High Street Partners, a newly launched buy-and-build strategy platform from Huron Capital, has acquired Peterson McGregor and Associates (PMA), a Michigan-based insurance agency, for an undisclosed price.
Image: High Street Partners acquires insurance agency PMA. Photo: courtesy of Philippe Ramakers/Freeimages.com.
PMA provides commercial insurance, personal lines and employee benefits services.
The insurance agency, which was founded in 2000 in Traverse City with an initial focus on catering to commercial customers across various industries, has expanded to provide personal lines of insurance.
While PMA’s personal lines include home owners, auto, umbrella policies and others, its employee benefits coverage include group health and dental, disability, life insurance.
High Street Partners is the sixteenth execfactor platform for the Detroit-based Huron Capital, which calls itself as a lower-middle-market private equity firm. The new platform was founded alongside industry executives Scott Wick and Randy Koch to pursue a buy-and-build strategy in the insurance agency market, with plans to expand with further acquisitions.
High Street Partners CEO and managing partner Scott Wick said: “It is great to be partnering with Huron Capital alongside Randy on this exciting opportunity.
“Huron Capital provides great support for ExecFactor initiatives and we look forward to working together to build a significant platform in the insurance agency industry.”
ExecFactor is an executive-led market entry program from Huron Capital which has been designed to create a viable investment thesis. This is done through the combination of CEO’s industry expertise and Huron Capital’s investment experience and committed capital to strategically search for, invest in and grow fundamentally-strong companies in markets of interest.
Huron Capital said PMA leaders Steve McGregor, Dennis Muth, Raquel Paulus and Donn Westman will continue with their current positions and as shareholders of the Michigan insurance agency.
PMA co-founder Steve McGregor said: “We believe that the expertise and collective networks of Huron Capital, Scott and Randy will serve as a catalyst in moving Peterson McGregor and Associates forward.
“Huron Capital and its operating partners have a long track record of growing companies through acquisition and we are excited to see where the company goes from here.”