M&A Deal Summary

Oak Hill Capital, The Carlyle Group, Harvest Partners Private Equity, Ardian and Harvest Partners Structured Capital Acquire Galway Insurance

On June 19, 2020, private equity firms Oak Hill Capital, The Carlyle Group, Harvest Partners Private Equity, Ardian and Harvest Partners Structured Capital acquired insurance company Galway Insurance

Acquisition Highlights
  • This is Oak Hill Capital’s 4th, The Carlyle Group’s 13th, Harvest Partners Private Equity’s 2nd, Ardian’s 9th and Harvest Partners Structured Capital’s 3rd transaction in the Insurance sector.
  • This is Oak Hill Capital’s 55th, The Carlyle Group’s 321st, Harvest Partners Private Equity’s 40th, Ardian’s 51st and Harvest Partners Structured Capital’s 27th transaction in the United States.
  • This is Oak Hill Capital’s 2nd, The Carlyle Group’s 20th, Harvest Partners Private Equity’s 3rd, Ardian’s 4th and Harvest Partners Structured Capital’s 3rd transaction in Illinois.

M&A Deal Summary

Date 2020-06-19
Target Galway Insurance
Sector Insurance
Buyer(s) Oak Hill Capital
The Carlyle Group
Harvest Partners Private Equity
Ardian
Harvest Partners Structured Capital
Deal Type Buyout (LBO, MBO, MBI)

Target

Galway Insurance

Chicago, Illinois, United States
Galway Insurance is a vertically integrated property and casualty insurance and employee benefits. Galway Insurance operates over 100 offices throughout the US and manages $7bn of premium for clients. Galway Insurance was founded in 2020 and is based in Chicago, Illinois.

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Buyer(S) 5

Buyer

Oak Hill Capital

Stamford, Connecticut, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1986
PE ASSETS 9.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Oak Hill Capital Partners was originally formed as the private equity investment vehicle for Robert Bass and in 1999, opened up to outside investors and raised its first private equity fund. Oak Hill looks to invest in middle-market companies and focuses its efforts within six industry groups. The six groups include basic industries; business and financial services; consumer, retail, and distribution; healthcare; media and telecom; and technology. Oak Hill targets businesses with defensible business models, strong market positions, and 'best-in-class' management. Oak Hill Capital was formed in 1986 and has offices in Stamford, Connecticut; Menlo Park, California; and New York City.


DEAL STATS #
Overall 62 of 76
Sector (Insurance) 4 of 4
Type (Buyout (LBO, MBO, MBI)) 20 of 20
State (Illinois) 2 of 4
Country (United States) 55 of 69
Year (2020) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-19 EPIC Insurance Brokers & Consultants

San Francisco, California, United States

EPIC Insurance Brokers & Consultants is a unique and innovative retail property & casualty and employee benefits insurance brokerage and consulting firm. EPIC's expertise across key lines of insurance, including risk management, property and casualty, employee benefits, unique specialty program insurance, and private client services. EPIC Insurance Brokers & Consultants was founded in 2007 and is based in San Francisco, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-07-27 GoNetspeed

Rochester, New York, United States

GoNetspeed is a full service telecommunications provider, offering a wide array of communication services. The company’s services include local and long distance telephone, digital high-speed data lines, transport services, network access, cable television and other related services. GoNetspeed was founded in 1998 and is based in Rochester, New York.

Buy $106M
Buyer

The Carlyle Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1987
PE ASSETS 435.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.

The Carlyle Group is a global investment firm that pursues private equity, credit, and real estate investments worldwide. Carlyle's private equity practice practice pursues buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings. With offices in 19 countries, Carlyle can easily target opportunities throughout North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America. Broad sectors of interest include aerospace, defense, automotive and transportation, consumer, retail, energy and power, financial services, healthcare, industrial, infrastructure, technology services, business services, telecommunications and media. The Carlyle Group was formed in 1987 and is based in Washington DC.


DEAL STATS #
Overall 668 of 744
Sector (Insurance) 13 of 15
Type (Buyout (LBO, MBO, MBI)) 201 of 220
State (Illinois) 20 of 22
Country (United States) 321 of 349
Year (2020) 6 of 25
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-19 Jencap

New York, New York, United States

Jencap is a specialty insurance distribution and program management business, including managing general agencies, specialty program underwriters, transactional wholesale brokers, and captive managers. JenCap Holdings has assembled a management team with the sector insight and experience to drive organic growth and strategic acquisition strategies leveraging technology and advanced data analytics. Jencap was founded in 2016 and is based in New York City.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-25 Eggplant

London, United Kingdom

Eggplant enables organizations to test, monitor, analyze, and report on the quality and responsiveness of software applications across different interfaces, platforms, browsers, and devices, including mobile, IoT, desktop, and mainframe. Eggplant is based in London, United Kingdom.

Sell $330M
Buyer

Harvest Partners Private Equity

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1981
PE ASSETS 5.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Harvest Partners is a private equity firm that targets buyout and growth capital investments in middle-market public and private companies. Harvest Partners looks to invest in profitable ($30 to $300 million of EBITDA) consumer products/retail, manufacturing, marketing, building products, industrial, specialty services, and value-added distribution companies valued between $100 and $600 million. The Firm prefers opportunities headquartered in North America. Harvest Partners was formed in 1981 and is based in New York City.


DEAL STATS #
Overall 43 of 49
Sector (Insurance) 2 of 2
Type (Buyout (LBO, MBO, MBI)) 8 of 8
State (Illinois) 3 of 4
Country (United States) 40 of 46
Year (2020) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-10 MRI Software

Solon, Ohio, United States

MRI Software is a provider of real estate software applications and hosted solutions. MRI’s comprehensive and flexible technology platform coupled with an open and connected ecosystem meets the unique needs of real estate businesses from property-level management and accounting to investment modeling and analytics for the global commercial and residential markets. MRI develops lasting client relationships based on nearly five decades of expertise and insight. MRI Software was established in 1971 and is based in Solon, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-23 Valet Living

Tampa, Florida, United States

Valet Living is a provider of doorstep collection and recycling services, and also full-service amenities provider to the multifamily industry. Valet Living was founded in 1995 and is based in Tampa, Florida.

Sell -
Buyer

Ardian

Paris, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1996
PE ASSETS 125.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ardian is a mega-sized diversified investment group focused on opportunities worldwide. Ardian invests across and manages funds focused on small and mid-sized buyouts, growth capital financings, mezzanine, infrastructure, real estate, and co-investment opportunities. Ardian's small-buyouts group targets controlling interests in French, German, and Italian businesses valued up to €100 million. It's mid-sized buyout group seeks businesses valued up €1.5 billion and does not have any geographic limitations. The Infrastructure team looks for European opportunities and can commit up to €150 million per transaction. The Mezzanine group supports junior capital commitments of €5 to €80 million. In addition to direct investing, Ardian also manages various private equity fund-of-funds. Ardian was founded in 1996 and is based in Paris.


DEAL STATS #
Overall 367 of 418
Sector (Insurance) 9 of 11
Type (Buyout (LBO, MBO, MBI)) 104 of 108
State (Illinois) 4 of 5
Country (United States) 51 of 59
Year (2020) 9 of 24
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-08 ProduceShop

Paradiso, Switzerland

ProduceShop is a technological E-Commerce, specializing in the production and sale of indoor and outdoor furniture in Europe. It preselects the best products for value for money, making it easier for the customer to purchase furniture and garden items, accessories, lighting products, swimming pools, toys for children, items for bathing resorts, and much more. ProduceShop was founded in 2015 and is based in Paradiso, Switzerland.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-26 Hangzhou Kangji Medical Equipment

Hangzhou, China

Hangzhou Kangji Medical Equipment is a medical device and consumable manufacturer focused on minimally invasive surgery for the abdominal area. The company offers a comprehensive portfolio of reusable and disposable instruments for laparoscopy, thoracoscopy, gynecology, urology, gastroenterology, and ENT specialties. Hangzhou Kangji Medical Equipment was founded in 2004 and is based in Hangzhou, China.

Sell -
DESCRIPTION

Harvest Partners Structured Capital is a private investment group focused on minority position, non-control investments. The Group looks for businesses with $100 million to $1 billion in revenues where Harvest can commit $50 to $250 million. Sectors of interest include business services, consumer services, healthcare, industrial services, manufacturing, and distribution. Harvest Partners Structured Capital is a unit of PE Firm Harvest Partners. The Firm is based in New York City.


DEAL STATS #
Overall 28 of 31
Sector (Insurance) 3 of 3
Type (Buyout (LBO, MBO, MBI)) 5 of 5
State (Illinois) 3 of 3
Country (United States) 27 of 30
Year (2020) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-03-10 ConnectiveRx

Whippany, New Jersey, United States

ConnectiveRx is a provider of outsourced commercialization services to over 140 drug manufacturers. The Company works as a strategic partner to pharmaceutical brand teams, offering solutions that improve patient affordability, access, and adherence to traditional and specialty prescription medications. ConnectiveRx was founded in 2005 and is based in Whippany, New Jersey.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-01 Vincit

Chattanooga, Tennessee, United States

Vincit is a provider of food safety and pathogen control services for the protein industry. Vincit plays an important role in ensuring compliance with food safety standards and protecting the food supply chain. They have a large presence throughout the U.S. and serves a blue chip customer base across the food and beverage industry.

Buy -