M&A Deal Summary

Corsair Capital, Sofina SA and The Blackstone Group Acquires First Eagle Investment Management

On July 20, 2015, private equity firms Corsair Capital, Sofina SA and The Blackstone Group acquired financial services company First Eagle Investment Management LLC from TA Associates for 4.0B USD

Acquisition Highlights
  • This is Corsair Capital’s 7th, Sofina SA’s 2nd and The Blackstone Group’s 10th transaction in the Financial Services sector.
  • This is Corsair Capital’s 1st, Sofina SA’s 1st and The Blackstone Group’s 30th largest (disclosed) transaction.
  • This is Corsair Capital’s 6th, Sofina SA’s 2nd and The Blackstone Group’s 120th transaction in the United States.
  • This is Corsair Capital’s 1st, Sofina SA’s 1st and The Blackstone Group’s 15th transaction in New York.

M&A Deal Summary

Date 2015-07-20
Target First Eagle Investment Management LLC
Sector Financial Services
Buyer(s) Corsair Capital
Sofina SA
The Blackstone Group
Sellers(s) TA Associates
Deal Type Secondary Buyout
Deal Value 4.0B USD
Advisor(s) Bank of America Merrill Lynch (BofA Securities) (Financial)
Skadden, Arps, Slate, Meagher & Flom LLP (Legal)

Target

First Eagle Investment Management LLC

New York, New York, United States
website
First Eagle Investment Management LLC is an independent, privately-held asset management firm which manages approximately $101 billion in 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.

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Buyer(S) 3

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 15 of 25
Sector (Financial Services) 7 of 10
Type (Secondary Buyout) 2 of 6
State (New York) 1 of 1
Country (United States) 6 of 11
Year (2015) 1 of 2
Size (of disclosed) 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-09-16 SPARTA Insurance Holdings, Inc.

Hartford, Connecticut, United States

SPARTA Insurance Holdings, Inc. provides property and casualty insurance for specialty and alternative risk programs.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-08-11 Currencies Direct Ltd.

London, United Kingdom

Currencies Direct Ltd. is a provider of foreign exchange (“FX”) and international payment solutions to private and corporate clients. The company enables its customers to perform FX transactions and transfers at highly competitive rates through its proprietary online platform, via email or by phone. Currencies Direct was established in 1995 and is based in London, United Kingdom.

Buy £200M
Buyer

Sofina SA

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1898
SizeLarge
Type Sector Agnostic
DESCRIPTION

Sofina SA is a family controlled, publicly traded investment firm focused on making long-term, direct minority investments in leading companies, investing in third party growth and venture funds, and providing equity investments in fast growing companies. The Firm's direct investment group will consider opportunities throughout Europe where it can commit €75 to €300 million per transaction in companies valued up to €4.5 billion. Sofina SA dates back to 1898 and is headquartered in Brussels.


DEAL STATS #
Overall 14 of 21
Sector (Financial Services) 2 of 2
Type (Secondary Buyout) 1 of 2
State (New York) 1 of 1
Country (United States) 2 of 3
Year (2015) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-01 Merieux NutriSciences Corp.

Chicago, Illinois, United States

Merieux NutriSciences Corp. is a provider of services to evaluate food safety, quality, and nutrition programs worldwide. Mérieux NutriSciences offers analysis and support services for the development of new products with the aim of preventing health risks related to food. Merieux NutriSciences was established in 1967 and is headquartered in Chicago, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-03-22 Think & Learn Pvt. Ltd.

Bengaluru, India

BYJU'S is an educational software company developing online learning solutions for K3, K10, K12, NEET, JEE, UPSC & Bank Exams. BYJU'S was established in 2008 and is headquartered in Bengaluru, India.

Buy -
Buyer

The Blackstone Group

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1987
PE ASSETS 95.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

The Blackstone Group LP is a global alternative investment management firm comprised of three business segments. These groups include corporate private equity, real estate, and alternative asset management. Blackstone's private equity group targets opportunities globally including buyout acquisitions of established companies, development projects, growth equity financings, and industry consolidations. Sectors of interest include automotive, healthcare, chemicals, industrial, commercial property, lodging, communications, media/publishing, consumer & retail, packaging, consumer products, pharmaceuticals, energy, technology, entertainment, telecommunications, financial services, theme parks, food & beverage, and transportation. Blackstone's private equity real estate group looks for opportunities across North/South America, Asia, Australia/New Zealand, and Europe. The real estate group will consider both equity and debt investments. Areas of interest include healthcare, hotel, industrial, office, residential, and retail. The Blackstone Group was formed in 1987 and is based in New York City.


DEAL STATS #
Overall 191 of 302
Sector (Financial Services) 10 of 15
Type (Secondary Buyout) 28 of 67
State (New York) 15 of 20
Country (United States) 120 of 190
Year (2015) 7 of 17
Size (of disclosed) 30 of 161
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-30 AlliedBarton Security Services LLC

Conshohocken, Pennsylvania, United States

AlliedBarton Security Services LLC is a provider of superior security officer services to protect people, homes and businesses. AlliedBarton tailors security programs to meet clients’ needs with committed professionals who enhance clients’ brands. The most honored security services provider, AlliedBarton consistently delivers exceptional service which creates a differentiated experience for clients and the people they serve. More than 60,000 employees and 120 offices serve thousands of clients with levels of protection that anticipate needs and build enduring relationships.

Sell $1.7B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-25 Groupe Vitalia

Paris, France

Groupe Vitalia is a private hospital group which operates 41 establishments around France.

Sell -

Seller(S) 1

SELLER

TA Associates

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1968
PE ASSETS 28.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

TA Associates Management LP is a private equity firm that targets investments in middle-market and large companies around the world. TA will consider control or minority investments in profitable companies and looks to commit between $50 and $500 million per transaction. TA currently manages approximately $24 billion of capital and proactively reaches out to companies directly in sourcing potential investment opportunities. Prospective businesses are generally valued between $150 million and $3 billion. Areas of interest include technology, software, communications, financial services, healthcare, business services, semiconductors/electronics, and consumer products/services. In addition to investing equity capital, TA also makes subordinated debt investments up to $75 million. TA's geographic preference is North America and Europe. TA Associates was formed in 1968 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 183 of 239
Sector (Financial Services) 24 of 28
Type (Secondary Buyout) 22 of 46
State (New York) 16 of 19
Country (United States) 165 of 202
Year (2015) 5 of 8
Size (of disclosed) 2 of 68
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-02 DNCA Finance SA

Paris, France

DNCA Finance is a French asset management firm with €5 billion in funds under management. The company was founded in 2000 and offers clients a number of different fund products investing in France, the wider Eurozone and internationally.

Sell €549M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-08-04 CCRM Management Company LLC (Colorado Center for Reproductive Medicine)

Louisville, Colorado, United States

CCRM is an international network of in vitro fertilization (IVF) laboratories. CCRM’s mission is to bring together leaders in reproductive medicine to ensure birth rates that consistently exceed industry standards, provide excellence in patient care, and advance the future of IVF through research and development. CCRM was founded in 1987 and is based in Louisville, Colorado.

Buy -