Highstreet Insurance Partners in Traverse City has added a new round of $550 million in capital to support its acquisition and innovation strategies.
Led by Ares Capital in New York, the incremental $550 million delayed draw term loan was upsized from a $500 million initial ask during the process due to investor demand.
“Highstreet is committed to deepening the impact we make by building a differentiated insurance platform that brings excellence in data-driven insights, integration best practices, and access to specialty capabilities to our communities and agents,” says Scott Wick, CEO of Highstreet.
“This capital investment will help Highstreet further invest in those local and national capabilities to drive our vision forward. The strength of our integrated operating model, coupled with the relationships of our local teams across hundreds of communities, enables us to better protect people, places, and our futures.”
According to Highstreet, the new capital reflects the success of the company’s community-based strategy and its strong organic growth, focus on integration, innovation, and technology.
“We appreciate the continued support of our financing partners and their willingness to invest in Highstreet’s vision,” says Avery Zuck, CFO at Highstreet. “Highstreet is committed to managing our capital structure thoughtfully and executing on our strategic objectives, which allow us to integrate efficiently and acquire thoughtfully.”
