Corsair Capital Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Corsair Capital has acquired 6 companies.

Corsair Capital’s most common sectors for investment arefinancial services (39%) and insurance (27%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (43%) and secondary buyout (27%). In total, Corsair Capital has invested in 11 US states and 10 different countries. Its largest (disclosed) acquisition occurred in 2015 when it acquired First Eagle Investment Management for $4.0B.

In the last 3 years, Corsair Capital has exited 4 companies. The Firm’s most common exit type is trade sale (47%). Corsair Capital’s largest (disclosed) exit occurred in 2008 when it sold National City for $5.6B.

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M&A Summary

  • M&A Total Activity38
    • M&A Buy Activity26
    • M&A Sell Activity12
  • Total Sectors Invested 7
  • Total Countries Invested 10
  • M&A Buy/Sell Connections 25
  • M&A Advisors 12

Corsair Capital

717 Fifth Avenue, 24th floor,
New York, New York 10022
United States
(212) 224-9400
www.corsair-capital.com
corsair@corsair-capital.com

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.


Investment Criteria

Sectors of Interest: Financial Services, Insurance

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Recapitalization, Special Situations/Distressed, Secondary Buyout, Stake Purchase

Geographic Preferences: East US, Midwest US, South US, West US, Western Europe, Eastern Europe, Asia/Pacific, Latin/South America

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 50 100
Enterprise Value 100 500
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '17 '18 '19 '20 '21 '22 T
Buy (1.8/yr) # 17 3 2 2 - 2 26
vol $5.2B $350M $5.6B
Sell (0.8/yr) # 9 - 1 1 - 2 13
vol $9.0B $1.0B $179M $10.2B
  39

Most Recent M&A

Company Date Value Type
Notemachine Ltd. 2022-10-03 179M USD Add-on Acquisition
Powys, United Kingdom · www.notemachine.com
HungerRush 2022-06-01 - Secondary Buyout
Houston, Texas · www.hungerrush.com
RGI S.P.A. 2022-03-10 - Secondary Buyout
Milan, Italy · www.rgigroup.com
Aurora Payments 2022-01-04 - Buyout (LBO, MBO, MBI)
Tempe, Arizona · www.risewithaurora.com
IDIQ 2020-12-16 - Buyout (LBO, MBO, MBI)
Temecula, California · www.idiq.com
Multi Service Technology Solutions, Inc. (MSTS) 2020-07-30 350M USD Divestiture
Overland Park, Kansas · www.msts.com
Personal Capital Corp. 2020-06-29 1.0B USD Add-on Acquisition
Redwood City, California · www.personalcapital.com
Axo Finans AS 2019-09-23 - Buyout (LBO, MBO, MBI)
Oslo, Norway · www.axofinans.no
Vantage Airport Group Ltd. 2019-02-04 - Secondary Buyout
Vancouver, British Columbia · www.vantageairportgroup.com
ZEDRA Group 2018-11-28 - Buyout (LBO, MBO, MBI)
Geneva, Switzerland · www.zedra.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
ZEDRA Group 2018-11-28 Zedra Fund Services 2022-03-16 10
Geneva, Switzerland · www.zedra.com Luxembourg, Luxembourg
ZEDRA Group 2018-11-28 BNP Paribas Singapore Trust Corp. Ltd. 2020-01-08 9
Geneva, Switzerland · www.zedra.com , Singapore

M&A by Sector

Sector Current # Value All-time # Value
Financial Services 5 (36%) 4.4B (93%) 10 (38%) 4.4B (79%)
Insurance 3 (21%) - 7 (27%) 811M (15%)
Information Technology 2 (14%) 350M (7%) 2 (8%) 350M (6%)
Business Services 1 (7%) - 2 (8%) -
Internet Software and Services 1 (7%) - 2 (8%) -
Software 1 (7%) - 2 (8%) -
Aerospace 1 (7%) - 1 (4%) -
Total 14 $4.7B 26 $5.6B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 8 (57%) 4.4B (94%) 12 (46%) 4.7B (85%)
  California 1 (7%) - 2 (8%) -
  New York 1 (7%) 4.0B (84%) 1 (4%) 4.0B (72%)
  Kansas 1 (7%) 350M (7%) 1 (4%) 350M (6%)
  Tennessee 1 (7%) 88M (2%) 1 (4%) 88M (2%)
  Arizona 1 (7%) - 1 (4%) -
  Texas 1 (7%) - 1 (4%) -
  New Jersey 1 (7%) - 1 (4%) -
  Missouri 1 (7%) - 1 (4%) -
  Connecticut - - 1 (4%) 279M (5%)
  Georgia - - 1 (4%) -
  Massachusetts - - 1 (4%) -
Bermuda 1 (7%) - 3 (12%) 532M (10%)
United Kingdom 1 (7%) 308M (6%) 2 (8%) 308M (6%)
South Korea 1 (7%) - 2 (8%) -
Poland - - 2 (8%) -
Canada 1 (7%) - 1 (4%) -
  British Columbia 1 (7%) - 1 (4%) -
Norway 1 (7%) - 1 (4%) -
Switzerland 1 (7%) - 1 (4%) -
Italy - - 1 (4%) -
Sweden - - 1 (4%) -
Domestic 8 (57%) 4.4B (94%) 12 (46%) 4.7B (85%)
Cross-border 6 (43%) 308M (6%) 14 (54%) 840M (15%)
Total 14 $4.7B 26 $5.6B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 7 (50%) 396M (8%) 11 (42%) 1.2B (22%)
Secondary Buyout 4 (29%) 4.0B (84%) 7 (27%) 4.0B (72%)
Stake Purchase - - 3 (12%) -
Venture 1 (7%) - 2 (8%) -
Divestiture 1 (7%) 350M (7%) 1 (4%) 350M (6%)
Growth Capital - - 1 (4%) -
PIPE 1 (7%) - 1 (4%) -
Total 14 $4.7B 26 $5.6B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 4 (31%) 9.2B (90%)
Trade Sale 3 (23%) 1.0B (10%)
IPO 2 (15%) -
Unknown 2 (15%) -
Secondary Sale 1 (8%) -
SPAC 1 (8%) -
Total 13 $10.2B

Top M&A Advisors

Financial Deals
Keefe, Bruyette, & Woods, Inc.
 2
Arma Partners LLP
 1
Morgan Stanley
 1
Legal Deals
Simpson Thacher & Bartlett LLP
 6
Chapman & Cutler LLP
 3
Clifford Chance LLP
 1

Deal Values

buy # Total
> $1B 1 $4.0B
$100M to $1B 4 $1.5B
< $100M 1 $88M
TOTAL $5.6B
Largest First Eagle Investment Management LLC
$4.0B (2015-07-20)
sell # Total
> $1B 3 $9.3B
$100M to $1B 2 $871M
TOTAL $10.2B
Largest National City Corp.
$5.6B (2008-12-31)

M&A Connections

Deals
Acquired from
Investor(s)
27%
7 (27%)
Strategic(s)
4%
1 (4%)
Exited to
Investor(s)
8%
1 (8%)
Strategic(s)
46%
6 (46%)

Investor Summary

Investor Type

Private Equity Firm

Size

Large

Established

1992

Specialist/Generalist

Specialist

Leadership

D.T. Ignacio Jayanti

CEO

Nicholas Paumgarten

Founder

Paul Cabral

CFO

Edward Wertheim

Managing Director

Marwan El-Asmar

Managing Director

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