M&A Deal Summary

Belvedere Capital Partners, FFL Partners, TRC Capital Partners, Harvest Partners and Pine Brook Partners Acquires Green Bancorp

On July 26, 2006, private equity firm Belvedere Capital Partners, private equity firm FFL Partners, private equity real estate TRC Capital Partners, LLC, private equity firm Harvest Partners LLC and private equity firm Pine Brook Partners acquired financial services company Green Bancorp, Inc. for 20M USD

Acquisition Highlights
  • This is Belvedere Capital Partners’ 1st, FFL Partners’ 2nd, TRC Capital Partners’ 1st, Harvest Partners’ 1st and Pine Brook Partners’ 1st transaction in the Financial Services sector.
  • This is Belvedere Capital Partners’ 1st, FFL Partners’ 4th, TRC Capital Partners’ 1st, Harvest Partners’ 5th and Pine Brook Partners’ 8th largest (disclosed) transaction.
  • This is Belvedere Capital Partners’ 1st, FFL Partners’ 12th, TRC Capital Partners’ 3rd, Harvest Partners’ 10th and Pine Brook Partners’ 2nd transaction in the United States.
  • This is Belvedere Capital Partners’ 1st, FFL Partners’ 2nd, TRC Capital Partners’ 3rd, Harvest Partners’ 4th and Pine Brook Partners’ 2nd transaction in Texas.
Investment Fate
  • Green Bancorp merged with another company in 2018.

M&A Deal Summary

Date 2006-07-26
Target Green Bancorp, Inc.
Sector Financial Services
Buyer(s) Belvedere Capital Partners
FFL Partners
TRC Capital Partners, LLC
Harvest Partners LLC
Pine Brook Partners
Deal Type Buyout (LBO, MBO, MBI)
Deal Value 20M USD

Target

Green Bancorp, Inc.

Houston, Texas, United States
website
Green Bancorp, Inc. is a bank holding company that operates Green Bank primarily in the Houston and Dallas metropolitan areas. Commercial-focused, Green Bank is a nationally chartered bank regulated by the Office of the Comptroller of the Currency, a division of the Department of the Treasury of the United States.

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Buyer(S) 5

Buyer

Belvedere Capital Partners

San Francisco, California, United States

website


Category Private Equity Firm
Founded 1994
SizeSmall
Type Sector Focused
DESCRIPTION

Belvedere Capital is a private equity firm that targets investments in the financial services sector. Specific areas of interest include banks, wealth managers, investment advisories, brokerages, insurance firms, and other related financial service companies. The Firm's can commit and/or mezzanine capital and looks to invest $5 to $40 million per transaction. Belvedere was formed in 1994 and is based in San Francisco. The Firm is in harvest mode and will not be making any new investments or raising a new fund.


DEAL STATS #
Overall 1 of 3
Sector (Financial Services) 1 of 2
Type (Buyout (LBO, MBO, MBI)) 1 of 3
State (Texas) 1 of 1
Country (United States) 1 of 3
Year (2006) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-01-01 1st Century Bancshares, Inc.

Los Angeles, California, United States

1st Century Bank is a nationally-chartered, commercial bank based in the Century City area of West Los Angeles. 1st Century focuses on providing a wide range of banking services to small and medium-sized businesses, their owners and employees.1st Century Bank operates three locations in the Los Angeles, California market, serving the unique needs of businesses and professionals on the Westside of Los Angeles, and is distinguished as the premier private bank in the area. 1st Century Bank was established in 2004 by a team of entrepreneurs, banking veterans, and local leaders. As of December 31, 2015, 1st Century Bancshares had assets totaling $732 million, net loans of $589 million and deposits of $598 million.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-08-01 Spectrum Bank

Irvine, California, United States

Headquartered in Irvine, California, Spectrum Bank provides its customers with the cutting edge technology and personalized service that have been the keystone of the bank since its 1955 founding. Spectrum Bank?s mission is to consistently provide professional, friendly and secure banking services for business and individual customers with the desire to grow with its customers. Spectrum Bank is an operating subsidiary of Belvedere's Southern California organic growth and roll-up platform, Belvedere SoCal.

Buy -
Buyer

FFL Partners

San Francisco, California, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1997
PE ASSETS 4.6B USD
SizeLarge
Type Sector Agnostic
DESCRIPTION

FFL Partners (formerly known as Friedman Fleischer & Lowe) is a private equity group focused on majority and minority investments in North American middle-market companies. Prospective businesses generally have revenues of $30 to $400 million and are valued between $50 and $300 million. Target situations include ownership restructurings in closely-held and family-owned companies, management buyouts, PIPEs, growth equity fundings, take privates, special situations, and recapitalizations. Sectors of interest include outsourced business services, education and training, marketing and media, consumer products, healthcare, and financial services. FFL Partners was formed in 1997 and is based in San Francisco.


DEAL STATS #
Overall 13 of 47
Sector (Financial Services) 2 of 8
Type (Buyout (LBO, MBO, MBI)) 6 of 10
State (Texas) 2 of 4
Country (United States) 12 of 43
Year (2006) 2 of 3
Size (of disclosed) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-01 DPMS, Inc.

Atlanta, Georgia, United States

DPMS, Inc. provides various non-clinical services to dental group practices, including providing dental facilities, support staff, and other business services. DPMS's principal client is Kool Smiles, a nationally-branded provider of dental care focused primarily on children enrolled in Medicaid and State Children's Health Insurance Programs. The limited access to care for children on Medicaid/SCHIP plans provides an attractive growth opportunity for Kool Smiles as it continues to expand offices with a mission to provide quality care to this underserved population.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-08-01 Discovery Food Holdings Corp.

Hayward, California, United States

Discovery Foods Holding Corp. is a processor and distributor of branded and private label frozen food products. The Company's product line includes frozen Asian entrees sold under the Tai Pei brand and VIP-branded and private label vegetables and fruit. Discovery Foods sells its products to a wide range of customers, including mass retailers and traditional grocery retailers.

Buy -
Buyer

TRC Capital Partners, LLC

Houston, Texas, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Real Estate
Founded 1980
PE ASSETS 1.4B USD
SizeLarge
Type Sector Agnostic
DESCRIPTION

TRC Capital Partners LLC is a private investment firm. TRC targets control investments in lower middle-market companies as well as real estate development projects. TRC Capital Partners was formed 1980 and is based in Houston, Texas.


DEAL STATS #
Overall 3 of 4
Sector (Financial Services) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 3 of 4
State (Texas) 3 of 4
Country (United States) 3 of 4
Year (2006) 2 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-03-13 Cardinal Southwest

Houston, Texas, United States

Cardinal Southwest is a franchisor of Popeye's Chicken and Biscuits fast food restaurants in Texas. The company is continually looking to add new units by either acquisition or development in the Popeye's brand or through entrance into other quick serve restaurant systems that represent a strong strategic fit.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-07-23 Cafe Express LLC

Houston, Texas, United States

Cafe Express LLC owns and operates full-size, upscale fast-casual restaurants in Texas with emphasis on freshness and flavor infused in Del Grande's modern Southwestern cuisine.

Buy -
Buyer

Harvest Partners LLC

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1981
PE ASSETS 5.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Harvest Partners is a private equity firm that targets buyout and growth capital investments in middle-market public and private companies. Harvest Partners looks to invest up to $100 million in consumer products/retail, manufacturing, marketing, building products, industrial, specialty services, and value-added distribution companies valued between $100 and $600 million. The Firm prefers opportunities headquartered in North America. Harvest Partners was formed in 1981 and is based in New York City.


DEAL STATS #
Overall 12 of 44
Sector (Financial Services) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 5 of 7
State (Texas) 4 of 9
Country (United States) 10 of 42
Year (2006) 2 of 3
Size (of disclosed) 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-02-01 Regency Energy Partners LP

Dallas, Texas, United States

Regency Energy Partners LP is a growth-oriented, master limited partnership engaged in the gathering and processing, compression, treating and transportation of natural gas; the transportation, fractionation and storage of natural gas liquids; the gathering, transportation and terminaling of oil (crude and/or condensate) received from producers; and the management of coal and natural resource properties in the United States.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-08-28 Encanto Restaurants, Inc.

San Juan, United States

Encanto Restaurants is the sole franchisee in Puerto Rico of the highly successful Yum Brands concepts including KFC, Pizza Hut, Taco Bell, Long John Silver's and A&W All American Food.

Buy -
Buyer

Pine Brook Partners

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2006
PE ASSETS 6.0B USD
SizeMega
Type Sector Focused
DESCRIPTION

Pine Brook Road Partners is a private equity group focused on growth capital investments in the energy and financial services sectors. Specific areas of interest within the energy sector include exploration, oilfield services, transportation/storage, power generation/distribution/transmission, and biofuel/renewable resources. Specific areas of interest within financial services include insurance, banks, asset management, specialty finance, and servicing/distribution/origination. Pine Brook generally acts as the lead/control investor in newly-formed or established businesses. The Firm has a special interest in 'underappreciated or overlooked' opportunities. Pine Brook Road Partners was formed in 2006 and is based in New York City.


DEAL STATS #
Overall 3 of 45
Sector (Financial Services) 1 of 9
Type (Buyout (LBO, MBO, MBI)) 1 of 14
State (Texas) 2 of 19
Country (United States) 2 of 33
Year (2006) 3 of 3
Size (of disclosed) 8 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-07-01 Aeolus Re Ltd.

Hamilton, Bermuda

Aeolus Re Ltd. is a provider of reinsurance and retrocession coverage on a fully-collateralized basis.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-03-01 Syndicate Holding Corp.

San Juan, Puerto Rico

Syndicate is an insurance company, that offers “reinsurance-to-close” for open syndicate years, which facilitates the release of trapped capital for the original Lloyd’s capital providers and insulates the Lloyd’s Central Fund by injecting incremental capital into Lloyd’s. Syndicate was formed in 2007 and is based in San Juan, Puerto Rico.

Buy -