M&A Deal Summary

Primus Capital Funds, Corsair Capital and Goldman Sachs Merchant Banking Acquires SPARTA Insurance Holdings

On September 14, 2007, Primus Capital Funds, private equity firm Corsair Capital and private equity firm Goldman Sachs Merchant Banking acquired insurance company SPARTA Insurance Holdings, Inc. for 279M USD

Acquisition Highlights
  • This is Primus Capital Funds’ 1st, Corsair Capital’s 3rd and Goldman Sachs Merchant Banking’s 4th transaction in the Insurance sector.
  • This is Primus Capital Funds’ 1st, Corsair Capital’s 5th and Goldman Sachs Merchant Banking’s 38th largest (disclosed) transaction.
  • This is Primus Capital Funds’ 18th, Corsair Capital’s 2nd and Goldman Sachs Merchant Banking’s 34th transaction in the United States.
  • This is Primus Capital Funds’ 1st, Corsair Capital’s 1st and Goldman Sachs Merchant Banking’s 1st transaction in Connecticut.
Investment Fate
  • SPARTA Insurance Holdings was sold to a strategic buyer in 2014.

M&A Deal Summary

Date 2007-09-14
Target SPARTA Insurance Holdings, Inc.
Sector Insurance
Buyer(s) Primus Capital Funds
Corsair Capital
Goldman Sachs Merchant Banking
Deal Type Buyout (LBO, MBO, MBI)
Deal Value 279M USD

Target

SPARTA Insurance Holdings, Inc.

Hartford, Connecticut, United States
website
SPARTA Insurance Holdings, Inc. provides property and casualty insurance for specialty and alternative risk programs.

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Buyer(S) 3

Buyer

Primus Capital Funds

Cleveland, Ohio, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1983
PE ASSETS 900M USD
SizeMiddle-Market
Type Sector Agnostic
DESCRIPTION

Primus Capital is a private equity firm focused on investing in established companies in the business services, healthcare and education industry sectors. Primus looks for established, high-growth companies with strong management and predictable/recurring revenues. The Firm will consider both control and minority positions and has a target investment size of $15 to $40 million. Prospective transaction types include growth equity financings, recapitalizations, and management-led buyouts. Primus was formed in 1984 and is based in Cleveland, Ohio.


DEAL STATS #
Overall 19 of 55
Sector (Insurance) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 11 of 13
State (Connecticut) 1 of 1
Country (United States) 18 of 54
Year (2007) 3 of 4
Size (of disclosed) 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-06-13 Community Education Centers, Inc.

West Caldwell, New Jersey, United States

Community Education Centers, Inc. is a national provider of rehabilitative services for offenders through reentry and in-custody treatment programs as well as comprehensive management services for county, state, and federal correctional and detention facilities. CEC provides evidence-based programming for residential and non-residential clients through reentry and correctional facilities, in-prison treatment services, and outpatient and day reporting programs.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-09-27 TrialGraphix, Inc.

Miramar, Florida, United States

TrialGraphix is a national litigation consulting firm that specializes in discovery management, trial and jury consulting, litigation technologies, and trial graphics and courtroom presentation services for trial attorneys, law firms, and corporate counsel at Fortune 500 companies. With more than 280 full-time professionals, the firm has offices in eight of the country's top legal markets, from its headquarters in Miami to Atlanta, Chicago, New York, Los Angeles, Washington, D.C., Philadelphia, and Houston.

Sell -
Buyer

Corsair Capital

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1992
SizeLarge
Type Sector Focused
DESCRIPTION

Corsair Capital is a private investment firm focused on investments in the financial services industry. Specific areas of interest include banks, insurance companies, credit card specialists, asset managers, private banks, mortgage lenders, financial technology firms, and finance companies. The Firm looks to invest between $50 to $100 million in companies with proven business models and 'meaningful' barriers to entry. Corsair will consider opportunities around the world, including the US, Europe, Latin America, and Asia. Prospective transactions include recapitalizations, growth capital financings, management buyouts, and special/distressed situations. Corsair Capital was originally established in 1992 and is based in New York City. Corsair has an additional office in London.


DEAL STATS #
Overall 7 of 25
Sector (Insurance) 3 of 7
Type (Buyout (LBO, MBO, MBI)) 3 of 11
State (Connecticut) 1 of 1
Country (United States) 2 of 11
Year (2007) 1 of 3
Size (of disclosed) 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-12-15 NewStar Financial, Inc.

Boston, Massachusetts, United States

NewStar Financial, Inc. is an internally-managed, commercial finance company with $7.3 billion of assets managed across two complementary business lines — middle market direct lending and asset management. The Company's direct lending activities are focused on meeting the complex financing needs of companies and private investors in the middle markets through specialized lending groups that offer a range of flexible debt financing options. Credit investments are originated directly through teams of experienced, senior bankers and marketing officers organized around key industry and market segments. Through its asset management platforms, NewStar offers a range of investment products employing credit-oriented strategies focused on middle market loans and liquid, tradeable credit.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-12-06 Capstar Bank

Nashville, Tennessee, United States

Capstar Bank operates as a state chartered bank that provides personal and business banking products and services. The company offers checking and savings accounts, money market accounts, certificates of deposit, debit card/ATM access, and Internet banking services.

Buy $88M
Buyer

Goldman Sachs Merchant Banking

New York, New York, United States

website


Category Private Equity Firm
Founded 1986
PE ASSETS 155.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Goldman Sachs Merchant Banking Division is the investment arm of Goldman Sachs. The primary corporate investment group within the Merchant Banking Division is Goldman Sachs' direct investment arm. GS's direct investment arm consists of GS Capital Partners, GS Mezzanine Partners, and GS Growth Partners. GS Capital Partners is the direct corporate equity investment group which seeks LBO, recapitalization, and growth investments to help fund acquisitions, expansions, recapitalizations, restructurings, buyouts, and take privates. GS Capital Partners looks to invest between $50 and $800 million in opportunities in North/South America, Europe, Asia. GS Mezzanine Partners is the junior capital arm of Goldman Sachs. GS Mezzanine looks to invest between $200 million and and $800 million in transactions valued up to $10 billion. Investment proceeds are used to fund leveraged buyouts, expansion financings, recapitalizations, acquisitions, and restructurings. GS Growth looks to invest in growth equity transactions. The unit seeks to commit $20 to $200 million per investment. Other units within GS's merchant banking division include Real Estate, Infrastructure, and Urban Investments. Goldman Sachs Merchant Banking Division is based in New York City.


DEAL STATS #
Overall 48 of 172
Sector (Insurance) 4 of 5
Type (Buyout (LBO, MBO, MBI)) 17 of 32
State (Connecticut) 1 of 3
Country (United States) 34 of 117
Year (2007) 14 of 21
Size (of disclosed) 38 of 49
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-08-09 Nursefinders, Inc.

San Diego, California, United States

Nursefinders, Inc. is a nurse staffing companies to hospitals and other healthcare facilities and a major provider of home healthcare services. Through its network of approximately 120 medical staffing and home health care offices, Nursefinders provides RNs, LPN/LVNs, home health aides, therapists, medical social workers, nursing assistants, companions and other healthcare and medical clerical professionals to more than 4,200 hospitals, nursing homes, healthcare centers and patients across the U.S.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-09-25 Biomet, Inc.

Warsaw, Indiana, United States

Biomet, Inc. is a designs and manufactures orthopedic medical devices and other products used primarily by surgeons and medical specialists, with distribution in over 70 countries and a product portfolio that encompasses orthopedic joint replacement products, dental reconstructive implants, fixation devices, spinal products and other applications.

Buy $11.4B