Apax Partners has agreed to sell Hub International to another private equity firm, Hellman & Friedman.
The purchase price was not disclosed, but the transaction values Hub at about US$4.4 billion.
Under terms of the agreement, investment funds managed by Hellman & Friedman will hold a majority interest in the company while members of Hub’s senior management will continue to have a significant equity position.
“Partnering with Hellman & Friedman will enable us to build upon our current strategy of enhancing our product and service capabilities and expanding our geographic footprint,” says Hub chairman and CEO Martin Hughes.
Hub is an insurance brokerage that provides property and casualty, life and health, employee benefits, investment and risk management products and services through offices located in the United States, Canada and Brazil.
The deal is expected to close before the end of the year.