Reverence Capital Partners Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Reverence Capital Partners has acquired 4 companies.

Reverence Capital Partners’ most common sectors for investment are financial services (78%) and leisure (12%). The Firm’s most common investment types include divestiture (45%) and secondary buyout (23%). In total, Reverence Capital Partners has invested in 8 US states. Its largest (disclosed) acquisition occurred in 2016 when it acquired Diamond Resorts International for $2.2B.

In the last 3 years, Reverence Capital Partners has exited 2 companies. The Firm’s most common exit type is trade sale (100%). Reverence Capital Partners’ largest (disclosed) exit occurred in 2021 when it sold Diamond Resorts International for $1.4B.

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M&A Summary

  • M&A Total Activity11
    • M&A Buy Activity9
    • M&A Sell Activity2
  • Total Sectors Invested 3
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 9
  • M&A Advisors 8

Reverence Capital Partners

10 East 53rd Street, 14th Floor,
New York, New York 10022
United States
(212) 804-8025
www.reverencecapital.com
info@reverencecapital.com

Reverence Capital Partners is a specialist private investment firm focused on investing in global, middle-market financial services businesses. Specific areas of interest include insurance, asset/wealth management, depositories, finance, financial technology/payments, and capital markets. The Firm targets control and influence-oriented minority investments and typically collaborates with management to drive long-term success. Reverence Capital Partners was formed in 2013 and is based in New York City.


Investment Criteria

Sectors of Interest: Financial Services, Insurance

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital

Geographic Preferences: East US, Midwest US, South US, West US, Canada

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value - -

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (1.2/yr) # 3 2 - 3 - 1 9
vol $3.4B $2.1B $5.5B
Sell (0.4/yr) # - - - - 1 1 2
vol $1.4B $1.4B
  11

Most Recent M&A

Company Date Value Type
Diamond Resorts International, Inc. 2021-03-10 1.4B USD Add-on Acquisition
Las Vegas, Nevada · www.diamondresorts.com
Wells Fargo Asset Management 2021-02-23 2.1B USD Divestiture
San Francisco, California
Kabbage, Inc. 2020-08-17 - Add-on Acquisition
Atlanta, Georgia · www.kabbage.com
Vida Capital, Inc. 2019-07-15 - Secondary Buyout
Austin, Texas · www.vidacapitalinc.com
Advisor Group, Inc. 2019-05-09 - Secondary Buyout
New York, New York · www.advisorgroup.com
Blackboard, Inc. - Transact Business Unit 2019-03-07 - Divestiture
Phoenix, Arizona
Venerable Holdings, Inc. 2017-12-21 - Divestiture
West Chester, Pennsylvania · www.venerableannuity.com
CardWorks, Inc. 2017-08-01 - Buyout (LBO, MBO, MBI)
Woodbury, New York · www.cardworks.com
Diamond Resorts International, Inc. 2016-06-29 2.2B USD Going Private
Las Vegas, Nevada · www.diamondresorts.com
Kabbage, Inc. 2015-10-14 - Venture
Atlanta, Georgia · www.kabbage.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Venerable Holdings, Inc. 2017-12-21 Corporate Solutions Life Reinsurance Co. 2021-06-01 1
West Chester, Pennsylvania · www.venerableannuity.com New York, New York
Vida Capital, Inc. 2019-07-15 Avmont LLC 2020-07-01 1
Austin, Texas · www.vidacapitalinc.com New York, New York · www.avmont.com
Frank Russell Co. (dba Russell Investments) 2015-10-08 Russell Investments - Actuarial Consulting Business 2017-02-16 1
Seattle, Washington · www.russell.com Sydney, Australia

M&A by Sector

Sector Current # Value All-time # Value
Financial Services 6 (86%) 3.3B (100%) 7 (78%) 3.3B (60%)
Leisure - - 1 (11%) 2.2B (40%)
Software 1 (14%) - 1 (11%) -
Total 7 $3.3B 9 $5.5B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 7 (100%) 3.3B (100%) 9 (100%) 5.5B (100%)
  New York 2 (29%) - 2 (22%) -
  California 1 (14%) 2.1B (65%) 1 (11%) 2.1B (39%)
  Washington 1 (14%) 1.2B (35%) 1 (11%) 1.2B (21%)
  Texas 1 (14%) - 1 (11%) -
  Pennsylvania 1 (14%) - 1 (11%) -
  Arizona 1 (14%) - 1 (11%) -
  Nevada - - 1 (11%) 2.2B (40%)
  Georgia - - 1 (11%) -
Total 7 $3.3B 9 $5.5B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Divestiture 4 (57%) 3.3B (100%) 4 (44%) 3.3B (60%)
Secondary Buyout 2 (29%) - 2 (22%) -
Going Private - - 1 (11%) 2.2B (40%)
Buyout (LBO, MBO, MBI) 1 (14%) - 1 (11%) -
Venture - - 1 (11%) -
Total 7 $3.3B 9 $5.5B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 2 (100%) 1.4B (100%)
Total 2 $1.4B

Top M&A Advisors

Financial Deals
Broadhaven Capital Partners LLC
2
UBS Investment Bank
2
Macquarie Capital
1
Legal Deals
Fried Frank Harris Shriver & Jacobson LLP
2
Davis Polk & Wardwell LLP
1
Goodwin Procter LLP
1

Deal Values

buy # Total
> $1B 3 $5.5B
TOTAL $5.5B
Largest Diamond Resorts International, Inc.
$2.2B (2016-06-29)
sell # Total
> $1B 1 $1.4B
TOTAL $1.4B
Largest Diamond Resorts International, Inc.
$1.4B (2021-03-10)

M&A Connections

Deals
Acquired from
Investor(s)
22%
2 (22%)
Strategic(s)
44%
4 (44%)
Exited to
Strategic(s)
100%
2 (100%)

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