Hagerty has priced its upsized secondary offering of Class A common stock at $9.34 per share, with 9.7m shares being sold by Hagerty Holding Corp (HHC) and Aldel LLC.
The selling stockholders have also granted underwriters a 30-day option to purchase an additional 1.45m shares. The offering is expected to close on or around 11 August 2025, subject to the satisfaction of customary closing conditions.
The specialty vehicle insurance provider will not receive proceeds from the transaction, as the sale is entirely from existing stockholders.
Keefe, Bruyette & Woods, a Stifel company, and J.P. Morgan are acting as lead bookrunning managers. They are joined by BMO Capital Markets, Citizens Capital Markets and Wells Fargo Securities as additional bookrunning managers, while Oppenheimer & Co. is serving as co-manager.
Founded as an automotive enthusiast brand, Hagerty is committed to preserving driving culture and supporting the 67 million self-described car enthusiasts in the US. Its operations span specialty vehicle insurance, car valuation data, auctions, events and automotive media. Hagerty Drivers Club boasts over 900,000 members, and the company also has a presence in Canada and the UK.
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