that offers agents and communities valuable insights and access to specialized capabilities.
The recent capital investment will be essential in helping Highstreet further invest in both local and national capabilities, ultimately enhancing the quality and accessibility of its insurance services.
How the funding will be used: The funding will enable Highstreet to continue its aggressive growth trajectory and invest in key areas of innovation.
KEY QUOTES:
“Highstreet is committed to deepening the impact we make by building a differentiated insurance platform that brings excellence in data-driven insights, integration best practices, and access to specialty capabilities to our communities and agents. This capital investment will help Highstreet further invest in those local and national capabilities to drive our vision forward. The strength of our integrated operating model, coupled with the relationships of our local teams across hundreds of communities, enables us to better protect people, places, and our futures.”
Scott Wick, CEO for Highstreet
“We appreciate the continued support of our financing partners and their willingness to invest in Highstreet’s vision. Highstreet is committed to managing our capital structure thoughtfully and executing on our strategic objectives, which allow us to integrate efficiently and acquire thoughtfully.”
Avery Zuck, Chief Financial Officer for Highstreet
Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.