M&A Deal Summary

Onex Partners and New Mountain Capital Acquires OneDigital

On May 8, 2017, private equity firms Onex Partners and New Mountain Capital acquired insurance company OneDigital from Fidelity National Financial for 560M USD

Acquisition Highlights
  • This is Onex Partners’ 4th and New Mountain Capital’s 5th transaction in the Insurance sector.
  • This is Onex Partners’ 21st and New Mountain Capital’s 10th largest (disclosed) transaction.
  • This is Onex Partners’ 33rd and New Mountain Capital’s 41st transaction in the United States.
  • This is Onex Partners’ 1st and New Mountain Capital’s 4th transaction in Georgia.

M&A Deal Summary

Date 2017-05-08
Target OneDigital
Sector Insurance
Buyer(s) Onex Partners
New Mountain Capital
Sellers(s) Fidelity National Financial
Deal Type Divestiture
Deal Value 560M USD
Advisor(s) Triple Tree LLC (Financial)

Target

OneDigital

Atlanta, Georgia, United States
website
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.

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Buyer(S) 2

Buyer

Onex Partners

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1984
PE ASSETS 23.0B USD
SizeMega
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 42 of 57
Sector (Insurance) 4 of 6
Type (Divestiture) 12 of 12
State (Georgia) 1 of 1
Country (United States) 33 of 42
Year (2017) 2 of 3
Size (of disclosed) 21 of 30
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-17 USI Insurance Services

Valhalla, New York, United States

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.

Sell $4.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-11 SMG Holdings

West Conshohocken, Pennsylvania, United States

SMG Holdings, Inc. is a global manager of convention centers, stadiums, arenas, theatres, performing arts centers and other venues. The company offers a comprehensive suite of services, allowing venue owners to outsource all facets of day-to-day operations, including facility staffing and training, food and beverage, event booking and management, event promotion, exhibitor services, financial management and ongoing maintenance services

Buy -
Buyer

New Mountain Capital

New York, New York, United States

website


Category Private Equity Firm
Founded 2000
PE ASSETS 35.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

New Mountain Capital is a private investment firm focused on investment in public and private companies in a variety of industries. New Mountain generally invests $100 to $500 million per transaction and looks for businesses with strong market positions and high barriers to entry. New Mountain also prefers businesses that succeed in both good and bad economies. Sectors of interest include education, healthcare, business services, federal IT services, media, software, consumer products, logistics, financial services and technologies, and energy. New Mountain Capital was formed in 2000 and is based in New York City.


DEAL STATS #
Overall 45 of 85
Sector (Insurance) 5 of 6
Type (Divestiture) 2 of 5
State (Georgia) 4 of 7
Country (United States) 41 of 81
Year (2017) 5 of 10
Size (of disclosed) 10 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-03 Legends Hospitality

New York, New York, United States

Legends provides hospitality, merchandise, ticket sales, planning, sponsorships and experiential services to the sports and entertainment industries, as well as the management of landmark attractions such as Yankee Stadium, AT&T Stadium (home of the Dallas Cowboys) and the observatory at New York City’s World Trade Center. Other marquee clients in the Legends portfolio include Live Nation, the Manchester City Football Club, the Los Angeles Angels, the Los Angeles Rams, the University of Notre Dame and ~100 other venues. Legends has a track record of delivering superior outcomes for its clients/partners and spectators, including greater visitor satisfaction and enhanced revenue per attendee.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-07-17 Sparta Systems

Hamilton, New Jersey, United States

Sparta Systems is a provider of quality management software to the pharmaceutical, medical device, and consumer products industries. Sparta’s software solutions help improve quality outcomes and incident response, with improved regulatory compliance and lower administrative costs. Its flagship platform, TrackWise, is used by 35 of the top 40 pharma companies and 13 of the top 15 medical device manufacturers. Sparta has over 825,000 individual users overall across more than 30 countries. Sparta Systems was formed in 1994 and is based in Hamilton, New Jersey.

Buy -

Seller(S) 1

SELLER

Fidelity National Financial

Jacksonville, Florida, United States

website


Category Company
Founded 1847
SectorInsurance
Employees28,290
Revenue 15.1B USD (2021)
DESCRIPTION
Fidelity National Financial's corporate headquarters in Jacksonville, Florida.
Fidelity National Financial's corporate headquarters in Jacksonville, Florida.

Fidelity National Financial is a provider of insurance escrow, and other services. Fidelity National Financial was originally incorporated in 1847 and is based in Jacksonville, Florida.


DEAL STATS #
Overall 5 of 8
Sector (Insurance) 2 of 3
Type (Divestiture) 5 of 6
State (Georgia) 1 of 1
Country (United States) 5 of 7
Year (2017) 1 of 1
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-07-26 Commissions

Marietta, Georgia, United States

Commissions, Inc. is a provider of web-based real estate marketing and CRM software for elite agents and teams across North America. The solution includes a consumer website that integrates with local MLS data, a complete CRM platform that allows real estate agents to nurture clients and monitor their business, and access to two mobile apps (CINC Agent App and Houses.net).

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-22 Hudson & Marshall

Dallas, Texas, United States

Hudson & Marshall is a full service auction company and real estate and property auction providers. Hudson & Marshall was established in 1965 and is headquartered in Dallas, Texas.

Buy -