Hagerty Announces Pricing of its Upsized Secondary Offering of Class A Common Stock
Hagerty (NYSE: HGTY), an automotive enthusiast brand and specialty vehicle insurance provider, has announced the pricing of its upsized secondary offering of 9.7 million shares of Class A Common Stock at $9.34 per share.
The offering, expected to close around August 11, 2025, is being conducted by selling stockholders Hagerty Holding Corp. (HHC) and Aldel LLC. The underwriters have a 30-day option to purchase up to an additional 1.455 million shares. Hagerty will not receive any proceeds from the sale, and HHC plans to use its net proceeds to redeem shares for the estate of Kim Hagerty.
Keefe, Bruyette & Woods and J.P. Morgan are leading the offering as representatives and bookrunning managers, with BMO Capital Markets, Citizens Capital Markets, and Wells Fargo Securities as additional bookrunners.
Hagerty (NYSE: HGTY), un marchio dedicato agli appassionati di automobili e fornitore di assicurazioni per veicoli speciali, ha annunciato il prezzo della sua offerta secondaria ampliata di 9,7 milioni di azioni di Azioni Ordinarie di Classe A a 9,34 $ per azione.
L'offerta, che dovrebbe concludersi intorno al 11 agosto 2025, è condotta dai venditori azionisti Hagerty Holding Corp. (HHC) e Aldel LLC. Gli underwriter hanno un'opzione di 30 giorni per acquistare fino a ulteriori 1,455 milioni di azioni. Hagerty non riceverà alcun provento dalla vendita, mentre HHC prevede di utilizzare i proventi netti per riscattare azioni per l'eredità di Kim Hagerty.
Keefe, Bruyette & Woods e J.P. Morgan guidano l'offerta come rappresentanti e gestori principali, con BMO Capital Markets, Citizens Capital Markets e Wells Fargo Securities come co-gestori aggiuntivi.
Hagerty (NYSE: HGTY), una marca para entusiastas del automóvil y proveedor de seguros para vehículos especiales, ha anunciado el precio de su oferta secundaria ampliada de 9,7 millones de acciones de acciones comunes Clase A a 9,34 $ por acción.
La oferta, que se espera cierre alrededor del 11 de agosto de 2025, está siendo realizada por los accionistas vendedores Hagerty Holding Corp. (HHC) y Aldel LLC. Los suscriptores tienen una opción de 30 días para comprar hasta 1,455 millones de acciones adicionales. Hagerty no recibirá ingresos por la venta, y HHC planea usar sus ingresos netos para redimir acciones para la herencia de Kim Hagerty.
Keefe, Bruyette & Woods y J.P. Morgan lideran la oferta como representantes y gestores principales, con BMO Capital Markets, Citizens Capital Markets y Wells Fargo Securities como gestores adicionales.
Hagerty (NYSE: HGTY)는 자동차 애호가 브랜드이자 특수 차량 보험 제공업체로, 970만 주의 클래스 A 보통주를 주당 9.34달러에 증액된 2차 공모 가격을 발표했습니다.
이번 공모는 2025년 8월 11일경 마감될 예정이며, 매도 주주는 Hagerty Holding Corp.(HHC)와 Aldel LLC입니다. 인수단은 30일간 추가로 145.5만 주를 매입할 수 있는 옵션을 보유하고 있습니다. Hagerty는 이번 매각으로부터 수익을 받지 않으며, HHC는 순수익을 Kim Hagerty 유산의 주식 상환에 사용할 계획입니다.
Keefe, Bruyette & Woods와 J.P. Morgan이 대표 및 주관사로 이번 공모를 이끌며, BMO Capital Markets, Citizens Capital Markets, Wells Fargo Securities가 추가 주관사로 참여합니다.
Hagerty (NYSE : HGTY), une marque pour passionnés d'automobiles et fournisseur d'assurance pour véhicules spéciaux, a annoncé le prix de son offre secondaire augmentée de 9,7 millions d'actions ordinaires de classe A à 9,34 $ par action.
L'offre, dont la clôture est prévue aux alentours du 11 août 2025, est menée par les actionnaires vendeurs Hagerty Holding Corp. (HHC) et Aldel LLC. Les souscripteurs disposent d'une option de 30 jours pour acheter jusqu'à 1,455 million d'actions supplémentaires. Hagerty ne recevra aucun produit de la vente, et HHC prévoit d'utiliser ses produits nets pour racheter des actions au profit de la succession de Kim Hagerty.
Keefe, Bruyette & Woods et J.P. Morgan pilotent l'offre en tant que représentants et chefs de file, avec BMO Capital Markets, Citizens Capital Markets et Wells Fargo Securities en tant que co-chefs de file supplémentaires.
Hagerty (NYSE: HGTY), eine Marke für Autoenthusiasten und Anbieter von Spezialfahrzeugversicherungen, hat die Preisfestsetzung für sein aufgestocktes Sekundärangebot von 9,7 Millionen Aktien der Klasse A-Stammaktien zu 9,34 $ pro Aktie bekannt gegeben.
Das Angebot, das voraussichtlich um den 11. August 2025 abgeschlossen wird, wird von den verkaufenden Aktionären Hagerty Holding Corp. (HHC) und Aldel LLC durchgeführt. Die Underwriter haben eine 30-tägige Option, bis zu 1,455 Millionen weitere Aktien zu kaufen. Hagerty erhält keine Erlöse aus dem Verkauf, und HHC plant, die Nettoerlöse zur Rücknahme von Aktien für den Nachlass von Kim Hagerty zu verwenden.
Keefe, Bruyette & Woods und J.P. Morgan führen das Angebot als Vertreter und Bookrunning-Manager an, mit BMO Capital Markets, Citizens Capital Markets und Wells Fargo Securities als zusätzlichen Bookrunnern.
- None.
- Dilution of existing shareholders through significant secondary offering of 9.7 million shares
- Company receives no proceeds from the share sale
- Insider selling through secondary offering may signal lack of confidence
Insights
Hagerty's selling stockholders are offering 9.7M shares at $9.34, representing a significant secondary offering with no proceeds to the company itself.
This secondary offering from Hagerty represents a significant transaction with
Critical for investors to understand is that Hagerty itself will receive none of the proceeds from this offering. Instead, the selling stockholders (Hagerty Holding Corp. and Aldel LLC) will receive the funds, with HHC planning to use its proceeds for a redemption benefiting the estate of Kim Hagerty. This transaction represents a share redistribution rather than capital raising for corporate purposes.
The offering is being managed by prominent underwriters including Keefe, Bruyette & Woods and J.P. Morgan as lead bookrunners, suggesting institutional confidence in the placement. With the offering priced and expected to close around August 11, 2025, this transaction will likely increase the public float of Hagerty's shares, potentially improving liquidity for the specialty vehicle insurer's stock.
While secondary offerings can sometimes pressure share prices due to increased supply, they can also signal confidence from institutional buyers willing to take substantial positions. The transaction appears to be primarily facilitating estate planning rather than indicating any operational or strategic shift for the automotive enthusiast brand.
Hagerty will not receive any of the proceeds from the sale of the shares of its Class A Common Stock offered by the Selling Stockholders, and the Selling Stockholders will bear the underwriting discounts and commissions associated with the sale of such shares. HHC has advised us that the net proceeds from the sale of its shares in this offering will be used to effect a redemption, for the benefit of the estate of Kim Hagerty, of a corresponding number of its HHC shares. Keefe, Bruyette & Woods, A Stifel Company, and J.P. Morgan are acting as representatives of the underwriters and lead bookrunning managers of the offering. BMO Capital Markets, Citizens Capital Markets and Wells Fargo Securities are acting as additional bookrunning managers of the offering and Oppenheimer & Co. is acting as co-manager of the offering.
The offering is being made only by means of a prospectus supplement and the accompanying base prospectus. When available, copies of the final prospectus supplement and accompanying base prospectus may be obtained for free by visiting EDGAR on the SEC's website at www.sec.gov. Alternatively, Hagerty, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by contacting Keefe, Bruyette & Woods, Inc., 787 Seventh Ave., 4th Floor,
A registration statement relating to these securities has been filed with, and declared effective by, the SEC. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Forward-Looking Statements
This press release contains statements that constitute "forward-looking statements" within the meaning of the federal securities laws. All statements provided, other than statements of historical fact, are forward-looking statements, including those relating to the satisfaction of closing conditions, the closing of the offering, and the underwriters' option to purchase additional shares. The words "anticipate," "expect," "intend," "may," "will," "would," "could," and similar expressions, and the negative of these expressions, are intended to identify forward-looking statements.
Hagerty has based these forward-looking statements largely on current expectations about future events, which may not materialize. Actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. These factors include, among other things, Hagerty's ability to: (i) compete effectively within our industry and attract and retain our insurance policyholders and paid Hagerty Drivers Club ("HDC") subscribers; (ii) maintain key strategic relationships with our insurance distribution and underwriting carrier partners; (iii) prevent, monitor, and detect fraudulent activity; (iv) manage risks associated with disruptions, interruptions, outages or other issues with our technology platforms or our use of third-party services; (v) accelerate the adoption of our membership and marketplace products and services, as well as any new insurance programs and products we offer; (vi) complete the proposed fronting arrangement with Markel Group Inc. and achieve its intended benefits, (vii) manage the cyclical nature of the insurance business, including through any periods of recession, economic downturn or inflation; (viii) address unexpected increases in the frequency or severity of claims, and (ix) comply with the numerous laws and regulations applicable to our business, including state, federal and foreign laws relating to insurance and rate increases, privacy, the internet, tax and accounting matters.
The forward-looking statements herein represent the views of Hagerty as of the date of this release and Hagerty undertakes no obligation to update any forward-looking statement, whether as a result of new information, future developments, or otherwise.
About Hagerty, Inc. (NYSE: HGTY)
Hagerty is an automotive enthusiast brand committed to saving driving and to fueling car culture for future generations. The company is a leading provider of specialty vehicle insurance, expert car valuation data and insights, live and digital car auction services, immersive events and automotive entertainment custom made for the 67 million Americans who self-describe as car enthusiasts. Hagerty also operates in
More information can be found at newsroom.hagerty.com.
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SOURCE Hagerty
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