M&A Deal Summary

HarbourVest Partners, Permira, CVC Capital Partners and Charterhouse Capital Partners Acquires Acromas Holdings

On September 1, 2007, private equity firms HarbourVest Partners, Permira, CVC Capital Partners and Charterhouse Capital Partners acquired insurance company Acromas Holdings Ltd. for 6.2B GBP

Acquisition Highlights
  • This is HarbourVest Partners’ 2nd, Permira’s 1st, CVC Capital Partners’ 1st and Charterhouse Capital Partners’ 1st transaction in the Insurance sector.
  • This is HarbourVest Partners’ 4th, Permira’s 3rd, CVC Capital Partners’ 1st and Charterhouse Capital Partners’ 0th largest (disclosed) transaction.
  • This is HarbourVest Partners’ 8th, Permira’s 22nd, CVC Capital Partners’ 31st and Charterhouse Capital Partners’ 9th transaction in the United Kingdom.

M&A Deal Summary

Date 2007-09-01
Target Acromas Holdings Ltd.
Sector Insurance
Buyer(s) HarbourVest Partners
Permira
CVC Capital Partners
Charterhouse Capital Partners
Deal Type Consolidation
Deal Value 6.2B GBP

Target

Acromas Holdings Ltd.

Folkestone, United Kingdom
website
Acromas Holdings Ltd. is a provider of insurance, financial and travel services. The company remains powerful in the financial, motoring and travel services business, under a management team with extensive experience in building and growing an affinity business.

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Buyer(S) 4

Buyer

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1978
PE ASSETS 45.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

HarbourVest Partners, LLC is an investment firm that makes investments in new private equity partnerships, acquires secondary interests, and makes direct investments in operating companies. HarbourVest's largest investment area is investments in private equity funds, comprising of approximately 2/3 of HarbourVest's assets. HarbourVest's direct investment group looks for investments in growth oriented businesses at a variety of stages. The Group generally targets co-investments of $5 to $100 million, growth capital financings of $5 to $40 million, or mezzanine commitments of $5 to $20 million. Sectors of interest include software, hardware, data communications, telecommunications, and financial services. HarbourVest was formed in 1997 to assume the business of Hancock Venture Partners which was formed in 1982. HarbourVest Partners is based in Boston, Massachusetts, with additional offices in London, Tokyo, and Hong Kong.


DEAL STATS #
Overall 58 of 133
Sector (Insurance) 2 of 6
Type (Consolidation) 1 of 2
Country (United Kingdom) 8 of 13
Year (2007) 17 of 19
Size (of disclosed) 4 of 45
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-08-23 Alexander Forbes Ltd.

Sandown, South Africa

Alexander Forbes Limited is South Africa's insurance broker, asset multi-manager and financial services company.

Buy $1.2B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-10-26 Tropitone Furniture Co., Inc.

Irvine, California, United States

Tropitone Furniture Company, Inc. designs and manufactures indoor and outdoor casual furniture. The company offers extruded and cast aluminum patio and pool furniture, aluminum or wood market umbrellas, patio umbrellas, outdoor bar stools, chaise lounges, patio chairs, outdoor dining chairs, and outdoor furniture sets.

Buy -
Buyer

Permira

London, United Kingdom

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1985
PE ASSETS 32.0B EUR
SizeMega
Type Sector Agnostic
DESCRIPTION

Permira is a mega-sized private equity firm that targets large company investments around the world. Permira invests to support acquisitions, leveraged buyouts, take-privates, turnarounds, and growth buyouts. Areas of interest include healthcare, financial services, chemicals, consumer products and services, industrial products and services, technology, media, and telecom. Permira will consider opportunities in Europe, Asia, and North America. Permira was formed in 1985 and has offices in Menlo Park, Frankfurt, Luxembourg, London, Hong Kong, Madrid, Milan, Paris, Stockholm, Tokyo, Guernsey and New York City.


DEAL STATS #
Overall 63 of 144
Sector (Insurance) 1 of 1
Type (Consolidation) 1 of 2
Country (United Kingdom) 22 of 31
Year (2007) 3 of 6
Size (of disclosed) 3 of 58
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-08-01 Takko Holding GmbH

Telgte, United Kingdom

Takko is a retailer of fashionable 'value for money' clothing, targeting young families and women aged between 25 and 40. Takko was formed in 1982 and runs over 900 stores in Germany, Austria, The Netherlands, Hungary, and the Czech Republic.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-10-11 Galaxy Entertainment Group

Central, China

Galaxy Entertainment Group is a casino and hotel operator in Macau SAR, China.

Buy HK$6.5B
Buyer

CVC Capital Partners

Luxembourg, Luxembourg

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1981
PE ASSETS 82.0B USD
SizeMega
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 €250 million to €10 billion. CVC Capital Partners was formed in 1981 and is based in Luxembourg.


DEAL STATS #
Overall 115 of 283
Sector (Insurance) 1 of 7
Type (Consolidation) 1 of 3
Country (United Kingdom) 31 of 54
Year (2007) 11 of 15
Size (of disclosed) 1 of 53
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-07-17 KS Oils Ltd.

Morena, India

K S Oils Limited is a Fast Moving Consumer Goods edible oil player from India with two leading brands, Double Sher and Kalash.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-10-01 Dutton Forshaw Motor Co. Ltd.

Manchester, United Kingdom

Dutton Forshaw serves as a large dealer group offering new and used vehicles from major manufacturers. The company offers to source dealers by franchise or location.

Sell -
Buyer

Charterhouse Capital Partners

London, United Kingdom

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1934
PE ASSETS 4.1B EUR
SizeMega
Type Sector Agnostic
DESCRIPTION

Charterhouse Capital Partners is a large private equity firm specializing in buyouts of European industrial and commercial service companies. The Firm primarily seeks opportunities in Western Europe and the UK. Charterhouse focuses on profitable companies led by experienced management valued from €200 million to €1.5 billion. Specific areas of interest include business services, chemicals, engineering, leisure, transport and logistics. Charterhouse Capital Partners was formed in 1934 and is based in London.


DEAL STATS #
Overall 16 of 45
Sector (Insurance) 1 of 2
Type (Consolidation) 1 of 1
Country (United Kingdom) 9 of 18
Year (2007) 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-05-14 Tes Global Ltd.

London, United Kingdom

Tes Global Ltd. is a digital education company committed to supporting teaching and learning. We believe in the power of great teaching. Tes supports and connects teachers and schools worldwide, helping them improve children’s lives through education. TSL Education Group was formed in 1910 and is based in London.

Buy £235M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-02-25 Giles Insurance Brokers Ltd.

Glasgow, United Kingdom

Giles Insurance Brokers Ltd. is an independent insurance brokers in UK.

Buy £200M