M&A Deal Summary

Stone Point Capital and GIC Private Acquires Ascensus

On April 26, 2021, private equity firm Stone Point Capital and sovereign wealth fund GIC Private acquired business services company Ascensus from Atlas Merchant Capital, Aquiline Capital Partners and Genstar Capital

Acquisition Highlights
  • This is Stone Point Capital’s 16th and GIC Private’s 2nd transaction in the Business Services sector.
  • This is Stone Point Capital’s 82nd and GIC Private’s 10th transaction in the United States.
  • This is Stone Point Capital’s 5th and GIC Private’s 1st transaction in Pennsylvania.

M&A Deal Summary

Date 2021-04-26
Target Ascensus
Sector Business Services
Buyer(s) Stone Point Capital
GIC Private
Sellers(s) Atlas Merchant Capital
Aquiline Capital Partners
Genstar Capital
Deal Type Secondary Buyout
Advisor(s) Barclays Investment Bank
Goldman Sachs Investment Banking Division (Financial)
Willkie Farr & Gallagher LLP (Legal)

Target

Ascensus

Dresher, Pennsylvania, United States
website
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.

Search 171,589 Deals Now

SEARCH BY

  • Buyer Type (PE or Strategic)
  • Deal Size ($10M to $10B+)
  • Sector (60 Sectors)
  • Deal Type
  • Geography
  • & More

Try For Free 7-Day Free Trial

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 19.0B USD
SizeMega
Type Sector Focused
DESCRIPTION

Stone Point Capital LLC is a private equity firm that targets investments in the insurance and financial services industries. 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 and New York City.


DEAL STATS #
Overall 95 of 98
Sector (Business Services) 16 of 16
Type (Secondary Buyout) 21 of 22
State (Pennsylvania) 5 of 5
Country (United States) 82 of 85
Year (2021) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-26 Grace Hill

Greenville, South Carolina, United States

Grace Hill develops online training courseware and administration solely for the property management industry. For more than 20 years, Grace Hill has helped people, teams, and companies in the multifamily industry improve performance and reduce risk. The company offers the highest-level performance-based online training courseware and administration with Vision, its industry-leading learning management system. Vision combines the latest in learning science and digital technologies, with white-glove customer service and support. Grace Hill was founded in 1998 and is based in Greenville, South Carolina.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-15 Amherst Pierpont Securities

New York, New York, United States

Amherst Pierpont Securities is an independent broker-dealer that provides to institutional clients liquidity, execution services, and strategic advice pertaining to the US Treasury, federal agency, and repurchase markets. The firm has assembled a group of talented and seasoned professionals recruited from many of the leading global financial institutions. Amherst Pierpont Securities is based in New York.

Sell $600M
Buyer

GIC Private

Investor Investor Investor Investor Investor

website


Category Sovereign Wealth Fund
Founded 1981
SizeMega
Type Sector Agnostic
DESCRIPTION

GIC Private Ltd. is the investment arm of Singapore. The Group primarily invests through three investment groups, including public markets, private equity and real estate. GIC's private equity practice looks to invest in funds as well as directly in companies. GIC is based in Singapore with additional offices globally.


DEAL STATS #
Overall 33 of 36
Sector (Business Services) 2 of 2
Type (Secondary Buyout) 12 of 13
State (Pennsylvania) 1 of 1
Country (United States) 10 of 13
Year (2021) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-12 Altium Packaging

Atlanta, Georgia, United States

Altium Packaging is a customer-centric packaging solutions provider and manufacturer. Altium specializes in customized mid- and short-run packaging solutions, serving a diverse customer base in the pharmaceutical, dairy, household chemicals, food/nutraceuticals, industrial/specialty chemicals, water, and beverage/juice segment. Altium Packaging is based in Atlanta, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-05 Medline

Northfield, Illinois, United States

Medline is a healthcare company: a manufacturer, distributor and solutions provider focused on improving the overall operating performance of healthcare. Medline works with both the country’s largest healthcare systems and independent facilities across the continuum of care to provide the clinical and supply chain resources required for long-term financial viability in delivering high quality care.

Buy $34.0B

Seller(S) 3

SELLER

Atlas Merchant Capital

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2013
SizeMiddle-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 2 of 2
Sector (Business Services) 1 of 1
Type (Secondary Buyout) 2 of 2
State (Pennsylvania) 1 of 1
Country (United States) 2 of 2
Year (2021) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-20 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 Life Insurance is based in Windsor, Connecticut.

Sell $2.3B
SELLER

Aquiline Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2005
PE ASSETS 2.1B USD
SizeLarge
Type Sector Focused
DESCRIPTION

Aquiline Capital Partners is a private equity firm that targets investments in the financial services sector. The Firm specifically invests in risk-bearing and services enterprises in industries such as property and casualty insurance, specialty finance, securities, asset management, life insurance and transaction processing. Aquiline Capital was formed in 2005 and is based in New York City.


DEAL STATS #
Overall 14 of 19
Sector (Business Services) 4 of 4
Type (Secondary Buyout) 4 of 6
State (Pennsylvania) 1 of 1
Country (United States) 9 of 12
Year (2021) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-21 Xact Data Discovery

Mission, Kansas, United States

Xact Data Discovery is a provider of eDiscovery, data management, and managed review services for law firms and corporations. XDD helps clients optimize their eDiscovery matters by orchestrating pristine communication between people, processes, technology, and data. The company services include forensics, eDiscovery processing, Relativity hosting, and managed review. XDD has 16 offices throughout the United States and two locations in India. It offers exceptional customer service with a commitment to responsive, transparent, and timely communication to ensure clients remain informed throughout the entire discovery life cycle. Xact Data Discovery was founded in 1994 and is based in Mission, Kansas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-18 Fenergo

Dublin, Ireland

Fenergo is a provider of Client Lifecycle Management software solutions for investment banks, capital market firms, and private banks. Fenergo is based in Dublin, Ireland.

Sell -
SELLER

Genstar Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1988
PE ASSETS 19.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Genstar Capital is a private equity firm that seeks investments in life science, healthcare, medical products, industrial technology, software, financial services, packaging, building materials, manufacturing, and business services companies. Genstar looks to invest between $50 and $400 million of equity capital in businesses valued up to $1 billion. Target transaction situations include control-oriented leveraged buyouts of corporate divisions, privately held businesses or public companies, minority investments in privately held businesses or public companies, ownership restructurings/recapitalizations of privately held businesses, growth equity financings, partnerships with other strategic or financial buyers, and take privates. Genstar Capital was formed in 1988 and is based in San Francisco, California.


DEAL STATS #
Overall 54 of 59
Sector (Business Services) 2 of 2
Type (Secondary Buyout) 20 of 23
State (Pennsylvania) 3 of 3
Country (United States) 49 of 54
Year (2021) 4 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-13 Enverus

Austin, Texas, United States

Enverus is a data, software, and insights company focused on the energy industry. Through its SaaS platform, Enverus provides innovative technologies and predictive/prescriptive analytics, empowering customers to navigate the future. Enverus’ solutions deliver value across upstream, midstream and downstream sectors, enabling the industry to be more collaborative, efficient and competitive.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-14 Vector Solutions

Tampa, Florida, United States

Vector Solutions is a provider of SaaS-based compliance and safety-focused eLearning and performance optimization solutions serving three end-markets: Public Sector, Education, and Commercial. Vector’s solutions are underpinned by the company’s library of proprietary content (over 7,500 courses with over 30,000 associated accreditations) which is delivered through a SaaS-based software platform to address customers’ mission critical compliance, safety, and regulatory needs. Vector Solutions was founded in 1999 and is based in Tampa, Florida.

Buy -