Investment Summary

Exits SPARTA Insurance Holdings

On September 16, 2014, invested in insurance company SPARTA Insurance Holdings from Primus Capital Funds, Corsair Capital and Goldman Sachs Merchant Banking

Investment Highlights
  • This is transaction in the Insurance sector.
  • This is transaction in the United States.
  • This is transaction in Connecticut.
Investment Fate
  • SPARTA Insurance Holdings was sold to a strategic buyer in 2014.

Investment Summary

Date 2014-09-16
Target SPARTA Insurance Holdings
Sector Insurance
Sellers(s) Primus Capital Funds
Corsair Capital
Goldman Sachs Merchant Banking
Deal Type Trade Sale

Target

SPARTA Insurance Holdings

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

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Seller(S) 3

SELLER

Primus Capital Funds

Cleveland, Ohio, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1983
PE ASSETS 900M USD
Size Middle-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 21 of 40
Sector (Insurance) 1 of 1
Type (Trade Sale) 1 of 1
State (Connecticut) 2 of 2
Country (United States) 20 of 39
Year (2014) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-05-29 Hyperwallet Systems

San Francisco, California, United States

Hyperwallet Systems, Inc. is a provider of online and mobile payment, international payments, card products and financial technology solutions to world-class customers in Canada, the U.S. and internationally. Hyperwallet Systems is based in San Francisco, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-10-28 Three Eagles Communications

Salida, Colorado, United States

Three Eagles Communications, Inc. is an operator of small to medium size radio stations operations in the Midwest, U.S.

Sell $67M
SELLER

Corsair Capital

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1992
Size Large
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 9 of 13
Sector (Insurance) 4 of 4
Type (Trade Sale) 1 of 1
State (Connecticut) 1 of 1
Country (United States) 3 of 5
Year (2014) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-07-09 Torus Insurance Holdings

Hamilton, Bermuda

Torus Insurance offers a diversified and growing range of property, casualty and specialty insurance products, as well as reinsurance, to a global client base through its Bermuda, UK, and US based insurance subsidiaries.

Sell $692M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-20 First Eagle Investment Management

New York, New York, United States

First Eagle Investment Management is an asset management firm which manages assets on behalf of institutional and individual clients. With the core purpose of providing prudent stewardship of its clients’ assets, the Firm is focused on fundamental, flexible and benchmark-agnostic investing, including strategies which seek to provide clients with downside protection. First Eagle Investment Management was founded in 1864 and is based in New York City.

Buy $4.0B
SELLER

Goldman Sachs Merchant Banking

New York, New York, United States

website


Category Private Equity Firm
Founded 1986
PE ASSETS 155.0B USD
Size Mega
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 54 of 107
Sector (Insurance) 3 of 5
Type (Trade Sale) 1 of 1
State (Connecticut) 1 of 1
Country (United States) 39 of 76
Year (2014) 9 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-09-16 Privia Health

Arlington, Virginia, United States

Privia Health LLC is a unique physician practice management and population health technology company that partners with top doctors to keep people healthy, prevent disease, and better manage care in-between office visits.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-10-15 Neovia Logistics

Irving, Texas, United States

Neovia Logistics is a provider of integrated logistics services, including service parts logistics, warehousing, business support services, order and inventory management, and other value-added services. Neovia Logistics was founded in 1987 and is based in Irving, Texas.

Buy -