M&A Deal Summary

Empower Retirement Acquires Personal Capital

On June 29, 2020, Empower Retirement LLC acquired financial services company Personal Capital Corp. from Corsair Capital and Crosslink Capital for 1.0B USD

Acquisition Highlights
  • This is Empower Retirement’s 1st transaction in the Financial Services sector.
  • This is Empower Retirement’s 2nd largest (disclosed) transaction.
  • This is Empower Retirement’s 1st transaction in the United States.
  • This is Empower Retirement’s 1st transaction in California.

M&A Deal Summary

Date 2020-06-29
Target Personal Capital Corp.
Sector Financial Services
Buyer(s) Empower Retirement LLC
Sellers(s) Corsair Capital
Crosslink Capital
Deal Type Add-on Acquisition
Deal Value 1.0B USD
Advisor(s) Moelis & Co. (Financial)
Willkie Farr & Gallagher LLP (Legal)

Target

Personal Capital Corp.

Redwood City, California, United States
website
Personal Capital Corp. is a provider of financial advisory services. Personal Capital is based in Redwood City, California.

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Buyer(S) 1

Buyer

Empower Retirement LLC

Greenwood Village, Colorado, United States

website


Category Company
SectorInsurance
DESCRIPTION

Empower Retirement LLC is a retirement services provider in the United States serving over 40,000 plans and 9.7 million participants. Empower Retirement is based in Greenwood Village, Colorado.


DEAL STATS #
Overall 1 of 3
Sector (Financial Services) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (California) 1 of 1
Country (United States) 1 of 3
Year (2020) 1 of 2
Size (of disclosed) 2 of 2
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-09-08 MassMutual Retirement Plan Business

Springfield, Massachusetts, United States

MassMutual Retirement Plan Business comprises 26,000 workplace savings plans through which approximately 2.5 million participants have saved $167 billion in assets.1 It also includes approximately 2,000 employees affiliated with MassMutual’s retirement plan business who provide a full range of support services for financial professionals, plan sponsors, and participants.

Buy -

Seller(S) 2

SELLER

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 11 of 11
Sector (Financial Services) 6 of 6
Type (Add-on Acquisition) 5 of 5
State (California) 1 of 1
Country (United States) 5 of 5
Year (2020) 1 of 1
Size (of disclosed) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-23 Axo Finans AS

Oslo, Norway

Axo Finans is a specialist in consumer credit and loan brokerage, partnering with leading banks in the region to achieve optimal credit solutions for consumers. Axo Finans was founded in 2008 and is based in Oslo, Norway.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-07-30 Multi Service Technology Solutions, Inc. (MSTS)

Overland Park, Kansas, United States

Multi Service specializes in the design, implementation, and management of commercial billing and payment solutions, specifically closed-loop, net pay programs. The company work with clients to identify specific credit requirements and transaction processing concerns in order to develop operational efficiencies that can foster business growth. MSTS was formed in 1978 and is based in Overland Park, Kansas.

Buy $350M
SELLER

Crosslink Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor

website


Category Growth Capital Firm
Founded 1989
PE ASSETS 1.5B USD
SizeLarge
Type Sector Focused
DESCRIPTION

Crosslink Capital is a growth-oriented investment firm focused on technology companies. Crosslink's typically invests in early-stage companies, however, the Firm will consider opportunities at every stage, from seed to pre-IPO to PIPE offerings. Sectors of interest inlude communications/infrastructure services, core technology, semiconductors, internet, and software. Crosslink Capital is based in San Francisco, California.


DEAL STATS #
Overall 58 of 58
Sector (Financial Services) 1 of 1
Type (Add-on Acquisition) 42 of 42
State (California) 42 of 42
Country (United States) 57 of 57
Year (2020) 1 of 1
Size (of disclosed) 1 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-05-11 Clyde Technologies, Inc.

New York, New York, United States

Clyde Technologies, Inc. is an extended warranty startup that wants to help small e-commerce businesses offer product protection. Clyde Technologies, Inc. is based in New York City.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-13 Armory

San Mateo, California, United States

Armory is a driving modern digital transformation with its enterprise version of Spinnaker. Armory's scalable, flexible and secure platform automates software delivery, enabling software teams to collaborate from code to cloud. Armory was founded in 2016 and is based in San Mateo, California.

Buy -