M&A Deal Summary

Gemspring Capital Acquires A10 Capital

On May 3, 2018, private equity firm Gemspring Capital acquired financial services company A10 Capital from H.I.G. Private Equity and KKR

Acquisition Highlights
  • This is Gemspring Capital’s 1st transaction in the Financial Services sector.
  • This is Gemspring Capital’s 4th transaction in the United States.
  • This is Gemspring Capital’s 1st transaction in Idaho.

M&A Deal Summary
Date 2018-05-03
Target A10 Capital
Sector Financial Services
Buyer(s) Gemspring Capital
Sellers(s) H.I.G. Private Equity
KKR
Deal Type Secondary Buyout

Target

A10 Capital

Boise, Idaho, United States
website
A10 Capital is a provider of middle-market commercial real estate loans. A10 is a provider of commercial real estate mortgage solutions in the United States. With loans ranging from $1 million to over $20 million for commercial properties, A10’s broad offering of transitional and permanent loan products covers the entire commercial property life cycle. For single-family rental (SFR) portfolios, A10 is an authorized seller/servicer of the Freddie Mac Affordable SFR pilot program. A10 offers borrowers streamlined closing and high-touch service through its full-service platform, which includes in-house underwriting, legal, and servicing. Since inception, A10 has financed over 43 million square feet of middle-market commercial properties. A10 Capital was founded in 2007 and is based in Boise, Idaho.

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Buyer(S) 1

Buyer

Gemspring Capital

website

Category Private Equity Firm
Founded 2015
PE ASSETS 1.1B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Gemspring Capital is a private equity firm focused on making control equity investments and structured equity investments in lower middle-market companies headquartered in the United States and Canada. For platform investments, Gemspring targets companies with $5 to $500 million with strong competitive positions within sustainable market niches. Sectors of interest include business services, distribution/logistics, industrial services, media, technology, software, and niche manufacturing. Gemspring Capital is based in Westport, Connecticut.

DEAL STATS #
Overall 4 of 32
Sector (Financial Services) 1 of 1
Type (Secondary Buyout) 2 of 10
State (Idaho) 1 of 1
Country (United States) 4 of 32
Year (2018) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-23 Radancy

New York, New York, United States

Radancy is a recruitment advertising agency with a unified platform, augmented by rich data and deep industry expertise, which is revolutionizing how employers attract and hire the talent they need. Radancy was founded in 1967 and is based in New York City.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-24 Insurvia

Las Vegas, Nevada, United States

Insurvia is an insurance services holding company with subsidiaries including Fiesta Insurance, a leading retail franchisor of insurance products and services with 70 franchisees operating 235 retail stores across nine states and a growing eCommerce platform, and bravo general, an MGA with an omnichannel distribution strategy serving the automotive market. Insurvia is based in Las Vegas, Nevada.

Buy -

Seller(S) 2

SELLER

H.I.G. Private Equity

Miami, Florida, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1993
PE ASSETS 57.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HIG Private Equity is the private equity arm of HIG Capital LLC. The firm focuses on management buyouts, growth equity investments, and recapitalizations of middle market companies with an enterprise value of $50 - $500 million. The Firm also will consider add-on acquisitions, industry consolidations, going-privates, and corporate divestitures. Sectors of interest include aerospace, building materials, business services, consumer products, distribution, healthcare, infrastructure, contracting, manufacturing, media, oil & gas services, IT, and transportation. HIG was formed in 1993 and has offices in Miami, Atlanta, Boston, and San Francisco. HIG's European affiliate is HIG Europe with offices in London, Hamburg, and Paris.

DEAL STATS #
Overall 99 of 153
Sector (Financial Services) 1 of 2
Type (Secondary Buyout) 39 of 65
State (Idaho) 1 of 1
Country (United States) 77 of 112
Year (2018) 7 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-30 Buck

New York, New York, United States

Buck is an integrated HR consulting, benefits administration, and technology services provider. It is focused on helping its clients realize the best organizational performance for their business while driving positive health, wealth, and career outcomes for their employees. Buck is based in New York, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-04 Eze Castle Integration

Boston, Massachusetts, United States

Eze Castle Integration is a provider of managed IT services and cloud solutions to financial services firms, including global asset managers, investment firms and investment banks, as well as a variety of other professional services and corporate clients. The Company is widely recognized for its market leadership, subject matter expertise, and unparalleled global service levels in providing outsourced cloud IT infrastructure, cybersecurity, communications, and business protection to some of the most sophisticated financial organizations in the world. Founded in 1995 and headquartered in Boston, MA, ECI has global presence in key financial centers across three continents with 11 offices and 7 data centers throughout the US, UK, and Asia.

Buy -
SELLER

KKR

New York, New York, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1976
PE ASSETS 510.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
KKR's office in Menlo Park, California.
KKR's office in Menlo Park, California.

KKR is a global investment firm founded by Jerome Kohlberg, Henry Kravis, and George Roberts. The Firm is separated into several business segments including private markets, public markets, capital markets, and other principal activities. KKR's private equity practice invests in management buyouts, take privates, corporate divestitures, industry consolidations, and partnerships with family-owned companies. KKR will invest in a broad range of industries and companies and will consider businesses throughout North America, Europe, Asia, and Australia/New Zealand. Sectors of interest include chemicals, consumer products, energy and natural resources, financial services, healthcare, industrial, media/communications, retail, and technology. In addition to its traditional principal investment activity business, KKR also invests in infrastructure assets. KKR was formed in 1976 and is based in New York, New York.

DEAL STATS #
Overall 109 of 173
Sector (Financial Services) 6 of 10
Type (Secondary Buyout) 17 of 34
State (Idaho) 1 of 1
Country (United States) 52 of 81
Year (2018) 7 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-26 Mitchell

San Diego, California, United States

Mitchell is a provider of information, workflow, and performance management solutions to the automotive insurance claims and collision repair industries. Mitchell was founded in 1946 and is based in San Diego, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-14 Proserv

Aberdeen, United Kingdom

Proserv is a controls technology company incorporating two divisions, Proserv Controls, which encompasses our innovative subsea controls solutions, alongside our topside, IWOCS, sampling, and measurement offerings to the oil & gas and renewables markets, and Gilmore, a Proserv Company, known for its globally renowned control valves. Proserv is based in Aberdeen, United Kingdom.

Buy -
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