The Ontario Teachers’ Pension Plan (Teachers’) has entered into an agreement to acquire a majority interest in BroadStreet Capital Partners, a U.S. holding company that makes majority interest investments in independent insurance agencies.
Together with Century Capital Partners, Teachers’ will acquire approximately 84% of BroadStreet from State Automobile Mutual Insurance Co. State Auto and BroadStreet CEO Rick Miley will retain the remaining share of the company. In addition to their initial equity investment, Teachers’ and Century have committed to provide follow-on capital to support future investments by BroadStreet in the U.S. Terms of the transaction are not being disclosed.
Based in Columbus, Ohio, BroadStreet is focused on the middle-market retail insurance brokerage industry in both commercial and personal property and casualty insurance. BroadStreet ranks among the top insurance agencies in the U.S., with annual revenue in excess of $100 million.