Lightyear Capital Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Lightyear Capital has acquired 8 companies. It has also invested in 2 others.

Lightyear Capital’s most common sectors for investment arefinancial services (44%) and insurance (15%) . The Firm’s most common investment types include secondary buyout (35%) and buyout (lbo, mbo, mbi) (25%). In total, Lightyear Capital has invested in 17 US states and 6 different countries. Its largest (disclosed) acquisition occurred in 2006 when it acquired Flagstone Reinsurance Holdings S.A. for $715M.

In the last 3 years, Lightyear Capital has exited 5 companies. The Firm’s most common exit type is trade sale (40%). Lightyear Capital’s largest (disclosed) exit occurred in 2016 when it sold Yadkin Financial for $1.4B.

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M&A Summary

  • M&A Total Activity68
    • M&A Buy Activity40
    • M&A Sell Activity28
  • Total Sectors Invested 12
  • Total Countries Invested 6
  • M&A Buy/Sell Connections 34
  • M&A Advisors 8

Lightyear Capital

40 West 57th Street 22nd Floor,
New York, New York 10019
United States
(212) 328-0555
www.lycap.com
lycapbus@lycap.com

Lightyear Capital is a specialist private equity firm that pursues brand-name businesses in the financial services sector. Lightyear looks for companies with stable, recurring revenues that operate in growing markets. Transaction strategies include leveraged buyouts, recapitalizations, restructurings and consolidations. Lightyear Capital was formed in 2000 and is based in New York City.


Investment Criteria

Sectors of Interest: Business Services, Financial Services, Healthcare Services, Information Technology, Insurance, Internet Software and Services, Software

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Divestiture, Growth Capital, Recapitalization, PIPE, Secondary Buyout, Stake Purchase

Geographic Preferences: East US, Midwest US, South US, West US, Canada

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value - -

M&A Summary

Buy vs Sell

Year ≤ '17 '18 '19 '20 '21 '22 T
Buy (2.4/yr) # 28 3 3 3 3 - 40
vol $892M $140M $1.0B
Sell (1.4/yr) # 21 2 2 - 2 1 28
vol $6.8B $6.8B
  68

Most Recent M&A

Company Date Value Type
Cerity Partners LLC 2022-06-13 - Recapitalization
New York, New York · www.ceritypartners.com
PracticeTek 2021-12-06 - Recapitalization
Knoxville, Tennessee · www.practicetek.com
Schellman & Co. LLC 2021-09-17 - Growth Capital
Tampa, Florida · www.schellman.com
Wren Sterling Financial Planning Ltd. 2021-07-21 - Secondary Buyout
London, United Kingdom · www.wrensterling.com
Datalot, Inc. 2021-06-29 - Add-on Acquisition
Brooklyn, New York · www.datalot.com
Therapy Brands, Inc. 2021-04-07 - Secondary Buyout
Birmingham, Alabama · www.therapybrands.com
Allworth Financial 2020-10-20 - Secondary Buyout
Sacramento, California · www.allworthfinancial.com
HealthPlanOne LLC 2020-06-22 - Secondary Buyout
Trumbull, Connecticut · www.hpone.com
Vehlo 2020-01-01 - Growth Capital
Knoxville, Tennessee · www.vehlo.com
Wealth Enhancement Group LLC 2019-07-31 - Secondary Buyout
Plymouth, Minnesota · www.wealthenhancement.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Wren Sterling Financial Planning Ltd. 2021-07-21 Critchleys Financial Planning LLC 2022-07-01 1
London, United Kingdom · www.wrensterling.com Oxford, United Kingdom
First National Bancorp. 2017-06-01 Strategic Growth Bancorp Inc. 2017-06-01 2
Denver, Colorado El Paso, Texas
Ed Broking LLP 2013-01-16 Swett & Crawford Group, Inc. 2016-02-24 1
London, United Kingdom · www.edbroking.com Atlanta, Georgia · www.swett.com
Ed Broking LLP 2013-01-16 Cooper Gay Chile S.A. 2013-04-08 2
London, United Kingdom · www.edbroking.com Las Condes, Chile · www.coopergay.cl

M&A by Sector

Sector Current # Value All-time # Value
Financial Services 8 (50%) 140M (100%) 18 (44%) 317M (31%)
Insurance 2 (13%) - 6 (15%) 715M (69%)
Software 2 (13%) - 4 (10%) -
Business Services 2 (13%) - 3 (7%) -
Information Technology 1 (6%) - 2 (5%) -
Retail - - 2 (5%) -
Communications - - 1 (2%) -
Healthcare Services - - 1 (2%) -
Internet Software and Services - - 1 (2%) -
Machinery - - 1 (2%) -
Marketing - - 1 (2%) -
Staffing 1 (6%) - 1 (2%) -
Total 16 $140M 41 $1.0B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 14 (88%) 140M (100%) 35 (85%) 317M (31%)
  California 2 (13%) - 5 (12%) -
  Texas 1 (6%) - 4 (10%) -
  New York 1 (6%) - 4 (10%) -
  Florida 2 (13%) - 3 (7%) -
  Georgia 1 (6%) - 3 (7%) -
  Tennessee 2 (13%) - 2 (5%) -
  Massachusetts 1 (6%) - 2 (5%) -
  Connecticut 1 (6%) - 2 (5%) -
  Minnesota - - 2 (5%) -
  Illinois 1 (6%) 140M (100%) 1 (2%) 140M (14%)
  Colorado 1 (6%) - 1 (2%) -
  Washington 1 (6%) - 1 (2%) -
  Oregon - - 1 (2%) 177M (17%)
  Arizona - - 1 (2%) -
  Alabama - - 1 (2%) -
  Virginia - - 1 (2%) -
  North Carolina - - 1 (2%) -
United Kingdom 2 (13%) - 2 (5%) -
Luxembourg - - 1 (2%) 715M (69%)
Canada - - 1 (2%) -
  Manitoba - - 1 (2%) -
Germany - - 1 (2%) -
Bermuda - - 1 (2%) -
Domestic 14 (88%) 140M (100%) 35 (85%) 317M (31%)
Cross-border 2 (13%) - 6 (15%) 715M (69%)
Total 16 $140M 41 $1.0B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 8 (50%) - 14 (34%) -
Buyout (LBO, MBO, MBI) 1 (6%) - 10 (24%) 715M (69%)
Divestiture 1 (6%) 140M (100%) 5 (12%) 140M (14%)
Growth Capital 3 (19%) - 5 (12%) -
Recapitalization 2 (13%) - 2 (5%) -
PIPE - - 1 (2%) 177M (17%)
Consolidation 1 (6%) - 1 (2%) -
Joint Venture - - 1 (2%) -
Stake Purchase - - 1 (2%) -
Venture - - 1 (2%) -
Total 16 $140M 41 $1.0B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 8 (29%) 3.8B (56%)
Secondary Sale 8 (29%) 960M (14%)
Trade Sale 3 (11%) 729M (11%)
IPO 3 (11%) -
Divestiture 2 (7%) 1.3B (19%)
Merger 2 (7%) -
Recapitalization 1 (4%) -
Stake Sale 1 (4%) -
Total 28 $6.8B

Top M&A Advisors

Financial Deals
Bank of America Merrill Lynch (BofA Securities)
2
Jefferies LLC
2
SunTrust Robinson Humphrey, Inc.
1
Legal Deals
Davis Polk & Wardwell LLP
6
Simpson Thacher & Bartlett LLP
2
Sullivan & Cromwell LLP
1

Deal Values

buy # Total
$100M to $1B 3 $1.0B
TOTAL $1.0B
Largest Flagstone Reinsurance Holdings, S.A.
$715M (2006-02-27)
sell # Total
> $1B 2 $2.6B
$100M to $1B 8 $4.2B
< $100M 1 $42M
TOTAL $6.8B
Largest Yadkin Financial Corp.
$1.4B (2016-07-21)

M&A Connections

Deals
Acquired from
Investor(s)
37%
15 (37%)
Strategic(s)
12%
5 (12%)
Exited to
Investor(s)
32%
9 (32%)
Strategic(s)
54%
15 (54%)

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