M&A Deal Summary

Aquiline Capital Partners Acquires Relation Insurance Services

On February 21, 2019, private equity firm Aquiline Capital Partners acquired insurance company Relation Insurance Services, Inc. from Celerity Partners, Century Equity Partners and Parthenon Capital

Acquisition Highlights
  • This is Aquiline Capital Partners’ 9th transaction in the Insurance sector.
  • This is Aquiline Capital Partners’ 27th transaction in the United States.
  • This is Aquiline Capital Partners’ 6th transaction in California.

M&A Deal Summary

Date 2019-02-21
Target Relation Insurance Services, Inc.
Sector Insurance
Buyer(s) Aquiline Capital Partners
Sellers(s) Celerity Partners
Century Equity Partners
Parthenon Capital
Deal Type Secondary Buyout
Advisor(s) Sandler O'Neill + Partners LP
Waller Helms Advisors LLC (Financial)
Kirkland & Ellis LLP (Legal)

Target

Relation Insurance Services, Inc.

Walnut Creek, California, United States
website
Relation Insurance Services, Inc. is a premier insurance broker that offers superior risk-management and benefits-consulting services through its family of brands across the U.S. It is ranked by Insurance Journal within the top 45 largest agencies in the country by revenue and has nearly 500 employees in more than 30 locations nationwide. Relation Insurance Services was founded in 2007 and is based in Walnut Creek, California.

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Buyer(S) 1

Buyer

Aquiline Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2005
PE ASSETS 2.1B USD
SizeLarge
Type Sector Focused
DESCRIPTION

Aquiline Capital Partners is a private equity firm that targets investments in the financial services sector. The Firm specifically invests in risk-bearing and services enterprises in industries such as property and casualty insurance, specialty finance, securities, asset management, life insurance and transaction processing. Aquiline Capital was formed in 2005 and is based in New York City.


DEAL STATS #
Overall 39 of 56
Sector (Insurance) 9 of 11
Type (Secondary Buyout) 6 of 11
State (California) 6 of 9
Country (United States) 27 of 41
Year (2019) 2 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-09 GAN Integrity

New York, New York, United States

GAN Integrity provides cloud-based compliance management software focused on anti-corruption. The platform manages policies, training, third-party due diligence, communications, and investigations for employees and suppliers. GAN Integrity was founded in 2004 and is based in New York City, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-25 Utilant LLC

Buffalo, New York, United States

Utilant is a provider of the P&C insurance industry’s premier loss control survey management through its LossControl360 SaaS solution. Utilant was established in 2005 and is based in Buffalo, New York.

Buy -

Seller(S) 3

SELLER

Celerity Partners

Los Angeles, California, United States

Investor Investor Investor

website


Category Private Equity Firm
Founded 1995
SizeSmall
Type Sector Agnostic
DESCRIPTION

Celerity Partners is a private equity firm that targets middle-market company investments. Target transaction types include growth equity, 'de-leveraging investments', management buyouts, corporate divestitures and recapitalizations. Celerity looks for companies with EBITDA between $2 and $20 million. Manufacturing and services are the primary focus of Celerity's interests. Specifically, the firm pursues electronic manufacturing services, safety products and services, outsourced healthcare services, outsourced pharmaceutical services, military/aerospace industry, IT services, document management/data services, niche manufacturing and marketing services. Celerity Partners was formed in 1995 and has offices in Los Angeles and Menlo Park, California.


DEAL STATS #
Overall 19 of 21
Sector (Insurance) 1 of 1
Type (Secondary Buyout) 8 of 8
State (California) 8 of 9
Country (United States) 17 of 19
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-06 TotalCareRX, Inc.

Oakland Gardens, New York, United States

TotalCareRX, Inc. provides specialty and long-term care pharmacy services to patients primarily in transplant care, Cystic Fibrosis, HIV, and oncology therapeutic areas. TotalCareRX was founded in 2009 and is based in Oakland Gardens, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-08 Western Jet Aviation, Inc.

Van Nuys, California, United States

Western Jet Aviation, Inc. provides maintenance, repair, and avionics services for business and general aviation aircraft. Western Jet Aviation was founded in 1999 and is based in Van Nuys, California.

Buy -
SELLER

Century Equity Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1987
PE ASSETS 885M USD
SizeMiddle-Market
Type Sector Agnostic
DESCRIPTION

Century Equity Partners is an asset management firm invests in lower middle-market companies located in the US. Century Equity Partners focuses on companies with rapidly growing, profitable businesses led by strong management teams with an enterprise value between $15 and $300 million and equity capital ranging from $5 to $30 million and in conjunction with its limited partners and select co-investors can commit up to $100 million to a single transaction. The Firm targets companies operating in the fields of financial services, insurance, and healthcare services. Types of transactions include buyouts and growth capital. It seeks minority interest and also considers co-invests. Century Equity Partners was formed in 1987 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 20 of 22
Sector (Insurance) 12 of 12
Type (Secondary Buyout) 4 of 4
State (California) 2 of 2
Country (United States) 15 of 17
Year (2019) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-10 Rimkus Consulting Group, Inc.

Houston, Texas, United States

Rimkus Consulting Group, Inc. is a forensic engineering firm providing engineering consulting services to insurance carriers, law firms, and self-insured corporations. Services range from technical analyses of complex insurance claims to a number of highly specialized offerings, including toxicology, biomechanics, and human factors. Rimkus also provides building engineering services to corporate clientele. Rimkus Consulting Group was founded in 1983 and is based in Houston, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-02 McBee Associates, Inc.

Wayne, Pennsylvania, United States

McBee Associates, Inc. is the nation’s premier health care services and consulting firm that delivers financial, operational and clinical consulting services exclusively to healthcare providers across the continuum of care. For more than 45 years, McBee has designed services to ensure the success of clients by improving clinical, operational, and revenue cycle performance. McBee offers solutions that address the unique financial and operational needs of hospitals, home health, long-term care, and other organizations

Sell -
SELLER

Parthenon Capital

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1998
PE ASSETS 5.5B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Parthenon Capital is a private equity firm focused on investing in service-based businesses with recurring revenues, defensible niches and competitive advantages. Parthenon looks for businesses valued between $50 and $750 million operating in sectors that include business services, financial services, manufacturing, technology-enabled services, and distribution/logistics. Prospective transaction types include recapitalizations, management buyouts, acquisitions, privatizations, and growth capital financings. Parthenon Capital was formed in 1998 and has offices in Boston, Massachusetts and San Francisco, California.


DEAL STATS #
Overall 23 of 30
Sector (Insurance) 2 of 2
Type (Secondary Buyout) 6 of 8
State (California) 3 of 5
Country (United States) 23 of 30
Year (2019) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-04 Millennium Trust Co.

Oak Brook, Illinois, United States

Millennium Trust Co. is a provider of retirement and custody services, empowering clients with unmatched service, access to a wide range of custody solutions and expertise they can count on. Whether it’s the custody of alternative assets, investment accounts or retirement funds, Millennium Trust is uniquely qualified to support our clients’ success. Millennium Trust Company performs the duties of a directed custodian, and as such does not provide due diligence to third parties on prospective investments, platforms, sponsors or service providers and does not sell investments or provide investment, legal, or tax advice.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-01 RedCard

St. Louis, Missouri, United States

RedCard is a provider of claims communications, payments and enrollment technology and solutions to healthcare payors, providers and members. RedCard was founded in 2006 and is based in St. Louis, Missouri.

Sell -