Corsair Capital Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Corsair Capital has acquired 1 company.

Corsair Capital’s most common sectors for investment are financial services (39%) and insurance (34%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (43%) and secondary buyout (24%). In total, Corsair Capital has invested in 8 US states and 8 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 1 company. The Firm’s most common exit type is trade sale (40%). 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 Activity31
    • M&A Buy Activity21
    • M&A Sell Activity10
  • Total Sectors Invested 6
  • Total Countries Invested 8
  • M&A Buy/Sell Connections 21
  • M&A Advisors 9

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 ≤ '15 '16 '17 '18 '19 '20 T
Buy (1.0/yr) # 16 1 - 3 1 - 21
vol $5.2B $5.2B
Sell (0.2/yr) # 9 - - - 1 - 10
vol $9.0B $9.0B
  31

Most Recent M&A

Company Date Value Type
Vantage Airport Group Ltd. 2019-02-04 - Secondary Buyout
Vancouver, British Columbia · www.vantageairportgroup.com
REPAY Holdings LLC 2019-01-22 - IPO
Atlanta, Georgia · www.repay.com
ZEDRA Group 2018-11-28 - Buyout (LBO, MBO, MBI)
, United Kingdom · www.zedra.com
Jackson Hewitt Tax Service, Inc. 2018-05-31 - Secondary Buyout
Parsippany, New Jersey · www.jacksonhewitt.com
RGI S.P.A. 2018-01-09 - Secondary Buyout
MILANO, Italy · www.rgigroup.it
REPAY Holdings LLC 2016-01-01 - Buyout (LBO, MBO, MBI)
Atlanta, Georgia · www.repay.com
Currencies Direct Ltd. 2015-08-11 308M GBP Buyout (LBO, MBO, MBI)
London, United Kingdom · www.currenciesdirect.com
First Eagle Investment Management LLC 2015-07-20 4.0B USD Secondary Buyout
New York, New York · www.feim.com
SPARTA Insurance Holdings, Inc. 2014-09-16 - Trade Sale
Hartford, Connecticut · www.spartainsurance.com
Torus Insurance Holdings Ltd. 2013-07-09 692M USD Add-on Acquisition
Hamilton, Bermuda · www.torusinsurance.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
ZEDRA Group 2018-11-28 Awans Corporate Services 2020-02-11 6
, United Kingdom · www.zedra.com Warszawa, Poland · www.awansdp.com
ZEDRA Group 2018-11-28 BNP Paribas Singapore Trust Corp. Ltd. 2020-01-08 5
, United Kingdom · www.zedra.com , Singapore
ZEDRA Group 2018-11-28 LJ Fiduciary 2019-11-04 4
, United Kingdom · www.zedra.com London, United Kingdom · www.ljfiduciary.com
ZEDRA Group 2018-11-28 Talenture Advisory SA 2019-10-07 3
, United Kingdom · www.zedra.com Lugano, Switzerland · www.talenture.ch
ZEDRA Group 2018-11-28 Interben Trustees Ltd. 2019-06-13 2
, United Kingdom · www.zedra.com , United Kingdom · www.interbentrust.com
ZEDRA Group 2018-11-28 JP Integra Group 2018-12-03 1
, United Kingdom · www.zedra.com Grand Cayman, Cayman Islands · www.jpintegra.com
Capstar Bank 2007-12-06 Athens Bancshares Corp. 2018-06-11 1
Nashville, Tennessee · www.capstarbank.com Athens, Tennessee · www.athensfederal.com
First Eagle Investment Management LLC 2015-07-20 NewStar Financial, Inc. 2017-10-17 1
New York, New York · www.feim.com Boston, Massachusetts · www.newstarfin.com
Notemachine Ltd. 2012-08-21 Eurochange Ltd. 2014-11-05 1
Crickhowell, Powys, United Kingdom · www.notemachine.com Stevenage, United Kingdom · www.eurochange.co.uk

M&A by Sector

Sector Current # Value All-time # Value
Financial Services 4 (33%) 4.4B (100%) 8 (38%) 4.4B (84%)
Insurance 3 (25%) - 7 (33%) 811M (16%)
Business Services 3 (25%) - 3 (14%) -
Aerospace 1 (8%) - 1 (5%) -
Information Technology - - 1 (5%) -
Software 1 (8%) - 1 (5%) -
Total 12 $4.4B 21 $5.2B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 5 (42%) 4.1B (93%) 8 (38%) 4.4B (84%)
  New York 1 (8%) 4.0B (91%) 1 (5%) 4.0B (77%)
  Tennessee 1 (8%) 88M (2%) 1 (5%) 88M (2%)
  New Jersey 1 (8%) - 1 (5%) -
  Missouri 1 (8%) - 1 (5%) -
  California 1 (8%) - 1 (5%) -
  Connecticut - - 1 (5%) 279M (5%)
  Massachusetts - - 1 (5%) -
  Georgia - - 1 (5%) -
United Kingdom 3 (25%) 308M (7%) 3 (14%) 308M (6%)
Bermuda 1 (8%) - 3 (14%) 532M (10%)
South Korea 1 (8%) - 2 (10%) -
Poland - - 2 (10%) -
Canada 1 (8%) - 1 (5%) -
  British Columbia 1 (8%) - 1 (5%) -
Italy 1 (8%) - 1 (5%) -
Sweden - - 1 (5%) -
Domestic 5 (42%) 4.1B (93%) 8 (38%) 4.4B (84%)
Cross-border 7 (58%) 308M (7%) 13 (62%) 840M (16%)
Total 12 $4.4B 21 $5.2B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 4 (33%) 396M (9%) 9 (43%) 1.2B (23%)
Secondary Buyout 5 (42%) 4.0B (91%) 5 (24%) 4.0B (77%)
Stake Purchase - - 3 (14%) -
Venture 2 (17%) - 2 (10%) -
Growth Capital - - 1 (5%) -
PIPE 1 (8%) - 1 (5%) -
Total 12 $4.4B 21 $5.2B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 3 (30%) 9.0B (100%)
IPO 3 (30%) -
Trade Sale 2 (20%) -
Unknown 2 (20%) -
Total 10 $9.0B

Top M&A Advisors

Financial Deals
Morgan Stanley
 1
Keefe, Bruyette, & Woods, Inc.
 1
Guggenheim Securities
 1
Legal Deals
Simpson Thacher & Bartlett LLP
 2
Clifford Chance LLP
 1
Slaughter and May
 1

Deal Values

buy # Total
> $1B 1 $4.0B
$100M to $1B 3 $1.1B
< $100M 1 $88M
TOTAL $5.2B
Largest First Eagle Investment Management LLC
$4.0B (2015-07-20)
sell # Total
> $1B 2 $8.3B
$100M to $1B 1 $692M
TOTAL $9.0B
Largest National City Corp.
$5.6B (2008-12-31)

M&A Connections

Deals %
Acquired from
PE Firm(s)
100%
6 100%
Exited to
Strategic(s)
100%
4 100%

Investor Summary

Size

Large

Established

1992

Specialist/Generalist

Specialist

Leadership

Nicholas B. Paumgarten

Founder

D.T. Ignacio Jayanti

Managing Partner

Jeremy S. Schein

Managing Director

Derrick R. Estes

Managing Director

Lord Davies

Chairman

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