M&A Deal Summary

D. E. Shaw Acquires James River Group

On June 12, 2007, D. E. Shaw acquired insurance company James River Group from Stone Point Capital and Virginia Capital Partners for 575M USD

Acquisition Highlights
  • This is D. E. Shaw’s 1st transaction in the Insurance sector.
  • This is D. E. Shaw’s largest (disclosed) transaction.
  • This is D. E. Shaw’s 1st transaction in the United States.
  • This is D. E. Shaw’s 1st transaction in North Carolina.

M&A Deal Summary

Date 2007-06-12
Target James River Group
Sector Insurance
Buyer(s) D. E. Shaw
Sellers(s) Stone Point Capital
Virginia Capital Partners
Deal Type Add-on Acquisition
Deal Value 575M USD

Target

James River Group

Chapel Hill, North Carolina, United States
website
James River Group, Inc. is an insurance holding company. James River Group’s two operating companies – the Richmond, Virginia-based James River Insurance Company and the Raleigh, North Carolina-based Stonewood Insurance Company – underwrite in two specialty areas: excess and surplus lines in 49 states, the District of Columbia and the U.S. Virgin Islands, and workers’ compensation, primarily for the residential construction industry in North Carolina and Virginia.

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Buyer(S) 1

Buyer

D. E. Shaw

New York, New York,

website


Category Company
Founded 1988
Sector Financial Services
DESCRIPTION

D. E. Shaw & Co., L.P., an investment and technology development company, engages in investing in companies and financial instruments in industrialized nations and emerging markets.


DEAL STATS #
Overall 1 of 3
Sector (Insurance) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (North Carolina) 1 of 1
Country (United States) 1 of 3
Year (2007) 1 of 1
Size (of disclosed) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-02-18 Babel Media

Brighton, United Kingdom

Babel Media Ltd. is a provider of outsourced video games services with operations in the UK, Canada and India. Babel Media is one of the most recognised technical services brands in the video games industry.

Sell £5M

Seller(S) 2

SELLER

Stone Point Capital

Greenwich, Connecticut, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1994
PE ASSETS 25.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Stone Point Capital is a private equity firm that targets investments in financial services sector. Specific areas of interest include insurance underwriting, outsourcing service providers to financial institutions, specialty lending and other credit opportunities, employee benefits and healthcare, asset management/retirement savings, and banking/depository institutions. Stone Point looks to commit between $5 and $500 million of equity per transaction and will consider control or substantial minority positions. Geographic areas of interest include North America and Europe. Stone Point Capital was formed in 1994 and is based in Greenwich, Connecticut.


DEAL STATS #
Overall 6 of 48
Sector (Insurance) 5 of 15
Type (Add-on Acquisition) 1 of 26
State (North Carolina) 1 of 1
Country (United States) 4 of 43
Year (2007) 2 of 2
Size (of disclosed) 11 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-05-15 Atlantic Capital

Atlanta, Georgia, United States

Atlantic Capital is a commercial bank focused on serving middle market corporations, emerging growth businesses, mid-sized real estate developers and investors and the principals of these businesses. Atlantic Capital was founded in 2006 and is based in Atlanta, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-07-01 EPIC Insurance Brokers & Consultants

San Francisco, California, United States

EPIC Insurance Brokers & Consultants is a unique and innovative retail property & casualty and employee benefits insurance brokerage and consulting firm. EPIC's expertise across key lines of insurance, including risk management, property and casualty, employee benefits, unique specialty program insurance, and private client services. EPIC Insurance Brokers & Consultants was founded in 2007 and is based in San Francisco, California.

Buy -
SELLER

Virginia Capital Partners

Richmond, Virginia, United States

Investor Investor

website


Category Private Equity Firm
Founded 1996
PE ASSETS 50M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Virginia Capital Partners (VCP) is a private investment firm that invests in profitable, rapidly growing private companies located in the South Atlantic region of the US. Target businesses are typically valued between $500,000 to $10 million Sectors of interest include business services, healthcare services, media/communications, insurance, and consumer services. Virginia Capital Partners is based in Richmond, Virginia.


DEAL STATS #
Overall 11 of 16
Sector (Insurance) 2 of 3
Type (Add-on Acquisition) 3 of 6
State (North Carolina) 3 of 3
Country (United States) 11 of 16
Year (2007) 4 of 4
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-05-02 Physicians Practice

Baltimore, Maryland, United States

Physicians Practice is the second-largest physician journal in the United States. The magazine is co-branded with 40 major university hospitals, including: Harvard, Yale, the University of Virginia and the University of North Carolina.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-01-01 Mid Atlantic Dairy Queen

Virginia Beach, Virginia, United States

Mid-Atlantic Diary Queen owned the largest chain of Dairy Queen restaurants in the Mid-Atlantic. Two of the company's twelve restaurants were consistently ranked among the leading revenue producers in the entire 6,000 International Dairy Queen restaurant system.

Sell -