M&A Deal Summary

Fairfax Acquires Brit Insurance

On February 18, 2015, Fairfax acquired insurance company Brit Insurance from CVC Capital Partners and Apollo Global Management for 1.2B GBP

Acquisition Highlights
  • This is Fairfax’s 5th transaction in the Insurance sector.
  • This is Fairfax’s 3rd largest (disclosed) transaction.
  • This is Fairfax’s 1st transaction in the United Kingdom.

M&A Deal Summary

Date 2015-02-18
Target Brit Insurance
Sector Insurance
Buyer(s) Fairfax
Sellers(s) CVC Capital Partners
Apollo Global Management
Deal Type Add-on Acquisition
Deal Value 1.2B GBP

Target

Brit Insurance

London, United Kingdom
website
Brit Insurance's operations are primarily in London, although the group is headquartered in Amsterdam, Netherlands. The company writes a diverse portfolio of over 70 classes of insurance and reinsurance, which include accident and health, aerospace, marine, professional risks, liability, property and packages, war and terrorism, and small business insurance policies. The scope is wide-ranging from sole traders to the larger multinational corporations; from manufacturers to professional services; and from shops to satellites.

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Buyer(S) 1

Buyer

Fairfax

Toronto, Ontario, Canada

website


Category Company
Founded 1951
Sector Insurance
Employees15,891
Revenue 25.6B USD (2021)
DESCRIPTION

Fairfax is a financial services holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management. Fairfax’s corporate objective is to achieve a high rate of return on invested capital and build long-term shareholder value. Fairfax was founded in 1951 and is based in Toronto, Canada.


DEAL STATS #
Overall 5 of 12
Sector (Insurance) 5 of 7
Type (Add-on Acquisition) 4 of 8
Country (United Kingdom) 1 of 1
Year (2015) 1 of 1
Size (of disclosed) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-08-29 Pethealth

Oakville, Ontario, Canada

Pethealth is a provider of medical insurance for dogs and cats to pet owners, operating in the United States, Canada, and the United Kingdom. In addition, the Company is a provider of management software to North American animal welfare organizations through its SaaS-based application and is the leading provider of pet-related database management services to the North American companion animal industry. Pethealth is based in Oakville, Ontario.

Buy $100M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-23 Ridley

Mankato, Minnesota, United States

Ridley, Inc. is an animal nutrition companies in North America, serving customers mainly in the United States and Canada.

Sell -

Seller(S) 2

SELLER

CVC Capital Partners

Luxembourg, Luxembourg

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1981
PE ASSETS 177.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

CVC Capital Partners is a global private equity firm focused on investments in large companies located in Europe, North America, and Asia. CVC looks for opportunities with stable cash flows and talented management, and will consider businesses in a variety of industries. Target sectors include textiles, industrial products, waste management, building materials, energy/utilities, business services, financial services, distribution, healthcare, media, semiconductors, and gaming. CVC can handle transactions valued from €200 million to €10 billion. CVC Capital Partners was formed in 1981 and is based in Luxembourg.


DEAL STATS #
Overall 114 of 171
Sector (Insurance) 1 of 4
Type (Add-on Acquisition) 40 of 62
Country (United Kingdom) 25 of 32
Year (2015) 3 of 9
Size (of disclosed) 14 of 53
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-02-13 Paroc Group Oy AB

Helsinki, Finland

Paroc Group Oy AB is a mineral wool insulation manufacturers in Europe. The company develops, manufactures and distributes stone wool products for use by the building industry and other industrial applications.

Buy $700M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-12 Hong Kong Broadband Network

Hong Kong, China

Hong Kong Broadband Network Limited is an integrated telecommunications services company, provides broadband, local telephony, IDD, and IP-TV services to business and residential markets in Hong Kong. It offers broadband, telephony, entertainment, integrated Web, facility management, 2b app, multi-protocol label switching, Internet access, and fibre-to-the-office technology services.

Sell -
SELLER

Apollo Global Management

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Asset Manager
Founded 1990
PE ASSETS 45.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apollo Global Management is a global alternative investment firm. The Firm segments its activity between private equity, capital markets, real estate, and publicly traded investment funds. Within private equity, Apollo targets traditional buyouts, distressed situations, as well as minority investments to help companies make acquisitions or fund other needs. Sectors of interest include chemicals, commodities, consumer/retail, distribution, transportation, financial services, business services, manufacturing, industrial, media/cable/leisure, packaging, and satellite/wireless. Apollo's geographic coverage spans Europe, North America, and Asia. Apollo manages publicly traded Apollo Investment Corporation, which provides equity and junior capital to middle-market companies, as well as Apollo Commercial Real Estate Finance, Inc. Apollo Global Management was formed in 1990 and is based in New York City.


DEAL STATS #
Overall 18 of 65
Sector (Insurance) 1 of 2
Type (Add-on Acquisition) 3 of 19
Country (United Kingdom) 3 of 5
Year (2015) 1 of 3
Size (of disclosed) 7 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-02-02 Presidio

New York, New York, United States

Presidio is a technology services and solutions provider that builds traditional IT foundations and offers deep expertise in automation, security, networking, digital transformation, and cloud computing, It develops custom applications, provides managed services, enables actionable data insights, and builds forward-thinking solutions that drive extraordinary outcomes for customers globally. Presidio was founded in 2003 and is based in New York City.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-05-12 Great Wolf Resorts

Chicago, Illinois, United States

Great Wolf Resorts provides safe and immersive entertainment experiences for families in all seasons and all weather conditions across 18 resorts, or “lodges”, in the United States and Canada. Every Great Wolf lodge contains a full-service hotel, expansive indoor waterpark, recreational activities including game rooms, ropes courses, and family bowling alleys, various food & beverage offerings, and themed experiences with proprietary characters unique to Great Wolf. Great Wolf Resorts was founded in 1992 and is based in Chicago, Illinois.

Sell -