Hagerty has confirmed the pricing of its expanded secondary offering of Class A common stock, with 9.7m shares to be sold at $9.34 each 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 deal is set to close around 11 August 2025, subject to customary closing conditions.
The automotive enthusiast brand will not receive any proceeds from the transaction, as the sale involves only shares held by existing stockholders.
Keefe, Bruyette & Woods, a Stifel company, and J.P. Morgan are serving as lead bookrunning managers for the offering. Additional bookrunning managers include BMO Capital Markets, Citizens Capital Markets and Wells Fargo Securities, with Oppenheimer & Co. acting as co-manager.
Best known for its commitment to car culture, Hagerty offers specialty vehicle insurance, valuation data, auctions, events, and media content for automotive enthusiasts. The company serves over 900,000 members through Hagerty Drivers Club and operates in the US, Canada and the UK, catering to a community of 67 million self-described car lovers.
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