Hagerty, a car enthusiast brand and insurance company in Traverse City, announced their merger with Aldel Financial, Wednesday. As a result of the merger, the company will be publicly traded on the New York Stock Exchange.
“This is a really great way for us to go out there and become a publicly traded company when it all closes,” says C.E.O. McKeel Hagerty. “Nobody is taking us over. They have no employees. In the end, it’s all about Hagerty becoming better. Still the same brand, same management team.”
Aldel will now become Hagerty Inc. The agreement is all about looking forward for the company. They expect to achieve double-digit revenue and earnings growth with help from their contracts and partnerships. They hope to invest in Hagerty’s digital user experience interfaces to support their growing membership base.
“The purpose of Hagerty is to save driving and car culture for future generations,” says Hagerty. “It’s not just about insurance. It’s about media. It’s about entertainment and experiences. It’s lots of different offerings that we have in the automotive ecosystem. Becoming publicly traded helps us gain access to the capital markets.”
McKeel’s parents started the company years ago. His dad moved to the area and became a State Farm agent after college, before starting his own independent agency.
“My sisters and I got involved and I have the pleasure of leading the business now,” he said. “My dad, who passed away a few years ago, he’d be super proud and I know my mom is today.”
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