M&A Deal Summary

HarbourVest Partners, Hellman & Friedman and Altas Partners Acquires HUB International

On August 5, 2013, private equity firms HarbourVest Partners, Hellman & Friedman and Altas Partners acquired insurance company HUB International Ltd. from Apax for 4.4B USD

Acquisition Highlights
  • This is HarbourVest Partners’ 6th, Hellman & Friedman’s 5th and Altas Partners’ 1st transaction in the Insurance sector.
  • This is HarbourVest Partners’ 13th, Hellman & Friedman’s 6th and Altas Partners’ 1st largest (disclosed) transaction.
  • This is HarbourVest Partners’ 71st, Hellman & Friedman’s 38th and Altas Partners’ 2nd transaction in the United States.
  • This is HarbourVest Partners’ 4th, Hellman & Friedman’s 3rd and Altas Partners’ 1st transaction in Illinois.

M&A Deal Summary

Date 2013-08-05
Target HUB International Ltd.
Sector Insurance
Buyer(s) HarbourVest Partners
Hellman & Friedman
Altas Partners
Sellers(s) Apax
Deal Type Secondary Buyout
Deal Value 4.4B USD
Advisor(s) Bank of America Merrill Lynch (BofA Securities)
Morgan Stanley
Stephens Investment Banking (Financial)

Target

HUB International Ltd.

Chicago, Illinois, United States
website
HUB International office in Burlington, North Carolina.
HUB International office in Burlington, North Carolina.
HUB International is a global insurance brokerage providing a broad array of property and casualty, life and health, employee benefits, investment and risk management products and services through offices located in the United States (including Puerto Rico), Canada and Brazil. HUB International was formed in 1998 and is based in Chicago, Illinois.

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Buyer(S) 3

Buyer

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1978
PE ASSETS 86.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

HarbourVest Partners, LLC is an investment firm that makes investments in new private equity partnerships, acquires secondary interests, and makes direct investments in operating companies. HarbourVest's largest investment area is investments in private equity funds, comprising of approximately 2/3 of HarbourVest's assets. HarbourVest's direct investment group looks for investments in growth oriented businesses at a variety of stages. The Group generally targets co-investments of $5 to $100 million, growth capital financings of $5 to $40 million, or mezzanine commitments of $5 to $20 million. Sectors of interest include software, hardware, data communications, telecommunications, and financial services. HarbourVest was formed in 1997 to assume the business of Hancock Venture Partners which was formed in 1982. HarbourVest Partners is based in Boston, Massachusetts, with additional offices in London, Tokyo, and Hong Kong.


DEAL STATS #
Overall 116 of 217
Sector (Insurance) 6 of 10
Type (Secondary Buyout) 22 of 53
State (Illinois) 4 of 7
Country (United States) 71 of 128
Year (2013) 7 of 11
Size (of disclosed) 13 of 67
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-01 GE AVIO S.r.l.

Rivalta, TO, Italy

Avio is a designers and manufacturers of components and systems for commercial, military and space launch engines. Its activities include jet derivative engines and automation systems for naval and industrial applications, power generation and a highly successful maintenance, repair and overhaul operation for civil and military clients.

Sell €3.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-07 Einstruction Corp.

Denton, Texas, United States

Einstruction Corp. is a provider of interactive classroom technology (ICT) and content-based assessment software to the K-12, higher education, corporate and military markets worldwide. eInstruction’s comprehensive suite of products provide an interactive learning environment designed to improve student academic performance, increase efficiency and effectiveness of educators and provide greater information for use by instructors, administrators and parents. Einstruction is based in Denton, Texas.

Sell -
Buyer

Hellman & Friedman

San Francisco, California, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1984
PE ASSETS 50.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Hellman & Friedman (H&F) is the largest private equity firm on the West Coast of the US. H&F focuses on control and minority investments in a variety of transaction structures and will consider opportunities across the US and Europe. H&F seeks buyouts and business in need of restructurings that operate in defensible markets with predictable revenue and earnings growth. Target sectors include financial services, healthcare, indusrial, energy, insurance, media, marketing, professional services, software, and information services. H&F's target equity investment size is $300 million to $1 billion. Hellman & Friedman was formed in 1984 and has offices in San Francisco, New York City, and London.


DEAL STATS #
Overall 52 of 79
Sector (Insurance) 5 of 5
Type (Secondary Buyout) 11 of 24
State (Illinois) 3 of 5
Country (United States) 38 of 56
Year (2013) 1 of 4
Size (of disclosed) 6 of 38
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-08-29 Goodman Global, Inc.

Houston, Texas, United States

Goodman Global, Inc. is the largest domestic unit manufacturer of heating, ventilation and air conditioning products for residential and light-commercial use.

Sell $3.7B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-19 CARPROOF Corp.

London, Ontario, Canada

CARPROOF Corp. is a provider of automotive vehicle history reports to dealers, auto auctions, original equipment manufacturers, lenders, insurers, governments, law enforcement agencies and consumers.

Buy -
Buyer

Altas Partners

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2012
PE ASSETS 1.0B CAD
SizeLarge
Type Sector Agnostic
DESCRIPTION

Atlas Partners LP is a Canadian private equity firm focused on acquiring controlling stakes in 'high-quality, market-leading' businesses. Atlas Partners does not have any sector preferences and generally pursues companies with strong management, stable cash-flows, and minimal risk of disintermediation. The Firm's target investment size is $100 to $500 million. Atlas Partners LP was formed in 2012 and is based in Toronto.


DEAL STATS #
Overall 2 of 10
Sector (Insurance) 1 of 1
Type (Secondary Buyout) 1 of 6
State (Illinois) 1 of 2
Country (United States) 2 of 9
Year (2013) 1 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-12-01 Capital Vision Services LP

Vienna, Virginia, United States

Capital Vision Services LP manages independently owned optometry practices which operate under the trade name MyEyeDr. and are recognized leaders in full scope optometry and personalized optical services. Capital Vision Services is the nation’s largest and most experienced practice management services company with the goal of protecting independent optometry.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-10-21 NSC Minerals, Inc.

Saskatoon, Saskatchewan, Canada

NSC Minerals, Inc. is a provider of salt for highway de-icing, industrial and agricultural applications, serving municipal, provincial and state governments. NSC Minerals was founded in 1988 and is based in Saskatoon, Saskatchewan.

Buy -

Seller(S) 1

SELLER

Apax

London, United Kingdom

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1981
PE ASSETS 60.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Apax Partners is a mega-sized private equity investment group, operating across the United States, Europe, Israel and Asia. Broad industry sectors of interest include tech & telecom, media, retail & consumer, healthcare, financial services, and business services. Apax will consider both minority and majority investment positions and prefers companies with strong market positions and growth potential. The Firm generally pursues platform acquisitions valued from €1 to €5 billion. Apax Partners was formed in 1981 and is based in London.


DEAL STATS #
Overall 86 of 156
Sector (Insurance) 1 of 4
Type (Secondary Buyout) 23 of 58
State (Illinois) 1 of 1
Country (United States) 30 of 59
Year (2013) 7 of 11
Size (of disclosed) 4 of 48
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-03 IEE SA

Luxembourg, Luxembourg

IEE (International Electronics & Engineering) is a pioneering company in the development of sensors based electronic and safety systems.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-16 Spyder Active Sports, Inc.

Boulder, Colorado, United States

Spyder Active Sports designs and markets the most recognized and respected brand of high-performance, technically-oriented skiwear in the world.

Sell -