Stonybrook Capital, LLC and its affiliates served as Financial Advisor for super-regional property and casualty insurance holding company, Heritage Insurance Holdings’ recently completed public offering.
Heritage announced the successful conclusion of its primary public offering of common stock back in December. The gross proceeds totalled approximately $25 million before accounting for underwriting discounts, commissions, and other expenses.
Adam Clay, Partner, Stonybrook, commented: “It was a pleasure to work with Kirk and Ernie on their recent ECM transaction. We truly value our relationship with Heritage and certainly appreciate all the commercial support we receive from the management team.
“Heritage continues to afford us the opportunity to offer-up perspectives across a variety of strategic situations. Our firm is extremely proud to announce this transaction and we look forward to seeing Heritage continue to achieve its longer-term goals.”
The primary offering comprised 3,703,703 shares of common stock sold at a public offering price of $6.75 per share.
Heritage plans to leverage the net proceeds of capital to support both its growth expansion initiatives as well as for operational purposes.
Kirk Lusk, Chief Financial Officer, Heritage, commented on how the financial advisor helped with this offering, “Stonybrook continues to be a valuable and independent thought partner to Heritage, especially related to this transaction.
“They helped us think through a variety of capital markets options, advising on structure, approach, and acting as a true partner on execution. Stonybrook and Heritage have a long history together and we look forward to working with the team on additional strategic topics in the future.”
