M&A Deal Summary

General Atlantic, CDPQ and HgCapital Acquire Howden Group

On March 27, 2013, growth capital firm General Atlantic, asset manager CDPQ and private equity firm HgCapital acquired insurance company Howden Group from 3i Private Equity and B.P. Marsh & Partners for 250M GBP

Acquisition Highlights
  • This is General Atlantic’s 3rd, CDPQ’s 1st and HgCapital’s 1st transaction in the Insurance sector.
  • This is General Atlantic’s 8th, CDPQ’s 8th and HgCapital’s 8th largest (disclosed) transaction.
  • This is General Atlantic’s 7th, CDPQ’s 1st and HgCapital’s 35th transaction in the United Kingdom.

M&A Deal Summary

Date 2013-03-27
Target Howden Group
Sector Insurance
Buyer(s) General Atlantic
CDPQ
HgCapital
Sellers(s) 3i Private Equity
B.P. Marsh & Partners
Deal Type Secondary Buyout
Deal Value 250M GBP

Target

Howden Group

London, United Kingdom
website
Howden Group is an international insurance intermediary group with insurance broking and underwriting agency arms. Howden Group was founded in 1994 and is based in London, United Kingdom.

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Buyer(S) 3

Buyer
DESCRIPTION

General Atlantic is a large private equity firm that invests globally in growth-oriented public and private companies. Broad areas of interest include financial services, media and consumer, healthcare, enterprise solutions, communications and electronics, and energy. General Atlantic looks to invest $40 to $400 million in transactions that support growth, expansions, buy-outs, consolidations and build-ups. General Atlantic seeks to make 8 to 12 investments per year with an investment horizon of five to ten years. The Firm's geographic coverage spans North America; Europe; Asia/Pacific; and India. General Atlantic was formed in 1980 and is based in Greenwich, Connecticut.


DEAL STATS #
Overall 112 of 339
Sector (Insurance) 3 of 5
Type (Secondary Buyout) 10 of 25
Country (United Kingdom) 7 of 21
Year (2013) 4 of 14
Size (of disclosed) 8 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-02-26 XP Investimentos

Sao Paulo, Brazil

XP Investimentos is an independent full-service broker-dealer serving retail and institutional clients throughout Latin America. XP Investimentos was founded in 2001 and is based in Sao Paulo, Brazil.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-04-04 OneCountry

Springdale, Arkansas, United States

One Country began as an online destination for country music and southern lifestyle fans across the world. Now One Country is a member-based platform offering incredible giveaways and prizes that support various causes every month. OneCountry was founded in 2009 and is based in Springdale, Arkansas.

Buy -
Buyer

CDPQ

Investor Investor Investor Investor Investor

website


Category Asset Manager
Founded 1965
PE ASSETS 80.0B CAD
Size Mega
Type Sector Agnostic
DESCRIPTION

CDPQ is a global asset management firm focused on a variety of investing strategies including fixed income, real estate, infrastructure, private equity, venture capital, and public equities. Within private equity, CDPQ looks to acquire significant minority stakes in businesses operating in a variety of sectors and seeks to commit $250 million to $1 billion per transaction. CDPQ was established in 1965 and is headquartered in Montreal, Quebec.


DEAL STATS #
Overall 6 of 98
Sector (Insurance) 1 of 4
Type (Secondary Buyout) 1 of 19
Country (United Kingdom) 1 of 2
Year (2013) 1 of 2
Size (of disclosed) 8 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-06-29 Groupe Moreau

Indre-et-Loire, France

Groupe Moreau is an own and operates 22 vehicle inspection services (VIS) centers. Groupe Moreau is based in Indre-et-Loire, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-11-28 Port of Brisbane

Brisbane, Australia

Port of Brisbane is an operator of a container and multi-cargo port. Port of Brisbane is based in Brisbane, Australia.

Buy -
Buyer

HgCapital

London, United Kingdom

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2000
PE ASSETS 65.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HgCapital is a European private equity firm focused on a wide range of transactions including public-to-private leveraged buy-outs, management buy-ins, divestitures, and turnarounds. Broad sectors of interest include consumer and leisure, healthcare, industrials, services, technology, media, and renewable energy. The Firm will consider both majority and minority investment positions. HgCapital is the successor to Mercury Capital Partners, a former unit of Merill Lynch which was spun out by management in 2000. HgCapital has offices in London and Munich.


DEAL STATS #
Overall 63 of 138
Sector (Insurance) 1 of 3
Type (Secondary Buyout) 15 of 47
Country (United Kingdom) 35 of 58
Year (2013) 1 of 6
Size (of disclosed) 8 of 31
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-03-08 Computer Software Holdings

Knutsford, Cheshire, United Kingdom

CSH provides application software to a number of UK niche vertical markets.

Sell £110M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-06-03 ATC Group BV

Amsterdam, Netherlands

ATC provides fiduciary, management and administration services to multinational corporations, financial institutions and funds managers.

Sell €303M

Seller(S) 2

SELLER

3i Private Equity

London, United Kingdom

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1945
PE ASSETS 16.7B GBP
Size Mega
Type Sector Agnostic
DESCRIPTION

3i Private Equity is the private equity arm of 3i Group, a publicly held, global investment firm focused on private equity and infrastructure investing. 3i Private Equity generally targets buyout and growth capital financings and looks for opportunities across Europe, North America, and Asia. The Firm's targeted transaction range is €100 to €500 million. Industries of interest include business services, healthcare, consumer, media, oil/gas & power, technology, and financial services. 3i Group was originally formed in 1945 and is based in London.


DEAL STATS #
Overall 141 of 192
Sector (Insurance) 2 of 3
Type (Secondary Buyout) 58 of 82
Country (United Kingdom) 51 of 64
Year (2013) 7 of 16
Size (of disclosed) 25 of 77
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-03-13 Giraffe Concepts

London, United Kingdom

Giraffe is a family-friendly restaurant that offers a wide range of fresh, seasonal, quality food, comfortable interiors and friendly staff. Its menu covers a range of global dishes and appetising options for breakfast, lunch and dinner.

Sell £49M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-05-08 Civica

London, United Kingdom

Civica is a business-critical software and technology-based outsourcing services to both public sector organizations and to commercial organizations in highly regulated sectors. The Company has a highly diversified customer base, including local and central governments, healthcare providers, housing associations, schools, and police and fire services, serving 2,000 major customers in ten countries. Its software and services support functions ranging from financial management and tax & benefits processing to medical records management and are used by over two million professionals every day, streamlining the services provided to 100 million people and businesses. Civica was founded in 2002 and is based in London, United Kingdom.

Sell £390M
SELLER

B.P. Marsh & Partners

London, United Kingdom

Investor Investor

website


Category Private Equity Firm
Founded 1990
Size Middle-Market
Type Sector Focused
DESCRIPTION

B.P. Marsh & Partners is a specialist private equity investor in early stage financial services companies. B.P. Marsh looks to make minority investments of up to £5 million in opportunities based in the UK, Europe, and North America. Specific financial services businesses of interest include insurance intermediaries, asset managers, independent financial advisers, and professional consultants. B.P. Marsh & Partners was formed in 1990 and is based in London.


DEAL STATS #
Overall 3 of 3
Sector (Insurance) 2 of 2
Type (Secondary Buyout) 1 of 1
Country (United Kingdom) 3 of 3
Year (2013) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-01-13 HQB Partners Limited

London, United Kingdom

HQB is an independent proxy solicitation and corporate governance advisory partnership. They assist companies by providing direct communication with their shareholder base to convey the corporate or transaction message and gather investor response.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-06-05 Sterling Insurance Pty

North Sydney, Australia

Sterling Insurance Pty Ltd. is a specialist underwriting agency offering a range of insurance solutions within the Liability sector specializing in niche markets including hard-to-place and complex risks. Sterling Insurance Pty Ltd. was founded in 1998 and is based in Sydney, Australia.

Buy -