M&A Deal Summary

Carlisle Enterprises, CCP Equity Partners, Centre Partners Management, Corsair Capital, The Cypress Group and Charlesbank Capital Partners Acquires Catlin Group

On July 4, 2002, private equity firms Carlisle Enterprises LLC, CCP Equity Partners, Centre Partners Management LLC, Corsair Capital, The Cypress Group and Charlesbank Capital Partners acquired insurance company Catlin Group Ltd. for 532M USD

Acquisition Highlights
  • This is Carlisle Enterprises’ 1st, CCP Equity Partners’ 5th, Centre Partners Management’s 1st, Corsair Capital’s 1st, The Cypress Group’s 1st and Charlesbank Capital Partners’ 1st transaction in the Insurance sector.
  • This is Carlisle Enterprises’ 1st, CCP Equity Partners’ 1st, Centre Partners Management’s 1st, Corsair Capital’s 2nd, The Cypress Group’s 6th and Charlesbank Capital Partners’ 3rd largest (disclosed) transaction.
  • This is Carlisle Enterprises’ 1st, CCP Equity Partners’ 1st, Centre Partners Management’s 1st, Corsair Capital’s 1st, The Cypress Group’s 1st and Charlesbank Capital Partners’ 1st transaction in Bermuda.
Investment Fate
  • Catlin Group was sold to a strategic buyer in 2015 for 4.1B USD.

M&A Deal Summary

Date 2002-07-04
Target Catlin Group Ltd.
Sector Insurance
Buyer(s) Carlisle Enterprises LLC
CCP Equity Partners
Centre Partners Management LLC
Corsair Capital
The Cypress Group
Charlesbank Capital Partners
Deal Type Buyout (LBO, MBO, MBI)
Deal Value 532M USD

Target

Catlin Group Ltd.

Hamilton, Bermuda
website
Catlin Group Ltd. is a specialty insurance and reinsurance provider . Areas of expertise include Marine, Professional Indemnity, Aviation, Energy, and Industrial. Catlin's property catastrophe reinsurance and marine businesses are viewed as 'Best in Class' at Lloyd's.

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Buyer(S) 6

Buyer

Carlisle Enterprises LLC

San Diego, California, United States

Investor Investor

website


Category Private Equity Firm
Founded 1990
SizeMiddle-Market
Type Sector Agnostic
DESCRIPTION

Carlisle Enterprises is a private equity firm focused on investing in companies providing products and services to industrial, commercial and consumer markets. Prospective transaction situations include recapitalizations, divestitures, consolidations, minority and growth financings. Carlisle prefers businesses located within the US. The Firm will consider both profitable companies and turnaround situations. Carlisle's target investment range is up to $100 million of equity capital. Carlisle is partnered with and relies on private equity firm Centre Partners to fund acquisitions. Carlisle Enterprises is based in San Diego, California.


DEAL STATS #
Overall 5 of 18
Sector (Insurance) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 3 of 13
Country (Bermuda) 1 of 1
Year (2002) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2000-04-14 Brand Industrial Services, Inc.

Kennesaw, Georgia, United States

BrandSafway is a provider of specialized services to the global energy, industrial, and infrastructure markets. Its range of service offerings includes work access, corrosion management, atmospheric and immersion coatings, insulation services, fireproofing and refractory, mechanical services, forming and shoring, and other complementary specialty services. Brand delivers its services through a network of more than 370 branches on six continents, with a focus on the major hydrocarbon and power generation markets globally. BrandSafway was founded in 1919 and is based in Kennesaw, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2002-08-22 Brand Industrial Services, Inc.

Kennesaw, Georgia, United States

BrandSafway is a provider of specialized services to the global energy, industrial, and infrastructure markets. Its range of service offerings includes work access, corrosion management, atmospheric and immersion coatings, insulation services, fireproofing and refractory, mechanical services, forming and shoring, and other complementary specialty services. Brand delivers its services through a network of more than 370 branches on six continents, with a focus on the major hydrocarbon and power generation markets globally. BrandSafway was founded in 1919 and is based in Kennesaw, Georgia.

Sell $500M
Buyer

CCP Equity Partners

Hartford, Connecticut, United States

Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1985
PE ASSETS 500M USD
SizeMiddle-Market
Type Sector Focused
DESCRIPTION

CCP Equity Partners LLC (Formerly Conning Capital Partners) is a private equity firm that looks to invest in growth companies operating in the healthcare and financial services sectors. CCP looks to invest $5 to $20 million in North American based companies with revenues between $5 and $100 million. Target companies should have 'exceptional' growth potential, be at or near profitability, and have clear/sustainable competitive advantages. CCP Equity Partners was established in 1985 and is based in Hartford, Connecticut.


DEAL STATS #
Overall 9 of 24
Sector (Insurance) 5 of 5
Type (Buyout (LBO, MBO, MBI)) 5 of 8
Country (Bermuda) 1 of 1
Year (2002) 1 of 4
Size (of disclosed) 1 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2002-05-01 Hobbs Group LLC

Atlanta, Georgia, United States

Hobbs Group LLC a commercial insurance brokerage firm providing specialized risk management insurance and technology services, including complex property risks, construction owner-controlled insurance programs, casualty risk management, long-term healthcare, employee benefits, executive life products and professional liability coverage.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2002-09-04 InfoGlide Software Corp.

Austin, Texas, United States

Infoglide Software is a provider of entity resolution and social network analysis solutions, used primarily to improve fraud detection, security and compliance.

Buy -
Buyer

Centre Partners Management LLC

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1986
PE ASSETS 2.0B USD
SizeLarge
Type Sector Agnostic
DESCRIPTION

Centre Partners is a private equity firm focused on investments in North American middle-market companies 'with strong growth prospects, predictable cash flows, and defensible competitive positions'. Prospective transactions include investments in privately owned companies, growth capital financings, management buyouts/buy-ins, divestitures, and take privates. The Firm's typical investment size is $10 to $50 million. Areas of interest include consumer products and services, cable/media, business services, energy, financial services, healthcare, industrial, and retail. Centre Partners was formed in 1986 and has offices in New York, New York and Los Angeles, California.


DEAL STATS #
Overall 13 of 51
Sector (Insurance) 1 of 2
Type (Buyout (LBO, MBO, MBI)) 11 of 30
Country (Bermuda) 1 of 1
Year (2002) 1 of 1
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2001-09-06 The Learning Company

Hiawatha, Iowa, United States

The Learning Company (TLC) is an American educational software company, founded in 1980. It produced a grade-based system similar to Knowledge Adventure's JumpStart series. The products for preschoolers through second graders feature Reader Rabbit, and software for more advanced students features The ClueFinders. The company also purchased the Minnesota Educational Computing Consortium.

Sell $60M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-03-03 Kaz, Inc.

Southborough, Massachusetts, United States

Kaz, Inc. is a provider of personal healthcare and home environment products with a portfolio of premier brands including Vicks, Enviracaire, Honeywell and Duracraft.

Buy -
Buyer

Corsair Capital

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1992
SizeLarge
Type Sector Focused
DESCRIPTION

Corsair Capital is a private investment firm focused on investments in the financial services industry. Specific areas of interest include banks, insurance companies, credit card specialists, asset managers, private banks, mortgage lenders, financial technology firms, and finance companies. The Firm looks to invest between $50 to $100 million in companies with proven business models and 'meaningful' barriers to entry. Corsair will consider opportunities around the world, including the US, Europe, Latin America, and Asia. Prospective transactions include recapitalizations, growth capital financings, management buyouts, and special/distressed situations. Corsair Capital was originally established in 1992 and is based in New York City. Corsair has an additional office in London.


DEAL STATS #
Overall 4 of 25
Sector (Insurance) 1 of 7
Type (Buyout (LBO, MBO, MBI)) 2 of 11
Country (Bermuda) 1 of 3
Year (2002) 1 of 1
Size (of disclosed) 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2000-12-01 Bank Handlowy

Warsaw, Poland

Bank Handlowy is a provider of banking services in Poland and internationally.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-02-22 KorAm Bank

Seoul, South Korea

KorAm Bank was the seventh largest national commercial bank in Korea with approximately 226 branch locations and 4,250 full and part-time employees.

Sell $2.7B
Buyer

The Cypress Group

New York, New York, United States

website


Category Private Equity Firm
Founded 1989
PE ASSETS 4.0B USD
SizeLarge
Type Sector Agnostic
DESCRIPTION

The Cypress Group is a private equity firm that acquires businesses in a range of industries. Broad sectors of interest include consumer services, financial services, and manufacturing. The Cypress Group was formed in 1989 and is headquartered in New York, New York.


DEAL STATS #
Overall 7 of 12
Sector (Insurance) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 3 of 4
Country (Bermuda) 1 of 1
Year (2002) 1 of 1
Size (of disclosed) 6 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2001-09-01 MedPointe Pharmaceuticals, Inc.

Somerset, New Jersey, United States

MedPointe, Inc. develops, manufactures and markets a broad range of branded prescription specialty pharmaceutical products in the U.S.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-12-18 Financial Guaranty Insurance Co.

New York, New York, United States

FGIC is a bond insurer. Bond insurers guarantee the timely payment of principal and interest, effectively transferring the insurer's credit rating to the issuer, resulting in a lower cost of borrowing for the issuer.

Buy $2.2B
Buyer

Charlesbank Capital Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1998
PE ASSETS 6.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Charlesbank Capital Partners is a private equity firm focused on investing in companies at various stages of development, including private and public companies, distressed situations, as well as later stage high growth businesses. Charlesbank typically invests $50 to $150 million per deal, in companies valued between $150 million and $1.5 billion. Industries of interest include consumer products, distribution, energy, financial services, food, education, health-care products and services, manufacturing, media and communications, and retail. Charlesbank Capital Partners is based in Boston, Massachusetts with an additional office in New York City.


DEAL STATS #
Overall 13 of 73
Sector (Insurance) 1 of 3
Type (Buyout (LBO, MBO, MBI)) 9 of 14
Country (Bermuda) 1 of 2
Year (2002) 2 of 3
Size (of disclosed) 3 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2002-02-05 CSI Leasing, Inc.

St. Louis, Missouri, United States

CSI Leasing, Inc. is a large equipment leasing company in the U.S. engaging primarily in information and communication technology equipment (ICT equipment). CSI operates through 70 offices worldwide and leases in over 30 countries, including Mexico, Brazil, Spain, UK, Germany and many others. CSI has extensive experience in ICT equipment FMV (Fair Market Value) Leases and provides comprehensive equipment lifecycle and disposal services including refurbishments, resale and data erasure taking full advantage of its wholly owned subsidiary, Executive Personal Computers, Inc. (EPC).

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2002-07-23 Technisource, Inc.

Ft. Lauderdale, Florida, United States

Technisource (formerly IntelliMark) was originally a roll-up of 21 information technology temporary-staffing companies acquired between 1997 and 1999 by Edgewater Technology, a public company. The company, initially located in Little Rock, AR, has two primary lines of business: IT Resources and IT Solutions. IT Resources provides temporary IT staffing to Fortune 1000, mid-market and emerging-market clients through nearly 30 branches nationwide. IT Solutions provides network consulting and design, integration and support services, help desk solutions and training.

Buy -