Hub International Ltd. expects to receive a substantial minority investment from funds managed by Toronto-based Altas Partners LP.

Funds managed by Hellman & Friedman LLC will remain the largest investor in Hub, and the company's management team will continue to hold a significant equity position. The transaction is expected to close before the end of 2018 and is subject to customary closing conditions and regulatory approvals.

Terms were not disclosed, but Hub said the transaction implies a total enterprise value for the company of over $10 billion.