Huron Capital, a lower-middle-market private equity firm based in downtown Detroit, Monday announced it has founded High Street Partners with industry executives Scott Wick and Randy Koch to pursue a buy-and-build strategy in the insurance agency market.
“It is great to be partnering with Huron Capital alongside Randy on this exciting opportunity,” says Wick, CEO and managing partner of High Street Partners. “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.”
High Street Partners marked the platform launch with its acquisition of Peterson McGregor and Associates, a provider of commercial insurance, personal lines, and employee benefits services that was founded in Traverse City. Wick and Koch plan to grow High Street Partners through more acquisitions.
“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,” says Steve McGregor, co-founder of Peterson McGregor and Associates. “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.”
Wick and Koch served in executive and advisory roles before forming High Street Partners. Wick was president of The Fedeli Group and executive vice president and chief sales officer of the Midwest region for Hub International Ltd. Koch was president and CEO for the Midwest east region for Hub International Ltd.
“We are thrilled to collaborate with Scott and Randy on High Street Partners. We believe they are exceptional business operators,” says Matt Hare, partner at Huron Capital. “We believe Huron Capital’s executive-led buy-and-build investment model is well-suited for this industry.”
The acquisition marks the 46th platform investment for Huron Capital, and High Street is the 16th buy-and-build investment initiative that has resulted from Huron Capital’s ExecFactor investment model.
ExecFactor is Huron Capital’s executive-led market entry program designed to create a viable investment thesis first by combining a CEO’s industry expertise with the firm’s investment experience and committed capital to strategically search for, invest in, and grow fundamentally-sound companies in markets of interest.
Huron Capital has partnered with CEOs and executive teams to pursue and fund buy-and-build strategies in targeted sectors. Other active ExecFactor platforms include Albireo Energy, Brudner Polymer Corp., Pure Dental Brands, Ronnoco Coffee, Valentus Specialty Chemicals, and Sciens Building Solutions.