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Thursday, December 9, 2021

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    Classic car insurer Hagerty announces merger with Aldel Financial

    Acquiring the Concours d’Elegance of America and planning its move to the Detroit Institute of Arts next year offers a window into the motivations for crafting a deal to take Michigan-based Hagerty public.

    As McKeel Hagerty, the company’s CEO, put it, expect to see “more great car stuff coming.”

    Hagerty, which is headquartered in Traverse City and specializes in insuring classic cars, and Aldel Financial announced a merger deal Wednesday that would see the company go public and trade on the New York Stock Exchange under the ticker symbol, HGTY.

    McKeel Hagerty said it will take a few months to get the deal, valued at $3.13 billion, fully closed, but afterward, the company will be ready for a future that fans of car culture should be excited about. Hagerty employs about 1,550 people, with 760 in Traverse City and a “significant presence” in Ann Arbor, and the company expects to hire several hundred more.

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