M&A Deal Summary

KKR, CDPQ and NB Private Equity Partners Acquire USI Insurance Services

On March 17, 2017, private equity firm KKR, asset manager CDPQ and asset manager NB Private Equity Partners acquired insurance company USI Insurance Services from Onex Partners for 4.3B USD

Acquisition Highlights
  • This is KKR’s 7th, CDPQ’s 3rd and NB Private Equity Partners’ 1st transaction in the Insurance sector.
  • This is KKR’s 22nd, CDPQ’s 5th and NB Private Equity Partners’ largest (disclosed) transaction.
  • This is KKR’s 96th, CDPQ’s 5th and NB Private Equity Partners’ 7th transaction in the United States.
  • This is KKR’s 8th, CDPQ’s 2nd and NB Private Equity Partners’ 3rd transaction in New York.

M&A Deal Summary

Date 2017-03-17
Target USI Insurance Services
Sector Insurance
Buyer(s) KKR
CDPQ
NB Private Equity Partners
Sellers(s) Onex Partners
Deal Type Secondary Buyout
Deal Value 4.3B USD

Target

USI Insurance Services

Valhalla, New York, United States
website
USI Insurance Services is a provider of a fully integrated distribution of general and specialty property and casualty insurance and financial services such as employee benefits outsourcing and related consulting. USI Insurance Services was founded in 1994 and is based in Valhalla, New York.

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Buyer(S) 3

Buyer

KKR

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1976
PE ASSETS 510.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
KKR's office in Menlo Park, California.
KKR's office in Menlo Park, California.

KKR is a global investment firm founded by Jerome Kohlberg, Henry Kravis, and George Roberts. The Firm is separated into several business segments including private markets, public markets, capital markets, and other principal activities. KKR's private equity practice invests in management buyouts, take privates, corporate divestitures, industry consolidations, and partnerships with family-owned companies. KKR will invest in a broad range of industries and companies and will consider businesses throughout North America, Europe, Asia, and Australia/New Zealand. Sectors of interest include chemicals, consumer products, energy and natural resources, financial services, healthcare, industrial, media/communications, retail, and technology. In addition to its traditional principal investment activity business, KKR also invests in infrastructure assets. KKR was formed in 1976 and is based in New York, New York.


DEAL STATS #
Overall 227 of 434
Sector (Insurance) 7 of 11
Type (Secondary Buyout) 45 of 107
State (New York) 8 of 18
Country (United States) 96 of 192
Year (2017) 11 of 41
Size (of disclosed) 22 of 94
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-02-28 Van Gansewinkel Groep BV

Eindhoven, Netherlands

Van Gansewinkel Groep BV is the waste management and processing company in the Benelux, engaging in the collection and processing of waste into raw materials and energy.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-21 Winoa

Le Cheylas, France

Winoa is a manufacturer of steel abrasives across the transportation, equipment, energy and construction end-markets. Winoa successfully serves a diverse customer base of over 10,000 customers worldwide. WHA Holding SAS is headquartered in Le Cheylas, France with 11 manufacturing facilities in Europe, North America, South America, Asia, and Africa.

Sell -
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 31 of 101
Sector (Insurance) 3 of 4
Type (Secondary Buyout) 7 of 20
State (New York) 2 of 5
Country (United States) 5 of 24
Year (2017) 3 of 15
Size (of disclosed) 5 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-08 GE Water & Process Technologies

Trevose, Pennsylvania, United States

GE Water & Process Technologies engages in the provision of equipment, chemicals and services for the treatment of water and wastewater. In order to address its industrial clients’ increasingly complex needs, GE Water invests heavily in research and development of unique solutions. Its innovative technology has made it one of the most sophisticated players in its industry. GE Water & Process Technologies is based in Trevose, Pennsylvania.

Buy $3.4B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-30 Eddyfi Technologies

Quebec, Quebec, Canada

Eddyfi Technologies is specialized in the development of equipment and software used to detect cracks, corrosion and other anomalies on different types of structures. Its advanced non-destructive testing (NDT) technologies – meaning no damage is caused to the asset being inspected – are used for the inspection of critical components in industries such as power generation, petrochemicals and aerospace. Eddyfi Technologies was founded in 2009 and is based in Quebec, Canada.

Buy -
DESCRIPTION

NB Private Equity Partners is a publicly traded asset manager focused on acquiring direct investments in privately held companies. The Firm principally targets businesses in the US and looks to invest alongside other private equity managers when considering opportunities. NB Private Equity Partners is headquartered in the UK, with an additional office in the US.


DEAL STATS #
Overall 10 of 26
Sector (Insurance) 1 of 2
Type (Secondary Buyout) 3 of 13
State (New York) 3 of 6
Country (United States) 7 of 15
Year (2017) 1 of 4
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-12 Motion Dynamics

Fruitport, Michigan, United States

Motion Dynamics is a manufacturer of wire-based micro-components and sub-assemblies, which are frequently found in micro-catheters, pacemakers, and neuromodulation devices. The Company focuses on products that require fine and ultra-fine wire diameters, unique alloy types and shapes, and high precision/tight tolerances. Motion Dynamics was formed in 1992 and is based in Fruitport, Michigan.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-04-14 MHS

Mount Washington, Kentucky, United States

MHS is a provider of e-commerce infrastructure, enabling systems automation for top logistics and e-commerce companies in the world. MHS services its customers and the parcel industry through best-in-class turnkey engineering design services, software, and equipment. MHS was founded in 1975 and is based in Mount Washington, Kentucky.

Buy -

Seller(S) 1

SELLER

Onex Partners

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1984
PE ASSETS 23.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Onex Partners is the private equity investment arm of Onex Corp., a Canadian based public investment and asset management firm that also invests in real estate and credit securities. Onex Partners targets investments in large companies, and ONCAP which invests in smaller middle-market companies. Both groups consider North American businesses in a wide range of industries with a special interest in aerospace, healthcare, and industrial companies. Prospective transaction situations include corporate carve-outs where the firm can leverage restructuring capabilities. Onex Corp. was established in 1984 and is based in Toronto with an additional office in New York City.


DEAL STATS #
Overall 22 of 36
Sector (Insurance) 2 of 4
Type (Secondary Buyout) 5 of 6
State (New York) 1 of 1
Country (United States) 18 of 28
Year (2017) 1 of 1
Size (of disclosed) 2 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-03 Parkdean Resorts

Newcastle upon Tyne, United Kingdom

Parkdean Resorts is a major operator of caravan holiday parks in the United Kingdom. Parkdean Resorts offers a choice of Caravan Holidays and Holiday Home Ownership at 48 Parks, each one with its own unique mix of facilities and entertainment, making it the perfect choice for a family holiday in the UK. Parkdean Resorts is based in Newcastle upon Tyne, United Kingdom.

Buy £1.4B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-08 OneDigital

Atlanta, Georgia, United States

OneDigital is a provider of employee benefits for employers of all sizes, represents the new generation in health and benefits. Focused on creating harmony between people and technology. OneDigital delivers market-leading benefits solutions and is the only company offering a sophisticated combination of strategic advisory services, analytics, compliance support, technical innovations, and HR capital management tools to employers. OneDigital was founded in 2000 and is based in Atlanta, Georgia.

Buy $560M