On April 28, 2023, Hub International Limited (HUB), a global insurance brokerage with operations in Canada, received a minority investment from Leonard Green & Partners (LGP), a Los Angeles-based private equity firm. The deal valued HUB at US$23 billion (approximately CAD 31 billion at the time). HUB’s valuation had grown significantly over the last decade, from US$4.4 billion (around CAD 6 billion) in 2013 to US$10 billion (approximately CAD 13 billion) in 2018, and ultimately reaching US$23 billion in 2023. The new investment allowed HUB to repurchase equity interests from existing shareholders. Hellman & Friedman retained a controlling interest, while Altas Partners, a Toronto-based firm, continued as a minority shareholder. LGP also joined HUB’s board. HUB’s growth was driven by investments in product specialization, digital solutions, and expansion into complex risk and international solutions. The transaction was expected to close in Q3 2023, and was subject to regulatory approvals. Morgan Stanley & Co. LLC acted as HUB’s financial advisor, with Simpson Thacher & Bartlett LLP as legal counsel. Barclays advised LGP, with Latham & Watkins LLP as legal counsel, and Stikeman Elliott serving as Canadian counsel.