Hagerty, Inc. announced a secondary public offering of its Class A Common Stock by selling shareholder Hagerty Holding Corp. The offering consists of 8,250,000 shares, with an additional option for underwriters to purchase up to 1,237,500 extra shares. Wells Fargo Securities and J.P. Morgan are acting as lead bookrunning managers. Hagerty will not receive any proceeds from the sale; instead, Hagerty Holding Corp. intends to use net proceeds to redeem a corresponding number of its own shares for the benefit of the Kim Hagerty Revocable Trust. The company operates in the automotive enthusiast insurance and marketplace industry.
