M&A Deal Summary

Stone Point Capital, GIC and Genstar Capital Acquire Ascensus

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

Acquisition Highlights
  • This is Stone Point Capital’s 18th, GIC’s 2nd and Genstar Capital’s 5th transaction in the Business Services sector.
  • This is Stone Point Capital’s 84th, GIC’s 10th and Genstar Capital’s 87th transaction in the United States.
  • This is Stone Point Capital’s 5th, GIC’s 1st and Genstar Capital’s 6th transaction in Pennsylvania.

M&A Deal Summary

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

Target

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.

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Buyer(S) 3

Buyer

Stone Point Capital

Greenwich, Connecticut, United States

Investor Investor Investor Investor Investor


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 97 of 111
Sector (Business Services) 18 of 19
Type (Secondary Buyout) 22 of 25
State (Pennsylvania) 5 of 5
Country (United States) 84 of 98
Year (2021) 4 of 8
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
2021-06-17 American Orthopedic Partners

Palm Beach Gardens, Florida, United States

American Orthopedic Partners is a national physician-led and physician-owned orthopedic practice focused on enhancing clinical value and reducing claims costs for commercial and workers’ compensation payors. American Orthopedic Partners offers orthopedists an exclusive opportunity to maintain local control, collaborate on national initiatives, and access resources to grow their practices. American Orthopedic Partners was founded in 2020 and is based in Palm Beach Gardens, Florida.

Buy -
Buyer
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 38
Sector (Business Services) 2 of 2
Type (Secondary Buyout) 11 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
Buyer

Genstar Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1988
PE ASSETS 49.0B USD
Size Mega
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 94 of 107
Sector (Business Services) 5 of 7
Type (Secondary Buyout) 37 of 47
State (Pennsylvania) 6 of 6
Country (United States) 87 of 99
Year (2021) 1 of 8
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. Enverus was founded in 1999 and is based in Austin, Texas.

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 -

Seller(S) 3

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 3 of 4
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 is based in Windsor, Connecticut.

Sell $2.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-06 Somerset Reinsurance

Pembroke, Bermuda

Somerset Reinsurance is a provider of reinsurance solutions for asset-intensive life insurance and annuity businesses, helping its clients manage capital efficiency and improve their financial results. Its solutions include programs for new business flow and management of legacy blocks of life insurance and annuities. Somerset Reinsurance is based in Pembroke, Bermuda.

Sell -
SELLER

Aquiline Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2005
PE ASSETS 2.1B USD
Size Large
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 22
Sector (Business Services) 4 of 4
Type (Secondary Buyout) 4 of 7
State (Pennsylvania) 1 of 1
Country (United States) 9 of 15
Year (2021) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-20 Consilio

Washington, District of Columbia, United States

Consilio is a global provider of eDiscovery, document review, flexible legal talent and legal technology consulting services. The company supports multinational law firms and corporations using innovative software, cost-effective managed services and deep legal and regulatory industry experience. Consilio was founded in 2002 and is based in Washington, District of Columbia.

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 was founded in 2008 and is based in Dublin, Ireland.

Sell -
SELLER

Genstar Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1988
PE ASSETS 49.0B USD
Size Mega
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 60
Sector (Business Services) 2 of 3
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. Enverus was founded in 1999 and is based in Austin, Texas.

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 -