M&A Deal Summary

GI Partners Acquires Patriot Growth Partners

On September 21, 2021, private equity firm GI Partners acquired insurance company Patriot Growth Partners from Summit Partners

Acquisition Highlights
  • This is GI Partners’ 1st transaction in the Insurance sector.
  • This is GI Partners’ 42nd transaction in the United States.
  • This is GI Partners’ 3rd transaction in Pennsylvania.

M&A Deal Summary

Date 2021-09-21
Target Patriot Growth Partners
Sector Insurance
Buyer(s) GI Partners
Sellers(s) Summit Partners
Deal Type Recapitalization
Advisor(s) Morgan Stanley
Jamieson Corporate Finance LLP (Financial)
Kirkland & Ellis LLP
Katten Muchin Rosenman LLP (Legal)

Target

Patriot Growth Partners

Ft. Washington, Pennsylvania, United States
website
Patriot Growth Partners is a growth-focused national insurance services firm that partners with employee benefits and property & casualty agencies across the United States. The company's collaborative model delivers resources and strategic support to its agencies, whose leaders continue to operate with a high degree of autonomy in their local markets. It creates true alignment with its partner agencies, and its operating philosophy fosters enhanced career opportunities for its dedicated and professional team. Patriot Growth Partners was formed in 2019 and is based in Ft. Washington, Pennsylvania.

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Buyer(S) 1

Buyer

GI Partners

San Francisco, California, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2001
PE ASSETS 16.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

GI Partners (Global Innovation Partners) is a private equity firm focused on control oriented investments in asset-backed businesses and properties located throughout North America and Western Europe. GI looks to invest up to $500 million in companies generating predictable, recurring cash flows; underperforming businesses with intrinsic value; and direct asset investments with operational complexity. Sectors of interest include energy, education, healthcare services, leisure, retail, logistics, media, entertainment, financial services, technology, and telecommunications. GI Partners was formed in 2001 and has offices in San Francisco, Greenwich, and Chicago.


DEAL STATS #
Overall 53 of 54
Sector (Insurance) 1 of 1
Type (Recapitalization) 5 of 5
State (Pennsylvania) 3 of 3
Country (United States) 42 of 43
Year (2021) 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-14 LightEdge Solutions

Des Moines, Iowa, United States

LightEdge Solutions is an IT service management company and premier provider of compliant hosting, cloud computing, data protection, and colocation services. LightEdge Solutions was founded in 1996 and is based in Des Moines, Iowa.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-10 Generate Life Sciences

Los Angeles, California, United States

Generate Life Sciences is a life sciences company helping to grow and protect families through reproductive, newborn stem cell, genetic screening, medical device, and healthcare technology services. The company serves families from preconception to post-birth. Its brands CBR (Cord Blood Registry), California Cryobank, Donor Egg Bank USA, NW Cryobank, ReadyGen, Kitazato USA, and Donor Application are pioneering leaders that have helped nearly one million families. Headquartered in Los Angeles, Generate operates facilities in Tucson, New York, Boston, Palo Alto, and Rockville, MD.

Sell $1.6B

Seller(S) 1

SELLER

Summit Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Growth Capital Firm
Founded 1984
PE ASSETS 39.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Summit Partners is a private investment and asset management firm focused on venture, growth, credit, and public equity investing. Sectors of interest include business services, communications technology and services, consumer products, energy, financial services, healthcare and life sciences, industrial products, internet/information services, media/entertainment, semiconductors, electronics, and software. Summit Partners is known for having a proactive business development group for sourcing transactions. Summit will consider both minority or majority investment stakes and is willing to commit as little as $10 million or as much as $500 million in combined debt/junior capital per transaction. The Firm's geographic coverage spans North America and Europe. Summit Partners was formed in 1984 and is headquartered in Boston, Massachusetts.


DEAL STATS #
Overall 261 of 271
Sector (Insurance) 7 of 7
Type (Recapitalization) 4 of 4
State (Pennsylvania) 4 of 4
Country (United States) 230 of 237
Year (2021) 13 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-29 Clarabridge

Reston, Virginia, United States

Clarabridge is a provider of omnichannel conversational analytics. Clarabridge helps the world's leading brands take a data-driven, customer-focused approach to everything they do. Using AI-powered conversational analytics, Clarabridge's platform enables brands to extract actionable insights from every customer interaction to grow sales, ensure compliance, and increase operational efficiencies. Clarabridge was founded in 2006 and is based in Reston, Virginia.

Sell $1.1B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-14 CareCentrix

Hartford, Connecticut, United States

CareCentrix provides specialty benefit management services to health plans, improving quality and reducing costs in several areas of home-based healthcare such as home nursing, home medical equipment, home drug infusion, sleep diagnostic tests and hospital readmissions. CareCentrix was founded in 1996 and is based in Hartford, Connecticut.

Sell -