Ethos Capital, BCI, and White Mountains to partner with BroadStreet
BroadStreet Partners, an insurance brokerage holding company headquartered in Columbus, Ohio, announced that an investor group led by Ethos Capital, British Columbia Investment Management Corporation, and White Mountains Insurance Group, will acquire an ownership position in BroadStreet. Under the terms of the agreement, Ontario Teachers’ Pension Plan, which acquired a majority stake in BroadStreet in 2012, will maintain a significant co-control stake and operate in partnership with the Ethos-led investor group.
BroadStreet is a middle-market insurance brokerage focused on commercial and personal property & casualty and employee benefits. The company invests in “select, entrepreneurial, high-performing” independent agencies. Through its co-ownership model, more than 800 colleagues own equity in their local core agencies.
The partnership with Ethos and its co-investors will support BroadStreet’s long-term plans, including its continued investment in technology and digital transformation.
“BroadStreet is uniquely positioned as the partner of choice for successful entrepreneurs seeking new avenues for growth. Our differentiated co-ownership model and proven strategy empower our 30 Core Agency Partners to scale their businesses with confidence. For over a decade, the Ontario Teachers’ team has been a value-added partner to us. We are excited to continue this collaboration and now join forces with Ethos, BCI, and White Mountains, leveraging their collective expertise to enhance our capabilities and drive sustained growth.” – Mike O’Connor, Chief Executive Officer, BroadStreet .
“We are proud of the tremendous growth that we have achieved on our journey over the last dozen years with the support of Ontario Teachers’. We now look forward to continuing and strengthening that partnership with the addition of the new Ethos-led investor group. We see tremendous value in being able to tap into the combined expertise of the Ontario Teachers’ and Ethos-led teams to the benefit of our Core Agency leaders. By coming together, BroadStreet is taking a significant step forward on our mission to become the preferred home for premier insurance agencies in North America.” – Rick Miley, Founder and Board Member, BroadStreet.
“BroadStreet has developed a highly differentiated business model – consistently building its expertise and scale through its industry network and a growing set of Core Agency Partners. Our Ethos leadership team and co-investors have significant experience in accelerating growth and long-term value creation for high-performance companies including in the insurance sector. We look forward to partnering with an executive of Mike’s caliber and his team to pursue their future growth ambitions.” – Brent Stone, Managing Partner, Ethos Capital.
“BroadStreet has experienced tremendous growth as a result of its unique co-ownership model and strong management team. As we continue to focus on creating long-term value at BroadStreet, we are delighted to bring in like-minded partners with a proven track record in the insurance industry. Ethos and its co-investors share our vision of growing BroadStreet into the premier insurance brokerage company in North America by capitalizing on sectoral tailwinds and accelerating both organic and inorganic growth efforts.” – Jeff Markusson, Senior Managing Director, Private Capital, Ontario Teachers’ and BroadStreet Board Member.