Hub International

After dropping out of the strategic process in the spring, Blackstone has now come in as an investor.

The question of how to finance the private brokers no longer begins and ends with a PE flip.

Hub International has tapped former Aon national property broking officer Blake Giannisis as its North American property practice leader.

The increased facility will be used for “additional acquisitions while fueling investments in strategic initiatives that drive organic growth”, the company said.

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When a Grade A franchise like Hub refis at this kind of valuation, the read across to other assets is highly negative.

Inside P&C revealed in late March that Leonard Green was one of the two remaining parties in the process, with an enterprise value of under $25bn, based on bids of ~16x just under $1.5bn of Ebitda.

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Both of them bring decades of experience in the private client industry.

Other names believed to have looked at the asset include CD&R, CVC and Hg, as the process reaches its latter stages.

Need to Know

American insurance broker Hub International is working with investment bank Morgan Stanley to sell a minority stake in itself in a $25 billion deal.