Investment Summary

ADIA Invests In Acrisure

On June 1, 2022, sovereign wealth fund ADIA invested in insurance company Acrisure from VSS Capital Partners, Harvest Partners Structured Capital, The Blackstone Group and Partners Group AG

Investment Highlights
  • This is ADIA’s 1st transaction in the Insurance sector.
  • This is ADIA’s 3rd transaction in the United States.
  • This is ADIA’s 1st transaction in Michigan.

Investment Summary

Date 2022-06-01
Target Acrisure
Sector Insurance
Investor(s) ADIA
Sellers(s) VSS Capital Partners
Harvest Partners Structured Capital
The Blackstone Group
Partners Group AG
Deal Type Stake Purchase

Target

Acrisure

Grand Rapids, Michigan, United States
website
Acrisure is a retail insurance brokerage offering comprehensive risk management and consulting solutions, including property & casualty, employee benefits, human resource outsourcing, loss & claims management, surety bonding and personal lines coverage. Acrisure was founded in 2005 and is based in Grand Rapids, Michigan.

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Investor(S) 1

Investor

ADIA

website


Category Sovereign Wealth Fund
Founded 1976
PE ASSETS 875.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION


DEAL STATS #
Overall 8 of 12
Sector (Insurance) 1 of 1
Type (Stake Purchase) 3 of 4
State (Michigan) 1 of 1
Country (United States) 3 of 5
Year (2022) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-17 Landmark Dividend

El Segundo, California, United States

Landmark Dividend is an aggregator of ground leases under essential micro-infrastructure such as cell towers and billboards. Landmark’s management team pioneered the ground lease acquisition business in 2002 and has successfully closed over 4,000 transactions. Landmark offers payments to property owners in exchange for long-term ground leases and real property easements. Landmark Dividend is based in El Segundo, California.

Buy $972M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-29 VTG

Hamburg, Germany

VTG is a full-range service, providing tank cars, intermodal wagons, standard freight wagons and sliding wall wagons. In addition to the hiring of wagons, the Group offers comprehensive multi-modal logistics services, mainly around rail transport, and global tank container transports. VTG was founded in 1951 and is based in Hamburg, Germany.

Buy -

Seller(S) 4

SELLER

VSS Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1981
PE ASSETS 4.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

VSS Capital Partners is a private equity firm that targets investments in the media, communications, education, and information services sectors. VSS looks for opportunities with valuable brand franchises, stable cash flows, and infrastructure to support add-ons. The Firm will consider businesses throughout North America and Europe valued between $50 and $750 million. Prospective investment situations include management buyouts/buy-ins, expansion or acquisition financings, recapitalizations, build-ups, going private transactions, and partnerships. VSS was formed in 1981 and is based in New York City.


DEAL STATS #
Overall 56 of 56
Sector (Insurance) 1 of 1
Type (Stake Purchase) 2 of 2
State (Michigan) 2 of 2
Country (United States) 43 of 43
Year (2022) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-10 Caravan Health

Kansas City, Missouri, United States

Caravan Health is a provider of value-based care advisory services for hospitals and physician practices. It enables healthcare providers to qualify, participate and succeed under value-based payment models, with a focus on Medicare Accountable Care Organizations. Covering almost a million patient lives, the company has helped more than 14,000 providers implement population health programs with affordable, end-to-end solutions to achieve superior results. Through its unique approach, the company's partner hospitals are able to achieve high-quality scores, new competencies, and strong physician relationships that have traditionally been out of reach, while still reducing overall care costs. Caravan Health was formed in 2013 and is based in Kansas City, Missouri.

Sell $250M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-13 Center for Rheumatology

Los Angeles, California, United States

Center for Rheumatology specializes in treating arthritis, rheumatoid arthritis, celiac disease, psoriasis, lupus, gout, and certain myofascial conditions. Center for Rheumatology was founded in 2008 and is based in Los Angeles, California.

Buy -
DESCRIPTION

Harvest Partners Structured Capital is a private investment group focused on minority position, non-control investments. The Group looks for businesses with $100 million to $1 billion in revenues where Harvest can commit $50 to $250 million. Sectors of interest include business services, consumer services, healthcare, industrial services, manufacturing, and distribution. Harvest Partners Structured Capital is a unit of PE Firm Harvest Partners. The Firm is based in New York City.


DEAL STATS #
Overall 7 of 7
Sector (Insurance) 1 of 1
Type (Stake Purchase) 1 of 1
State (Michigan) 1 of 1
Country (United States) 6 of 6
Year (2022) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-09 Advancing Eyecare

Jacksonville, Florida, United States

Advancing Eyecare is an operator of diagnostic ophthalmic equipment company established to offer the products and service solutions in the ophthalmic equipment industry. Advancing Eyecare was founded in 2019 and is based in Jacksonville, Florida.

Sell -
SELLER

The Blackstone Group

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1987
PE ASSETS 131.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

The Blackstone Group is a global alternative investment management firm. The Firm's investment activities span real estate, secondary investments, hedge funds, credit, infrastructure, and private equity. Blackstone's private equity group targets opportunities globally including buyout acquisitions of established companies, development projects, growth equity financings, and industry consolidations. Sectors of interest include automotive, healthcare, chemicals, industrial, commercial property, lodging, communications, media/publishing, consumer & retail, packaging, consumer products, pharmaceuticals, energy, technology, entertainment, telecommunications, financial services, theme parks, food & beverage, and transportation. Blackstone's private equity real estate group looks for opportunities across North/South America, Asia, Australia/New Zealand, and Europe. The real estate group will consider both equity and debt investments. Areas of interest include healthcare, hotel, industrial, office, residential, and retail. The Blackstone Group was formed in 1987 and is based in New York City.


DEAL STATS #
Overall 164 of 170
Sector (Insurance) 6 of 7
Type (Stake Purchase) 9 of 10
State (Michigan) 3 of 3
Country (United States) 101 of 102
Year (2022) 4 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-10 Geosyntec

Boca Raton, Florida, United States

Geosyntec is a consulting and engineering firm that works with private and public sector clients to address new ventures and complex problems involving the environment, natural resources, and civil infrastructure. The company is a vibrant, practice-centered business with a strong desire for continuous self-improvement and ongoing reinvention to meet the evolving needs of current clients and to productively engage with new ones. Geosyntec was formed in 1983 and is based in Boca Raton, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-10 Advarra

Columbia, Maryland, United States

Advarra is a provider of IRB, IBC, and compliance consulting services in North America. Fully accredited by AAHRPP, the company serves pharmaceutical, biotechnology, and medical device research sponsors and contract research organizations (CROs), as well as academic medical centers, hospital systems, investigative site networks, and patient advocacy groups. Advarra was founded in 1983 and is based in Columbia, Maryland.

Buy -
DESCRIPTION

Partners Group is a global investment management firm with a variety of funds and institutional clients. The Firm's direct investment group looks to invest in or acquire market leading companies with growth opportunities linked to technology. Partners is a hands-on investor and looks to actively support its portfolio companies with expansion, operational, and governance structure support. Partners Group was established in 1996 and is headquartered in Zug, Switzerland.


DEAL STATS #
Overall 21 of 23
Sector (Insurance) 1 of 1
Type (Stake Purchase) 2 of 2
State (Michigan) 1 of 1
Country (United States) 11 of 11
Year (2022) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-20 Version 1

London, United Kingdom

Version 1 is an IT consulting and managed services company. Version 1 delivers technology-enabled solutions and services that transform their customers’ businesses. They bring in-depth domain experience, breadth of technology competence, and a relentless focus on service excellence and customer satisfaction to address the business challenges of enterprise customers across all industry sectors. Version 1 was founded in 1996 and is based in London, England.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-11 Budderfly

Shelton, Connecticut, United States

Budderfly is a provider of guaranteed energy savings with no out-of-pocket costs for business through a unique Energy Efficiency-as-a-Service solution. Budderfly provides all the technology, 100% of the investment in efficiency upgrades, and the expertise to deliver the most energy-efficient, highest savings solution without the project risks or the frustration of competing for financial tradeoffs. Budderfly was founded in 2007 and is based in Shelton, Connecticut.

Buy -