Buyout (LBO, MBO, MBI) • Insurance

Summit Partners, CCP Equity Partners and Symmetric Capital Acquire The Galtney Group

On April 20, 1999, growth capital firm Summit Partners, private equity firm CCP Equity Partners and private equity firm Symmetric Capital acquired insurance company The Galtney Group

Acquisition Context
  • This is Summit Partners’ 4th, CCP Equity Partners’ 4th and Symmetric Capital’s 1st transaction in the Insurance sector.
  • This is Summit Partners’ 104th, CCP Equity Partners’ 5th and Symmetric Capital’s 3rd transaction in the United States.
  • This is Summit Partners’ 8th, CCP Equity Partners’ 2nd and Symmetric Capital’s 1st transaction in Texas.
Investment Fate
  • The Galtney Group was sold to a publicly-traded strategic buyer in 2001.

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M&A Deal Summary

Date April 20, 1999
Target The Galtney Group
Sector Insurance
Buyer(s) Summit Partners
CCP Equity Partners
Symmetric Capital
Deal Type Buyout (LBO, MBO, MBI)

Target Company

The Galtney Group

Houston, Texas, United States
The Galtney Group is an insurance and reinsurance broker and advisor that specializes in medical malpractice and professional liability insurance policies for medical professionals.
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Buyers Overview 3

Buyer

Summit Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1984
PE ASSETS 45.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Summit Partners is a private investment and asset management firm focused on venture, growth, credit, and public equity investing. Sectors of interest include business services, communications technology and services, consumer products, energy, financial services, healthcare and life sciences, industrial products, internet/information services, media/entertainment, semiconductors, electronics, and software. Summit Partners is known for having a proactive business development group for sourcing transactions. Summit will consider both minority or majority investment stakes and is willing to commit as little as $10 million or as much as $500 million in combined debt/junior capital per transaction. The Firm's geographic coverage spans North America and Europe. Summit Partners was formed in 1984 and is headquartered in Boston, Massachusetts.


Deal Context for Buyer #
Overall 106 of 415
Sector: Insurance 4 of 9
Type: Buyout (LBO, MBO, MBI) 30 of 84
State: Texas 8 of 29
Country: United States 104 of 335
Year: 1999 15 of 19
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1999-02-01 Elumen Solutions

Cincinnati, Ohio, United States

Elumen Solutions provides a range of IT consulting and implementation services to healthcare providers.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1999-04-30 EMED Co.

Williamsville, New York, United States

EMED is a direct marketer and manufacturer of safety signage and related products to industrial, government, and other commercial customers.

Buy -
Buyer

CCP Equity Partners

Hartford, Connecticut, United States

Investor Investor


Category Private Equity Firm
Founded 1985
PE ASSETS 500M USD
Size Middle-Market
Type Sector Focused
DESCRIPTION

CCP Equity Partners LLC (Formerly Conning Capital Partners) is a private equity firm that looks to invest in growth companies operating in the healthcare and financial services sectors. CCP looks to invest $5 to $20 million in North American based companies with revenues between $5 and $100 million. Target companies should have 'exceptional' growth potential, be at or near profitability, and have clear/sustainable competitive advantages. CCP Equity Partners was established in 1985 and is based in Hartford, Connecticut.


Deal Context for Buyer #
Overall 6 of 24
Sector: Insurance 4 of 5
Type: Buyout (LBO, MBO, MBI) 4 of 8
State: Texas 2 of 3
Country: United States 5 of 21
Year: 1999 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1998-07-31 Sterling Collision Centers

Tustin, California, United States

Sterling Collision Centers, Inc. is a multi-state auto collision repair company established to re-engineer the repair process from supply chain management to the insurer interface. Sterling operates 62 collision-repair facilities in 16 states and has 1,200 employees.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2001-01-22 Zoologic

New York, New York, United States

Zoologic is the leading developer of online learning for financial professionals. The firm's client base includes more than 350 investment firms, banks, corporations, governmental agencies and universities in over 45 countries. The Zoologic library of courses is designed for seasoned professionals wanting to educate themselves in complex topics, as well as people new to finance needing to learn everything, starting with the basics. Its courses cover a broad range of topic areas including finance basics, corporate finance, equity, fixed income, foreign exchange, risk management, derivatives, credit risk, investment management and statistics.

Buy $8M
Buyer

Symmetric Capital

Burlington, Massachusetts, United States

Investor Investor Investor


Category Private Equity Firm
Founded 2007
PE ASSETS 202M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Symmetric Capital is a private equity firm that invests in profitable growth companies in the US and Canada. Symmetric seeks to invest $5 to $25 million to help fund shareholder liquidity needs, growth, acquisitions, or debt reduction. Symmetric will consider majority or minority positions and typically looks for market-leading companies owned by their founders, a family, or small partnership. Sectors of interest include business services, healthcare and life sciences, software, IT services, applied technology, industrial products, education, logistics and distribution, and consumer products. Symmetric was formed in 2007 and is based in Waltham, Massachusetts.


Deal Context for Buyer #
Overall 3 of 13
Sector: Insurance 1 of 1
Type: Buyout (LBO, MBO, MBI) 1 of 9
State: Texas 1 of 1
Country: United States 3 of 12
Year: 1999 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1999-01-01 Hemophilia Resources of America

Fairfield, New Jersey, United States

Hemophilia Resources of America, Inc. provides coagulation products used for self-infusion and related services for the treatment and management of hemophilia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2001-01-01 Poorman-Douglas

Beaverton, Oregon, United States

Poorman-Douglas Corporation provided outsourced processing services that supported large class action lawsuits and bankruptcy cases nationwide. The company also provided specialized printing and mailing services to governments, financial institutions and private industry.

Buy -