Hagerty Announces Pricing of its Upsized Secondary Offering of Class A Common Stock

Core Viewpoint - Hagerty, Inc. announced a secondary offering of 9,700,000 shares of its Class A Common Stock at a public price of $9.34 per share, with an additional option for underwriters to purchase up to 1,455,000 shares [1][2]. Group 1: Offering Details - The offering is being conducted by Hagerty Holding Corp. and Aldel LLC, with the expected closing date around August 11, 2025, pending customary closing conditions [1]. - Hagerty will not receive any proceeds from this offering, as the Selling Stockholders will bear the underwriting discounts and commissions [2]. - The net proceeds from the sale of shares by HHC will be used for the redemption of a corresponding number of its shares for the benefit of the estate of Kim Hagerty [2]. Group 2: Underwriters and Management - Keefe, Bruyette & Woods and J.P. Morgan are acting as representatives of the underwriters and lead bookrunning managers for the offering, with additional managers including BMO Capital Markets, Citizens Capital Markets, and Wells Fargo Securities [2]. Group 3: Company Overview - Hagerty is a leading provider of specialty vehicle insurance and automotive enthusiast services, catering to over 67 million car enthusiasts in the U.S. and operating in Canada and the U.K. [8]. - The company also offers expert car valuation data, live and digital auction services, and has a community of over 900,000 members in the Hagerty Drivers Club [8].