Carousel Capital (“Carousel”) announced today that it has invested in Hub Enterprises, Inc. (“Hub”), which is to be combined with an existing portfolio company of its fifth fund, Ethos Risk Services, LLC (“Ethos”).
Based in Broussard, Louisiana, Hub is one of the industry’s leading providers of security and insurance defense investigations, servicing a national client base of insurance carriers, corporations, and governmental entities. Founded in 1966 and privately held by the Company’s second-generation President, James H. “Chip” Romero, Hub is distinguished within the security and insurance defense investigation industry with a long-established reputation for customer service, integrity, and professionalism.
When these two-business come together the complementary strengths will provide its national client base with the industry’s leading portfolio of fraud and risk mitigation solutions. Carousel believes that the combined organization will be better positioned to drive accelerated growth in the future as a result of the added talent, longstanding customer relationships, and esteemed industry reputation of Hub.
“We initially began discussions with Chip as part of our direct outreach efforts with founders and CEOs of Southeastern-based services companies prior to our initial partnership with Ethos,” said Peter Clark, a Partner of Carousel. “We continued these conversations following our investment with Ethos and were impressed by the uniquely complementary core competencies of Hub with Ethos, along with their strong management team and close cultural alignment – the combined company is well-positioned to accelerate each organization’s already strong growth trajectories.”
“This is an exciting partnership with far reaching impact for the clients we serve, the industry we represent and our HUB Enterprises associates”, said Chip Romero, HUB Enterprises President. “Chip and his team are pioneers in our industry and share the same vision of providing insurance carriers and other constituents with the most effective, data-driven, fraud and risk mitigation solutions - We are excited to work with them.” said Micah Smith, CEO of Ethos.