TRAVERSE CITY — Private equity-backed High Street Insurance Partners Inc. has acquired InPro Insurance Agency LLC, a full-service independent insurance agency in Troy, Mich.
The deal is the seventh acquisition for Traverse City-based High Street Insurance, which was formed in mid 2018 by Detroit-based Huron Capital Partners LLC, and the platform’s first transaction in Southeast Michigan.
InPro is a provider of commercial, group and personal insurance to businesses, including local governments, maintenance services and industrial manufacturing. InPro President Dave Goodman will remain in his position.
“I know the High Street team and the people who have been helping the company grow and believe our team will thrive as we join forces,” Goodman said in a statement.
High Street expects to look for additional deals in the Southeast Michigan region, according to a statement.
“We are excited to add Dave’s proven business and industry acumen and believe this acquisition will lead to additional opportunities,” Managing Partner and CEO Scott Wick stated.
Terms of the deal were not disclosed.
Earlier this year, High Point acquired Jenison-based Ottawa Kent Insurance Agency Inc., one of the larger insurance agencies in the West Michigan market with more than 10,000 clients, as MiBiz reported at the time.
Wick said High Point maintains an active deal pipeline and aims to make eight to 12 acquisitions annually over the next three to five years as the insurance industry continues to consolidate, as MiBiz previously reported.