Hagerty prices upsized 9.25 million-share secondary offering at $11.95

  • Hagerty Holding Corp. priced a secondary sale of Hagerty Class A common shares.
  • 9.25 million shares are offered at $11.95 each, plus 1.3875 million optional shares.
  • Hagerty will receive no proceeds; HHC will fund a corresponding share redemption.

Hagerty, Inc. priced an upsized secondary offering of 9.25 million Class A common shares at $11.95 each, according to a Sept. 9 announcement. Hagerty Holding Corp., the selling stockholder, also granted underwriters a 30-day option to purchase up to 1.3875 million additional shares. The offering is expected to close around Sept. 11, subject to customary conditions. Hagerty will receive no proceeds, while HHC will use its net proceeds to redeem a corresponding number of HHC shares for the benefit of the Kim Hagerty Revocable Trust. Wells Fargo Securities and J.P. Morgan are leading the offering, with BMO Capital Markets, Citizens Capital Markets, Keefe, Bruyette & Woods, and Oppenheimer & Co. serving as additional bookrunning managers.

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