Hum. Hagerty remains on a tear. Interesting that they used their own stock to buy BA. Also appears to be a different sort of acquisition than the events/shows they have been purchasing.
By David S. Wallens
Aug 10, 2022
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Hagerty,
news,
Broad Arrow Group
Hagerty, the automotive insurance/lifestyle brand, today announced “that it has entered into a definitive agreement to acquire all outstanding shares of Broad Arrow Group, which specializes in the transactional segments of the collector car market.”
Earlier this year, the release states, Hagerty had already purchased approximately 40% equity ownership in Broad Arrow Group.
More from the release: “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 Hagerty, CEO 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.”
Broad Arrow’s first live auction will take place in Monterey, California, on August 18, in conjunction with Hagerty’s Motorlux.
Hum. Hagerty remains on a tear. Interesting that they used their own stock to buy BA. Also appears to be a different sort of acquisition than the events/shows they have been purchasing.
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