M&A Deal Summary

Sixth Street Partners Acquires Talcott Resolution

On January 20, 2021, asset manager Sixth Street Partners acquired insurance company Talcott Resolution from Cornell Capital, Atlas Merchant Capital, Pine Brook Partners and Global Atlantic Financial Group for 2.3B USD

Acquisition Highlights
  • This is Sixth Street Partners’ 1st transaction in the Insurance sector.
  • This is Sixth Street Partners’ largest (disclosed) transaction.
  • This is Sixth Street Partners’ 10th transaction in the United States.
  • This is Sixth Street Partners’ 1st transaction in Connecticut.

M&A Deal Summary
Date 2021-01-20
Target Talcott Resolution
Sector Insurance
Buyer(s) Sixth Street Partners
Sellers(s) Cornell Capital
Atlas Merchant Capital
Pine Brook Partners
Global Atlantic Financial Group
Deal Type Secondary Buyout
Deal Value 2.3B USD

Target

Talcott Resolution

Windsor, Connecticut, United States
website
Talcott Resolution is an insurance company with capabilities including extensive life insurance and annuity product knowledge and rigorous risk and liability management. Talcott's primary blocks of business are variable annuities, fixed annuities, structured settlements, and corporate-owned life insurance. Talcott Resolution is based in Windsor, Connecticut.

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Buyer(S) 1

Buyer

Sixth Street Partners

website

Category Asset Manager
Founded 2009
PE ASSETS 65.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Sixth Street is a global alternative asset manager and lender that offers a wide range of capital solutions to small, medium, and large companies. The Firm maintains a variety of investment vehicles focused on growth companies, infrastructure, insurance, agriculture as well as other strategies. Sixth Street was established in 2009 and is headquartered in San Francisco, California.

DEAL STATS #
Overall 10 of 22
Sector (Insurance) 1 of 1
Type (Secondary Buyout) 1 of 2
State (Connecticut) 1 of 1
Country (United States) 10 of 20
Year (2021) 2 of 4
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-12 Legends

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. Legends was founded in 2008 and is based in New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-01 Bloomreach

Mountain View, California, United States

Bloomreach is a big data marketing applications drive new revenue by consuming web-wide and website data to interpret consumer demand and deliver more relevant user experiences on any marketing channel. Bloomreach was founded in 2009 and is based in Mountain View, California.

Buy -

Seller(S) 4

SELLER

Cornell Capital

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 2013
PE ASSETS 6.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Cornell Capital is a private investment firm that seeks to partner with strong management teams to build businesses. Cornell Capital does not have any sector preferences and focuses on opportunities across the US. Cornell Capital was formed in 2013 and is based in New York City.

DEAL STATS #
Overall 2 of 2
Sector (Insurance) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Connecticut) 1 of 1
Country (United States) 2 of 2
Year (2021) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-12 Vault

St. Petersburg, Florida, United States

Vault is a provider of personal insurance for successful individuals and families, committed to delivering an unrivaled customer experience where every detail and every interaction is thoughtful and unique. Vault's proactive approach builds stronger relationships, allowing customers the luxury of feeling taken care of before a claim ever happens. Vault is based in St. Petersburg, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-08 Ingenovis Health

Cincinnati, Ohio, United States

Ingenovis Health is a tech-enabled platform for healthcare staffing firms and innovative technology to advance the delivery of critical healthcare clinicians to systems nationwide. Ingenovis Health is based in Cincinnati, Ohio.

Buy -
SELLER

Atlas Merchant Capital

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 2013
Size Middle-Market
Type Sector Focused
DESCRIPTION

Atlas Merchant Capital LLC is an operationally oriented private investment group focused on the financial services sector. Atlas Merchant Capital was formed in 2013 and is headquartered in New York City.

DEAL STATS #
Overall 1 of 3
Sector (Insurance) 1 of 2
Type (Secondary Buyout) 1 of 2
State (Connecticut) 1 of 1
Country (United States) 1 of 2
Year (2021) 1 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-01 illimity Bank

Milan, Italy

illimity Bank is an Italian financial services firm focused on the small-to-medium enterprise and non-performing loan markets, as well as retail digital banking services.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-26 Ascensus

Dresher, Pennsylvania, United States

Ascensus is an independent recordkeeping services provider, third-party administrator, and government savings facilitator in the United States. The firm delivers technology and expertise to help millions of people save for what matters most retirement, education, and healthcare. Ascensus was formed in 1980 and is based in Dresher, Pennsylvania.

Sell -
SELLER

Pine Brook Partners

New York, New York, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 2006
PE ASSETS 6.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Pine Brook Road Partners is a private equity group focused on growth capital investments in the energy and financial services sectors. Specific areas of interest within the energy sector include exploration, oilfield services, transportation/storage, power generation/distribution/transmission, and biofuel/renewable resources. Specific areas of interest within financial services include insurance, banks, asset management, specialty finance, and servicing/distribution/origination. Pine Brook generally acts as the lead/control investor in newly-formed or established businesses. The Firm has a special interest in 'underappreciated or overlooked' opportunities. Pine Brook Road Partners was formed in 2006 and is based in New York City.

DEAL STATS #
Overall 19 of 25
Sector (Insurance) 5 of 6
Type (Secondary Buyout) 5 of 5
State (Connecticut) 1 of 1
Country (United States) 14 of 19
Year (2021) 1 of 3
Size (of disclosed) 1 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-07-08 Global Atlantic Financial Group

New York, New York, United States

Global Atlantic Financial Group is a multiline insurance and reinsurance company that serves more than two million policyholders through its retirement and life insurance products. It is one of the largest fixed rate and fixed indexed annuity providers in the United States, offering annuities for individuals through a network of banks, broker-dealers, and insurance agencies as well as life insurance for individuals and corporates. Global Atlantic is also a leader in the institutional channel, providing customized reinsurance solutions to its life and annuity company clients. Global Atlantic was formed in 2004 and is based in New York, New York.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-21 FSF

Wilmington, Delaware, United States

FSF has focused on providing products that improve the financial future of customers via leading-edge technology and proprietary, analytics-based underwriting. FSF was founded in 2016 and is based in Wilmington, Delaware.

Sell $750M
SELLER

Global Atlantic Financial Group

New York, New York, United States

website

Category Company
Founded 2004
Sector Insurance
DESCRIPTION

Global Atlantic Financial Group is a multiline insurance and reinsurance company that serves more than two million policyholders through its retirement and life insurance products. It is one of the largest fixed rate and fixed indexed annuity providers in the United States, offering annuities for individuals through a network of banks, broker-dealers, and insurance agencies as well as life insurance for individuals and corporates. Global Atlantic is also a leader in the institutional channel, providing customized reinsurance solutions to its life and annuity company clients. Global Atlantic was formed in 2004 and is based in New York, New York.

DEAL STATS #
Overall 2 of 2
Sector (Insurance) 2 of 2
Type (Secondary Buyout) 1 of 1
State (Connecticut) 1 of 1
Country (United States) 1 of 1
Year (2021) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-31 Talcott Resolution

Windsor, Connecticut, United States

Talcott Resolution is an insurance company with capabilities including extensive life insurance and annuity product knowledge and rigorous risk and liability management. Talcott's primary blocks of business are variable annuities, fixed annuities, structured settlements, and corporate-owned life insurance. Talcott Resolution is based in Windsor, Connecticut.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-12 eRESI Mortgage

Charlotte, North Carolina, United States

eRESI Mortgage is a mortgage funding platform that offers comprehensive private capital solutions to the residential mortgage market. eRESI Mortgage provides a wide range of customized products and liquidity solutions to its national network of mortgage banking partners. eRESI Mortgage was founded in 2019 and is based in Charlotte, North Carolina.

Buy -
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