M&A Deal Summary

The Carlyle Group Acquires NSM

On May 9, 2022, private equity firm The Carlyle Group acquired insurance company NSM from White Mountains for 1.8B USD

Acquisition Highlights
  • This is The Carlyle Group’s 15th transaction in the Insurance sector.
  • This is The Carlyle Group’s 39th largest (disclosed) transaction.
  • This is The Carlyle Group’s 332nd transaction in the United States.
  • This is The Carlyle Group’s 12th transaction in Pennsylvania.

M&A Deal Summary

Date 2022-05-09
Target NSM
Sector Insurance
Buyer(s) The Carlyle Group
Sellers(s) White Mountains
Deal Type Divestiture
Deal Value 1.8B USD
Advisor(s) J.P. Morgan Securities LLC (Financial)
Cravath, Swaine & Moore LLP (Legal)

Target

NSM

Conshohocken, Pennsylvania, United States
website
NSM is a full-service MGA and program administrator for specialty property & casualty insurance. The company places insurance in niche sectors such as special transportation, social services, real estate, and pet. On behalf of its insurance carrier partners, NSM typically manages all aspects of the placement process, including product development, marketing, underwriting, policy issuance, and claims. NSM was established in 1990 and is headquartered in Conshohocken, Pennsylvania.

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Buyer(S) 1

Buyer

The Carlyle Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1987
PE ASSETS 84.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.

The Carlyle Group is a global investment firm that pursues private equity, credit, and real estate investments worldwide. Carlyle's private equity practice practice pursues buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings. With offices in 19 countries, Carlyle can easily target opportunities throughout North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America. Broad sectors of interest include aerospace, defense, automotive and transportation, consumer, retail, energy and power, financial services, healthcare, industrial, infrastructure, technology services, business services, telecommunications and media. The Carlyle Group was formed in 1987 and is based in Washington DC.


DEAL STATS #
Overall 688 of 689
Sector (Insurance) 15 of 15
Type (Divestiture) 71 of 71
State (Pennsylvania) 12 of 12
Country (United States) 332 of 333
Year (2022) 6 of 7
Size (of disclosed) 39 of 133
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-11 IRCA

Gallarate, Italy

IRCA is a manufacturer of ingredients and food products for pastry-making, baking and ice-cream retailing. IRCA was established in 1919 and is based in Gallarate, Italy.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-16 ManTech

Herndon, Virginia, United States

ManTech provides mission-focused technology solutions and services for U.S. defense, intelligence and federal civilian agencies. It excels in full-spectrum cyber, data collection & analytics, enterprise IT, systems engineering and software application development solutions that support national and homeland security. ManTech was formed in 1968 and is based in Herndon, Virginia.

Buy $4.2B

Seller(S) 1

SELLER

White Mountains

Hamilton, Bermuda

website


Category Company
Founded 1980
SectorInsurance
Employees1,366
Revenue 1.2B USD (2020)
DESCRIPTION

White Mountains is a Bermuda-domiciled financial services holding company with business interests in property and casualty insurance and reinsurance. White Mountains was fouded in 1980 and is based in Hamilton, Bermuda.


DEAL STATS #
Overall 7 of 7
Sector (Insurance) 4 of 4
Type (Divestiture) 4 of 4
State (Pennsylvania) 1 of 1
Country (United States) 6 of 6
Year (2022) 1 of 1
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-10 Noblr

San Francisco, California, United States

Noblr is a property and casualty insurance provider. Noblr provides consumers with real-time insurance rates and real-time feedback on driving behavior by leveraging telematics and Noblr's own proprietary technology. Noblr is based in San Francisco, California.

Sell -