M&A Deal Summary

Stone Point Capital and PSP Investments Acquire Alliant Insurance Services

On June 23, 2015, private equity firm Stone Point Capital and pension PSP Investments acquired insurance company Alliant Insurance Services from KKR

Acquisition Highlights
  • This is Stone Point Capital’s 26th and PSP Investments’ 1st transaction in the Insurance sector.
  • This is Stone Point Capital’s 59th and PSP Investments’ 4th transaction in the United States.
  • This is Stone Point Capital’s 7th and PSP Investments’ 1st transaction in California.

M&A Deal Summary

Date 2015-06-23
Target Alliant Insurance Services
Sector Insurance
Buyer(s) Stone Point Capital
PSP Investments
Sellers(s) KKR
Deal Type Secondary Buyout

Target

Alliant Insurance Services

Irvine, California, United States
website
Alliant Insurance Services is a retail insurance broker providing property and casualty insurance and employee benefits products to over 15,000 commercial middle market clients nationwide. Alliant Insurance Services was founded in 1925 and is based in Newport Beach, California.

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Buyer(S) 2

Buyer

Stone Point Capital

Greenwich, Connecticut, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1994
PE ASSETS 25.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Stone Point Capital is a private equity firm that targets investments in financial services sector. Specific areas of interest include insurance underwriting, outsourcing service providers to financial institutions, specialty lending and other credit opportunities, employee benefits and healthcare, asset management/retirement savings, and banking/depository institutions. Stone Point looks to commit between $5 and $500 million of equity per transaction and will consider control or substantial minority positions. Geographic areas of interest include North America and Europe. Stone Point Capital was formed in 1994 and is based in Greenwich, Connecticut.


DEAL STATS #
Overall 70 of 111
Sector (Insurance) 26 of 31
Type (Secondary Buyout) 8 of 25
State (California) 7 of 14
Country (United States) 59 of 98
Year (2015) 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-02 Broadstone Real Estate

Rochester, New York, United States

Broadtree Homes (BTH) is a private real estate investment offering which seeks to acquire portfolios of stabilized, single-family rental homes in multiple markets across the U.S. BTH currently holds a geographically diversified portfolio of 300+ homes in Western New York; Palm Beach County, Florida; the Atlanta, Georgia area; and the Greater Minneapolis, Minnesota area.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-02 Preferred Concepts

New York, New York, United States

Preferred Concepts LLC is an insurance program underwriter and wholesale broker. The company’s operating divisions include Preferred Concepts, a program administrator; Preferred Underwriting, a program underwriter; Preferred Brokerage, a wholesale broker; and ezumbrella.com, an online umbrella liability program.

Sell -
Buyer

PSP Investments

Investor Investor Investor Investor Investor

website


Category Pension
Founded 1999
PE ASSETS 19.4B CAD
Size Mega
Type Sector Agnostic
DESCRIPTION

PSP Investments is a Canadian pension manager focused on a variety of investment strategies including public equities, real estate, private equity, infrastructure, private debt, and natural resources. The Firm's private equity group looks to back funds as well as make direct investments in partnership with managers. PSP will consider opportunities globally and will invest across a broad range of sectors, including financials, consumer, industrials, healthcare, technology, communications, and energy. PSP Investments is based in Ottawa.


DEAL STATS #
Overall 7 of 29
Sector (Insurance) 1 of 2
Type (Secondary Buyout) 3 of 9
State (California) 1 of 3
Country (United States) 4 of 11
Year (2015) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-01-06 SitusAMC

New York, New York, United States

SitusAMC is a provider of end-to-end strategic business solutions and integrated process and technology solutions for the financial services Industry, and also has offered customized services to leading financial institutions, investors, owners, and developers. SitusAMC was founded in 1985 and is based in New York City.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-02-25 ENGIE - 1.4GW Hydroelectric Assets Portfolio

New England, United States

ENGIE's 1.4GW Hydroelectric Assets Portfolio are core operational merchant hydroelectric facilities located primarily on the Connecticut River in Massachusetts and the Housatonic River in Connecticut. They constitute the 2 nd largest privately-owned hydroelectric portfolio within the well-developed and functional ISO New-England (ISO-NE) power market. They include the 1,168MW Northfield Mountain pumped-storage facility as well as 12 conventional hydroelectric facilities, the three largest of which represent an aggregate generation capacity of 134MW. The portfolio generates Renewable Energy Credits.

Buy $1.2B

Seller(S) 1

SELLER

KKR

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1976
PE ASSETS 510.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
KKR's office in Menlo Park, California.
KKR's office in Menlo Park, California.

KKR is a global investment firm founded by Jerome Kohlberg, Henry Kravis, and George Roberts. The Firm is separated into several business segments including private markets, public markets, capital markets, and other principal activities. KKR's private equity practice invests in management buyouts, take privates, corporate divestitures, industry consolidations, and partnerships with family-owned companies. KKR will invest in a broad range of industries and companies and will consider businesses throughout North America, Europe, Asia, and Australia/New Zealand. Sectors of interest include chemicals, consumer products, energy and natural resources, financial services, healthcare, industrial, media/communications, retail, and technology. In addition to its traditional principal investment activity business, KKR also invests in infrastructure assets. KKR was formed in 1976 and is based in New York, New York.


DEAL STATS #
Overall 68 of 174
Sector (Insurance) 1 of 4
Type (Secondary Buyout) 8 of 34
State (California) 6 of 16
Country (United States) 35 of 82
Year (2015) 5 of 14
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-23 C.H.I. Overhead Doors

Arthur, Illinois, United States

C.H.I. Overhead Doors is a manufacturer and marketer of overhead garage doors in North America. The Company manufactures a complete portfolio of overhead sectional garage door products for both the residential and commercial markets, as well as rolling steel doors for commercial and industrial applications. C.H.I. Overhead Doors was founded in 1981 and is based in Arthur, Illinois.

Buy $600M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-13 FanDuel

New York, New York, United States

FanDuel, Inc. operates an online fantasy sports platform that enables users to play fantasy games and win cash prizes.

Buy -