M&A Deal Summary

TPG Global, Thomas H. Lee Partners, The Blackstone Group, Olympus Partners and Oak Hill Capital Partners Acquires Ariel Re Bermuda

On December 18, 2005, asset manager TPG Global, private equity firm Thomas H. Lee Partners, private equity firm The Blackstone Group Inc., private equity firm Olympus Partners and private equity firm Oak Hill Capital Partners acquired insurance company Ariel Re Bermuda Ltd. for 1.0B USD

Acquisition Highlights
  • This is TPG Global’s 3rd, Thomas H. Lee Partners’ 4th, The Blackstone Group’s 5th, Olympus Partners’ 1st and Oak Hill Capital Partners’ 1st transaction in the Insurance sector.
  • This is TPG Global’s 56th, Thomas H. Lee Partners’ 22nd, The Blackstone Group’s 81st, Olympus Partners’ 1st and Oak Hill Capital Partners’ 5th largest (disclosed) transaction.
  • This is TPG Global’s 2nd, Thomas H. Lee Partners’ 4th, The Blackstone Group’s 4th, Olympus Partners’ 1st and Oak Hill Capital Partners’ 2nd transaction in Bermuda.
Investment Fate
  • Ariel Re Bermuda was sold to a publicly-traded strategic buyer in 2012.
  • Ariel Re Bermuda was sold to a strategic buyer in 2016 for 235M USD.
  • Ariel Re Bermuda was divested to a financial buyer in 2020.

M&A Deal Summary

Date 2005-12-18
Target Ariel Re Bermuda Ltd.
Sector Insurance
Buyer(s) TPG Global
Thomas H. Lee Partners
The Blackstone Group Inc.
Olympus Partners
Oak Hill Capital Partners
Deal Type Buyout (LBO, MBO, MBI)
Deal Value 1.0B USD

Target

Ariel Re Bermuda Ltd.

Hamilton, Bermuda
website
Ariel Re Bermuda Ltd. is a (re)insurance company based in Bermuda that underwrites a global portfolio of insurance and reinsurance business through offices in London, Bermuda, Atlanta and Kansas City.

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Buyer(S) 5

Buyer

TPG Global

Fort Worth, Texas, United States

Investor Investor Investor Investor

website


Category Asset Manager
Founded 1992
PE ASSETS 96.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

TPG Capital is a global, mega-sized private investment firm that manages a family of funds focused on private equity, real estate, venture capital, public equity and debt investing. TPG invests in opportunities across a broad range of industries and geographies. TPG generally seeks to invest in established businesses that can benefit from the Firm's operational experience and connections. Industries of interest include consumer, retail, healthcare, industrials, digital media, natural resources, energy, real estate, technology, and software. TPG was formerly known as Texas Pacific Group and was originally established in 1992 by David Bonderman, James Coulter and William Price. The Firm is based in Forth Worth, Texas with additional offices in Europe, Asia, and Australia.


DEAL STATS #
Overall 68 of 378
Sector (Insurance) 3 of 5
Type (Buyout (LBO, MBO, MBI)) 13 of 44
Country (Bermuda) 2 of 2
Year (2005) 14 of 15
Size (of disclosed) 56 of 94
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-12-05 Findexa

Oslo, Norway

Findexa is one of Norway's largest publishers of telephone directories.

Sell kr5.4B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-12-28 LPL Financial Holdings Inc.

San Diego, Massachusetts, United States

LPL Financial is the exclusive provider of investment advisory, marketing, administrative, distribution and information systems services to the largest independent financial advisor network in the United States. LPL Financial was founded in 1989 and is based in San Diego, California.

Buy $2.5B
Buyer

Thomas H. Lee Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1974
PE ASSETS 25.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Thomas H. Lee Partners, LP (THL) is a private equity firm that seeks buyout, expansion, consolidation, distressed, and recapitalization investments across various industries. Sectors of interest include business and information services, consumer products/retail, financial services, healthcare, industrial, and media/communications. THL looks to invest $100 to $400 million in companies valued up to $2.5 billion. Thomas H. Lee Partners, LP was formed in 1974 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 21 of 76
Sector (Insurance) 4 of 6
Type (Buyout (LBO, MBO, MBI)) 7 of 14
Country (Bermuda) 4 of 4
Year (2005) 4 of 5
Size (of disclosed) 22 of 26
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-11-04 Grupo Corporativo ONO S.A.

Madrid, Spain

Grupo Corporativo ONO S.A. is a broadband service provider. It offers direct access telephony, pay television and internet access services to the residential market where, ONO offers advanced voice, data and value-added services across its own high capacity local access and national backbone networks.

Buy €2.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-12-27 Sedgwick Claims Management Services, Inc.

Memphis, Tennessee, United States

Sedgwick is a global provider of technology-enabled risk, benefits and integrated business solutions. The Company provides technology-enabled claims management solutions for workers’ compensation, disability, liability, and property claims.

Buy $635M
Buyer

The Blackstone Group Inc.

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1987
PE ASSETS 95.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

The Blackstone Group LP is a global alternative investment management firm comprised of three business segments. These groups include corporate private equity, real estate, and alternative asset management. Blackstone's private equity group targets opportunities globally including buyout acquisitions of established companies, development projects, growth equity financings, and industry consolidations. Sectors of interest include automotive, healthcare, chemicals, industrial, commercial property, lodging, communications, media/publishing, consumer & retail, packaging, consumer products, pharmaceuticals, energy, technology, entertainment, telecommunications, financial services, theme parks, food & beverage, and transportation. Blackstone's private equity real estate group looks for opportunities across North/South America, Asia, Australia/New Zealand, and Europe. The real estate group will consider both equity and debt investments. Areas of interest include healthcare, hotel, industrial, office, residential, and retail. The Blackstone Group was formed in 1987 and is based in New York City.


DEAL STATS #
Overall 89 of 296
Sector (Insurance) 5 of 10
Type (Buyout (LBO, MBO, MBI)) 34 of 72
Country (Bermuda) 4 of 5
Year (2005) 10 of 10
Size (of disclosed) 81 of 160
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-12-15 New Skies Satellites N.V.

The Hague, Netherlands

New Skies Satellites is one of only four fixed satellite communications companies with truly global satellite coverage, offering video, data, voice and Internet communications services to a range of telecommunications carriers, broadcasters, large corporations, Internet service providers and government entities around the world.

Sell $1.2B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-01 Montecito Broadcast Group LLC

Montecito, California, United States

Montecito operated network affiliate television stations in four U.S. cities.

Buy $264M
Buyer

Olympus Partners

Stamford, Connecticut, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1988
PE ASSETS 8.4B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Olympus Partners is a private equity group focused on investing in growth companies with strong management, and positions in their respective markets. The Firm will consider both venture capital and private equity investments and looks to commit $50 to $300 million per transaction. The Firm focuses its investment activities within the business services, healthcare, financial services, consumer, restaurant, software/IT services, and logistics/transportation industries. Olympus Partners was formed in 1988 and is based in Stamford Connecticut.


DEAL STATS #
Overall 14 of 49
Sector (Insurance) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 7 of 10
Country (Bermuda) 1 of 2
Year (2005) 2 of 2
Size (of disclosed) 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-10-31 Professional Service Industries, Inc.

Oakbrook Terrace, Illinois, United States

Professional Service Industries, Inc. is a provider of testing and assurance services to commercial and civil construction markets, with a broad service offering including building materials testing; geotechnical services; and property and environmental assurance.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-04-19 Tanenbaum-Harber Co. Inc.

New York, New York, United States

Tanenbaum-Harber Co. Inc. is a Insurance brokerage and risk management consulting, employee benefits brokerage.

Buy -
Buyer

Oak Hill Capital Partners

Stamford, Connecticut, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1986
PE ASSETS 9.5B USD
SizeMega
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 22 of 66
Sector (Insurance) 1 of 4
Type (Buyout (LBO, MBO, MBI)) 9 of 20
Country (Bermuda) 2 of 2
Year (2005) 4 of 4
Size (of disclosed) 5 of 21
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-12-14 WideOpenWest, Inc.

Englewood, Colorado, United States

WOW! is a provider of high-speed Internet, cable TV, and phone serving communities in the U.S. WOW's operating philosophy is to deliver an employee and customer experience that lives up to its name. WOW! was founded in 2001 and is based in Englewood, Colorado.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-05-08 Monsoon Commerce, Inc.

Emeryville, California, United States

Monsoon Commerce, Inc. (formerly known as Alibris Holdings, Inc.) is an e-commerce solutions company that powers the online businesses of mid-sized merchants through integrated solutions that allow these merchants to easily manage inventory, orders, and fulfillment; sell more products in more places; and intelligently price products across channels.

Buy -