Lightyear Capital Mergers and Acquisitions Summary

Private Equity 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 are financial services (43%) and insurance (18%). The Firm’s most common investment types include secondary buyout (35%) and buyout (lbo, mbo, mbi) (29%). In total, Lightyear Capital has invested in 15 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 Activity60
    • M&A Buy Activity35
    • M&A Sell Activity25
  • Total Sectors Invested 12
  • Total Countries Invested 6
  • M&A Buy/Sell Connections 28
  • M&A Advisors 6

Lightyear Capital

9 West 57th Street,
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 ≤ '15 '16 '17 '18 '19 '20 T
Buy (2.4/yr) # 23 2 3 3 3 1 35
vol $892M $140M $1.0B
Sell (1.8/yr) # 16 4 1 2 2 - 25
vol $4.2B $2.6B $6.8B
  60

Most Recent M&A

Company Date Value Type
HealthPlanOne LLC 2020-06-22 - Secondary Buyout
Trumbull, Connecticut · www.hpone.com
Wealth Enhancement Group LLC 2019-07-31 - Secondary Buyout
Plymouth, Minnesota · www.wealthenhancement.com
Lendmark Financial Services LLC 2019-06-27 - Secondary Buyout
Lawrenceville, Georgia · www.lendmarkfinancial.com
Advisor Group, Inc. 2019-05-09 - Secondary Buyout
New York, New York · www.advisorgroup.com
Lighthouse 2019-05-01 - Secondary Buyout
Seattle, Washington · www.lighthouseglobal.com
Engage PEO 2019-05-01 - Buyout (LBO, MBO, MBI)
Hollywood, Florida · www.engagepeo.com
Ed Broking Group Ltd. 2018-10-29 - Add-on Acquisition
London, United Kingdom · www.edbroking.com
ampliFI Loyalty Solutions 2018-09-26 140M USD Divestiture
Naperville, Illinois · www.amplifiloyalty.com
Alegeus Technologies LLC 2018-08-07 - Secondary Buyout
Waltham, Massachusetts · www.alegeus.com
Therapy Brands 2018-07-24 - Growth Capital
Birmingham, Alabama · www.therapybrands.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
First National Bancorp. 2017-06-01 Strategic Growth Bancorp Inc. 2017-06-01 2
Denver, Colorado El Paso, Texas
First National Bancorp. 2017-06-01 Sunflower Financial, Inc. 2017-06-01 1
Denver, Colorado Salina, Kansas
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 Newman Martin and Buchan LLP 2013-09-23 2
London, United Kingdom · www.edbroking.com London, United Kingdom · www.nmbinsurance.com
Ed Broking LLP 2013-01-16 Cooper Gay Chile S.A. 2013-04-08 1
London, United Kingdom · www.edbroking.com Las Condes, Chile · www.coopergay.cl

M&A by Sector

Sector Current # Value All-time # Value
Financial Services 6 (46%) 140M (100%) 15 (43%) 317M (31%)
Insurance 2 (15%) - 6 (17%) 715M (69%)
Business Services 1 (8%) - 2 (6%) -
Information Technology 1 (8%) - 2 (6%) -
Retail - - 2 (6%) -
Software 1 (8%) - 2 (6%) -
Communications - - 1 (3%) -
Digital Media 1 (8%) - 1 (3%) -
Healthcare Services - - 1 (3%) -
Internet Software and Services - - 1 (3%) -
Machinery - - 1 (3%) -
Staffing 1 (8%) - 1 (3%) -
Total 13 $140M 35 $1.0B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 12 (92%) 140M (100%) 30 (86%) 317M (31%)
  New York 2 (15%) - 4 (11%) -
  Texas 1 (8%) - 4 (11%) -
  California 1 (8%) - 4 (11%) -
  Georgia 1 (8%) - 3 (9%) -
  Massachusetts 1 (8%) - 2 (6%) -
  Florida 1 (8%) - 2 (6%) -
  Connecticut 1 (8%) - 2 (6%) -
  Minnesota - - 2 (6%) -
  Illinois 1 (8%) 140M (100%) 1 (3%) 140M (14%)
  Washington 1 (8%) - 1 (3%) -
  Colorado 1 (8%) - 1 (3%) -
  Alabama 1 (8%) - 1 (3%) -
  Oregon - - 1 (3%) 177M (17%)
  Virginia - - 1 (3%) -
  North Carolina - - 1 (3%) -
United Kingdom 1 (8%) - 1 (3%) -
Luxembourg - - 1 (3%) 715M (69%)
Canada - - 1 (3%) -
  Manitoba - - 1 (3%) -
Germany - - 1 (3%) -
Bermuda - - 1 (3%) -
Domestic 12 (92%) 140M (100%) 30 (86%) 317M (31%)
Cross-border 1 (8%) - 5 (14%) 715M (69%)
Total 13 $140M 35 $1.0B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 6 (46%) - 12 (34%) -
Buyout (LBO, MBO, MBI) 1 (8%) - 10 (29%) 715M (69%)
Divestiture 2 (15%) 140M (100%) 5 (14%) 140M (14%)
Growth Capital 3 (23%) - 3 (9%) -
PIPE - - 1 (3%) 177M (17%)
Consolidation 1 (8%) - 1 (3%) -
Joint Venture - - 1 (3%) -
Stake Purchase - - 1 (3%) -
Venture - - 1 (3%) -
Total 13 $140M 35 $1.0B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 8 (32%) 3.8B (56%)
Secondary Sale 7 (28%) 960M (14%)
IPO 3 (12%) -
Divestiture 2 (8%) 1.3B (19%)
Trade Sale 2 (8%) 729M (11%)
Merger 2 (8%) -
Stake Sale 1 (4%) -
Total 25 $6.8B

Top M&A Advisors

Financial Deals
Bank of America Merrill Lynch
 2
KPMG Corporate Finance LLC
 1
SunTrust Robinson Humphrey, Inc.
 1
Legal Deals
Simpson Thacher & Bartlett LLP
 2
Davis Polk & Wardwell 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
PE Firm(s)
74%
14 74%
Strategic(s)
26%
5 26%
Exited to
PE Firm(s)
33%
7 33%
Strategic(s)
67%
14 67%

Investor Summary

Size

Large

PE Assets

3.5B USD

Established

2000

Specialist/Generalist

Specialist

Leadership

Donald Marron

Founder & Chairman

Ellan Ben-Hayon

CFO & CCO

Mark Vassallo

Managing Partner

Chris Casciato

Managing Director

Daniel Freyman

Managing Director

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