Sidley is representing Hagerty in its business combination with Aldel Financial Inc. (NYSE: ADF), a special purpose acquisition company (SPAC). Upon closing of the transaction, Aldel will be renamed Hagerty, Inc. and become publicly traded, with its common stock listed on the New York Stock Exchange under the ticker HGTY.
The deal values Hagerty at a pro forma enterprise value of US$3.13 billion and includes a US$704 million fully committed PIPE led by strategic partners, including Markel, which Sidley also represented in the transaction, and top tier institutional investors.
Hagerty is a leading specialty insurance provider focused on the automotive enthusiast market, with more than two million vehicles insured globally, and an automotive enthusiast brand offering integrated membership products and programs.
The Sidley team representing Hagerty is led by Sean Keyvan (Insurance), Bill Howell (M&A/Capital Markets), and Jonathan Blackburn (M&A), and includes John Grothaus, Vicky Rusanova, Byron Patton (all Insurance), Scott Pollock, Josh Sandler (both Tax), Matt Johnson, Corey Perry, Christian Pilhofer (all Employee Benefits), Karen Kazmerzak, Elizabeth Chen (both Antitrust), Ash Nagdev, Mark Prior (both Privacy and Cybersecurity), James Weiss (Labor and Employment), Kyle Barnett (Intellectual Property), Liz McCloy (Real Estate), and Heather Palmer (Environmental).