Hub International Reports Minority Investment by Canada’s Altas

Chicago-based global insurance broker Hub International Limited said it has received a “substantial minority investment” from funds managed by Altas Partners, an investment firm based in Toronto.

Funds managed by Hellman & Friedman (H&F) remain the largest investor in Hub and the company’s management team continues to hold a significant equity position.

Details of the investment were not disclosed. The latest transaction implies a total enterprise value for Hub of more than $10 billion. Hub is an actIve acquirer or other brokerages in the U.S. and Canada.

Hellman & Friedman acquired Hub in 2013 from another private equity firm, Apax Partners LLP, for $4.4 billion including debt.

More than a year ago, Reuters reported that Hellman & Friedman was interested in selling some of its stake in Hub while retaining is majority interest. At that time, the parties declined to comment on that report.