M&A Deal Summary

Onex Falcon and Lindsay Goldberg Acquire Likewize

On June 1, 2012, mezzanine finance firm Onex Falcon and private equity firm Lindsay Goldberg acquired insurance company Likewize from Lindsay Goldberg

Acquisition Highlights
  • This is Onex Falcon’s 2nd and Lindsay Goldberg’s 3rd transaction in the Insurance sector.
  • This is Onex Falcon’s 40th and Lindsay Goldberg’s 21st transaction in the United States.
  • This is Onex Falcon’s 8th and Lindsay Goldberg’s 8th transaction in Texas.
Investment Fate
  • Likewize was sold to a publicly-traded strategic buyer in 2013 for 1.3B USD.
  • Likewize was divested to a consortium of buyers in 2020.

M&A Deal Summary

Date 2012-06-01
Target Likewize
Sector Insurance
Buyer(s) Onex Falcon
Lindsay Goldberg
Sellers(s) Lindsay Goldberg
Deal Type Secondary Buyout

Target

Likewize

Southlake, Texas, United States
Likewize is a global provider of cell phone and electronic device protection products and services, resolving hundreds of millions of customer issues each year across insurance, warranty, repairs, trade-ins, recycling, and premium tech support. The Company serves a wide array of clients including carriers, financial institutions, retailers, and mobile phone OEMs across the world. Likewize was founded in 1997 and is based in Southlake, Texas.

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Buyer(S) 2

Buyer

Onex Falcon

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 4.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Onex Falcon is a mezzanine finance firm that provides junior capital for North American businesses. Falcon looks to provide $30 to $150 million of subordinated debt to companies with EBITDA of at least $10 million. Falcon has no specific industry focus. Investment proceeds are typically used to support LBOs/MBOs, growth and acquisition financings, restructuring, recapitalizations, take privates, and generational ownership transfers. Onex Falcon was formed in 2000 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 42 of 57
Sector: Insurance M&A 2 of 2
Type: Secondary Buyout M&A Deals 6 of 8
State: Texas M&A 8 of 9
Country: United States M&A 40 of 54
Year: 2012 M&A 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-02-25 MSX International

Detroit, Michigan, United States

MSX Internationa is an international provider of consulting, business process outsourcing, technical staffing, and vendor management services and solutions to the automotive industry. MSX International was founded in 1996 and is based in Detroit, Michigan.

Buy $125M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-07-01 Relativity Media

Los Angeles, California, United States

Relativity Media is a diversified media company engaged in full-scale film and television production and distribution, music publishing, sports management, and digital media. Relativity Media is based in Los Angeles, California.

Buy -
Buyer

Lindsay Goldberg

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2001
PE ASSETS 17.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Lindsay Goldberg is a large private equity firm that targets investments in traditional, basic industries. Lindsay looks to commit $50 to $250 million per transaction in sectors that include basic & commodity manufacturing, financial services, food, and distribution. Lindsay looks to partner with management in pursuing transactions. Lindsay Goldberg was formerly known as Lindsay Goldberg & Bessemer. The Firm was formed in 2001 and is based in New York City.


DEAL STATS #
Overall 26 of 58
Sector: Insurance M&A 3 of 3
Type: Secondary Buyout M&A Deals 5 of 13
State: Texas M&A 8 of 8
Country: United States M&A 21 of 47
Year: 2012 M&A 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-05-07 PetroLogistics

Houston, Texas, United States

PetroLogistics LP is a major producer of propylene. Propylene is a basic petrochemical building blocks that is used in the manufacture of a variety of end products, including paints, coatings, building materials, clothing, automotive parts, packaging and a range of other consumer and industrial products.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-09-21 Plasticum Group BV

Tilburg, Netherlands

Plasticum Group BV specializes in the manufacture and design of plastic packaging solutions.

Buy -

Seller(S) 1

SELLER

Lindsay Goldberg

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2001
PE ASSETS 17.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Lindsay Goldberg is a large private equity firm that targets investments in traditional, basic industries. Lindsay looks to commit $50 to $250 million per transaction in sectors that include basic & commodity manufacturing, financial services, food, and distribution. Lindsay looks to partner with management in pursuing transactions. Lindsay Goldberg was formerly known as Lindsay Goldberg & Bessemer. The Firm was formed in 2001 and is based in New York City.


DEAL STATS #
Overall 11 of 42
Sector: Insurance M&A 2 of 3
Type: Secondary Buyout M&A Deals 4 of 18
State: Texas M&A 2 of 8
Country: United States M&A 9 of 33
Year: 2012 M&A 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-05-07 PetroLogistics

Houston, Texas, United States

PetroLogistics LP is a major producer of propylene. Propylene is a basic petrochemical building blocks that is used in the manufacture of a variety of end products, including paints, coatings, building materials, clothing, automotive parts, packaging and a range of other consumer and industrial products.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-09-21 Plasticum Group BV

Tilburg, Netherlands

Plasticum Group BV specializes in the manufacture and design of plastic packaging solutions.

Buy -