On Monday, Traverse City-based company, , went public on the New York Stock Exchange.
“It’s a couple hours since the ringing of the bell here at the New York Stock Exchange, and I think I’m just starting to get like the feeling back in the fingers and my hand,” says CEO McKeel Hagerty. “It’s a surreal experience. It’s really exciting and it’s a great day for Hagerty and a great day for the world.”
One of the largest companies in Traverse City, insuring over 2 million classic cars globally, they announced they would be going public and merging with Aldel Financial in August.
“It’s going to give us more resources to continue our expansion in so many ways,” says Hagerty. “What going public really allows you to do as a company is to take some of those hopes and dreams that you have maybe two, three or five years from now and really pull them forward into the present.”
The company started nearly 40 years prior with McKeel Hagerty’s parents. At the time, they were operating out of their basement in Old Mission Peninsula.
“We’re here, we’re here to stay. We’re going to get bigger,” says Hagerty. “There’s going to be kind of better Hagerty in the ways that that we know and love. And one of the big goals out of this whole thing was to thread this needle of how can our family continue owning the majority of the business, continue running, for me and my team, to continue running the business going forward. It really is a perfect set of ways for us to remain both a local company, but also expand nationally and internationally beyond where we already are.”
Hagerty also thanks Traverse City and Northern Michigan for their support as the company went public Monday.
“We just hope we’re doing everybody proud by by going public today on the New York Stock Exchange,” says Hagerty.
The company is on the market under ticker symbols HGTY and HGTY.WS.
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