M&A Deal Summary

Evercore Capital Partners, Apogem Capital and AEA Investors Acquire Bollinger

On May 16, 2008, private equity firm Evercore Capital Partners, asset manager Apogem Capital and private equity firm AEA Investors acquired insurance company Bollinger for 250M USD

Acquisition Highlights
  • This is Evercore Capital Partners’ 2nd, Apogem Capital’s 1st and AEA Investors’ 1st transaction in the Insurance sector.
  • This is Evercore Capital Partners’ 2nd, Apogem Capital’s 2nd and AEA Investors’ 5th largest (disclosed) transaction.
  • This is Evercore Capital Partners’ 9th, Apogem Capital’s 15th and AEA Investors’ 25th transaction in the United States.
  • This is Evercore Capital Partners’ 1st, Apogem Capital’s 4th and AEA Investors’ 2nd transaction in New Jersey.
Investment Fate
  • Bollinger was sold to a publicly-traded strategic buyer in 2013 for 277M USD.

M&A Deal Summary

Date 2008-05-16
Target Bollinger
Sector Insurance
Buyer(s) Evercore Capital Partners
Apogem Capital
AEA Investors
Deal Type Buyout (LBO, MBO, MBI)
Deal Value 250M USD

Target

Bollinger

Short Hills, New Jersey, United States
Bollinger, Inc. is a provider of insurance service and products placing over $1 billion in insurance premiums into the marketplace annually. The firm's business spans retail property and casualty insurance placement; wholesale brokerage and program management; and employee benefits brokerage and consultancy.

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Buyer(S) 3

Buyer

Evercore Capital Partners

New York, New York, United States

Category Private Equity Firm
Founded 1996
Size Large
Type Sector Agnostic
DESCRIPTION

Evercore Capital Partners (ECP) is the private equity arm of investment bank Evercore Partners. ECP is part of Evercore's Investment Management division which also consists of Evercore Ventures, Evercore Asset Management, and Protego Asesores, a Mexico focused private equity fund launched jointly with Discovery Capital Partners. ECP seeks investments in middle-market businesses valued greater than $50 million. ECP looks for value situations with post-investment upside, and will consider opportunities in a variety of industries. Evercore was founded in 1996 and is based in New York City.


DEAL STATS #
Overall 9 of 10
Sector: Insurance M&A 2 of 2
Type: Buyout (LBO, MBO, MBI) M&A Deals 5 of 5
State: New Jersey M&A 1 of 1
Country: United States M&A 9 of 10
Year: 2008 M&A 1 of 1
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-10-10 Michigan Electric Transmission Co.

Novi, Michigan, United States

Michigan Electric Transmission Company, LLC, through its subsidiaries, operates as an independent electric transmission company in the United States. It operates high-voltage systems that transmit electricity from generating stations to local electricity distribution facilities in Michigan and surrounding areas. The company serves local distribution facilities connected to an area comprising 60 counties in Michigan and serves approximately 6 million end-use consumers.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-05-29 Sedgwick

Memphis, Tennessee, United States

Sedgwick is a global provider of technology-enabled risk, benefits and integrated business solutions. The Company provides technology-enabled claims management solutions for workers’ compensation, disability, liability, and property claims. Sedgwick was founded in 1969 and is based in Memphis, Tennessee.

Sell $1.1B
Buyer

Apogem Capital

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 2001
PE ASSETS 39.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apogem Capital is a diversified alternative investment manager and subsidiary of insurance provider, New York Life. Apogem manages a variety of investment strategies including private equity, private credit, and real assets. Within private equity, the Firm looks to make fund, direct, and secondary investments, as well as acquire GP stakes. Within its direct investing activity, Apogem targets mid-sized companies valued up to $250 million and will consider businesses throughout North America and Europe. Apogem Capital formed as the result of New York Life combining PA Capital, Madison Capital Funding, and Goldpoint Partners into one entity. Apogem Capital is based in New York City.


DEAL STATS #
Overall 15 of 70
Sector: Insurance M&A 1 of 2
Type: Buyout (LBO, MBO, MBI) M&A Deals 6 of 22
State: New Jersey M&A 4 of 7
Country: United States M&A 15 of 70
Year: 2008 M&A 4 of 7
Size (of disclosed) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-04-10 Astrodyne TDI

Hackettstown, New Jersey, United States

Astrodyne TDI is a designer, manufacturer, and distributor of AC/DC power supplies, DC/DC converters, and external and wall-mount power adapters through catalog, direct sales, and internet. Astrodyne TDI was founded in 1994 and is based in Hackettstown, New Jersey.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-06-01 Fatz Cafe

Taylors, South Carolina, United States

Cafe Enterprises operates 43 company-owned full-service casual dining restaurants in North Carolina, South Carolina, Tennessee, Georgia and Virginia. Fatz Cafe is renowned for creating exceptional value for its guests with great food, friendly and efficient service, and a welcoming atmosphere, “Where Everyone’s a Regular”. Cafe Enterprises was founded in 1988 and is based in Taylors, South Carolina.

Buy -
Buyer

AEA Investors

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1968
PE ASSETS 19.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

AEA Investors is a private investment firm focused on investing in and acquiring businesses headquartered primarily in the US, Europe, and China. AEA looks for companies operating in stable to growing industries with a proven ability to generate positive cash-flow. Broad sectors of interest include value-added industrial products/services, specialty chemicals, consumer products, and services. In addition to its primary middle-market private equity fund, AEA maintains additional funds targeted towards mezzanine financing, senior secured debt, and small business buyouts. AEA Investors was formed in 1968 and is based in New York City.


DEAL STATS #
Overall 30 of 121
Sector: Insurance M&A 1 of 1
Type: Buyout (LBO, MBO, MBI) M&A Deals 15 of 37
State: New Jersey M&A 2 of 7
Country: United States M&A 25 of 106
Year: 2008 M&A 3 of 6
Size (of disclosed) 5 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-04-01 In The Swim

West Chicago, Illinois, United States

In The Swim is a multi-channel direct marketer of swimming pool supplies and equipment to the residential and commercial swimming pool markets in the United States. Products include chemicals, covers and liners, equipment, parts, and accessories, which are sold through a catalog, internet, telesales, retail, and wholesale channels. In The Swim was founded in 1982 and is based in West Chicago, Illinois.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-05-19 Implus

Durham, North Carolina, United States

Implus designs, markets and distributes insoles, foot care devices, traction devices, socks, shoe care products and shoe laces under four primary brand names (Sof Sole, AirPlus, Sof Comfort, Yaktrax and Sneakerballs) and several private-label brands. Implus was founded in 1988 and is based in Durham, North Carolina.

Buy -