M&A Deal Summary

The Carlyle Group, Antares Capital and Crescent Capital Group Acquires The Hilb Group

On October 30, 2019, private equity firm The Carlyle Group, private equity firm Antares Capital and mezzanine finance firm Crescent Capital Group LP acquired insurance company The Hilb Group LLC from ABRY Partners

Acquisition Highlights
  • This is The Carlyle Group’s 12th, Antares Capital’s 1st and Crescent Capital Group’s 3rd transaction in the Insurance sector.
  • This is The Carlyle Group’s 310th, Antares Capital’s 44th and Crescent Capital Group’s 51st transaction in the United States.
  • This is The Carlyle Group’s 22nd, Antares Capital’s 2nd and Crescent Capital Group’s 4th transaction in Virginia.

M&A Deal Summary

Date 2019-10-30
Target The Hilb Group LLC
Sector Insurance
Buyer(s) The Carlyle Group
Antares Capital
Crescent Capital Group LP
Sellers(s) ABRY Partners
Deal Type Secondary Buyout
Advisor(s) J.P. Morgan Securities LLC
Sica Fletcher LLC (Financial)
Kirkland & Ellis LLP (Legal)

Target

The Hilb Group LLC

Richmond, Virginia, United States
website
The Hilb Group is a middle-market insurance agency. The Hilb Group seeks to grow through targeted acquisitions in the middle market insurance brokerage space. The Hilb Group LLC was founded in 2009 and is based in Richmond, Virginia.

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Buyer(S) 3

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 639 of 686
Sector (Insurance) 12 of 14
Type (Secondary Buyout) 101 of 121
State (Virginia) 22 of 24
Country (United States) 310 of 331
Year (2019) 14 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-25 Abtran Ltd.

Cork, Ireland

Abtran Ltd. is a provider of customer and business process management services. Abtran Ltd. specializes in the delivery of Sales, Service, and Identity & Verification services across regulated markets.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-31 Livingstone Technologies Ltd.

Reading, United Kingdom

Livingstone Technologies is an independent, data and tool-agnostic provider SAM managed services and a trusted partner to complex multinational corporations. The company combines proprietary technology, large vendor licensing expertise and proven methodologies to produce accurate SAM intelligence. Livingstone Technologies is based in Reading, England.

Buy -
Buyer

Antares Capital

Miami, Florida, United States

Investor Investor

website


Category Private Equity Firm
Founded 1993
SizeSmall
Type Sector Agnostic
DESCRIPTION

Antares Capital is a private investment group that targets growth capital financings as well as management buyout opportunities. The Firm focuses on investments based in the Southeast US and Texas. Prospective companies generally have proven business models, modest capital requirements for growth, and operate in large and growing markets. The Firm looks to commit $500k to $5 million per investment. Antares will not invest in real estate, mineral exploration, distributors, franchisees, or project financings. Antares was founded in 1993 and is based in Miami, Florida.


DEAL STATS #
Overall 45 of 54
Sector (Insurance) 1 of 1
Type (Secondary Buyout) 27 of 31
State (Virginia) 2 of 2
Country (United States) 44 of 53
Year (2019) 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-08 Internet Pipeline, Inc.

Exton, Pennsylvania, United States

iPipeline is a provider of cloud-based software solutions for the life insurance and financial services industries. Through its SSG Digital, end-to-end platform, iPipeline accelerates and simplifies sales, compliance, operations, and support. iPipeline provides process automation and seamless integration between every participant in its ecosystem including carriers, agents, general agencies, advisors, broker-dealers, RIAs, banks, securities/mutual fund firms, and consumers on a global basis.

Sell $1.6B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-19 Enthusiast Auto Group

Wadsworth, Ohio, United States

ECS Tuning designs, produces, and sells proprietary parts and kits for a rapidly growing number of automotive makes and models, and it partners with hundreds of other performance brands to bring the enthusiast community an unparalleled customer experience.

Buy -
Buyer

Crescent Capital Group LP

Los Angeles, California, United States

Investor Investor Investor Investor Investor

website


Category Mezzanine Finance Firm
Founded 1991
PE ASSETS 25.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Crescent Capital is a provider of debt securities to middle-market companies. Crescent looks to issue senior bank loans, high yield bonds, mezzanine debt and distressed debt to fund a variety of needs. The FIrm's direct lending group looks to provide $10 to $30 million to sponsor-backed companies that generate $5 to $25 million of EBITDA. Crescent's mezzanine practice typically provides junior capital to support buyouts, recapitalizations, and refinancings. Crescent Capital was formed in 1991 and was originally known as TCW/Crescent Mezzanine. The Firm has offices in Los Angeles, Boston, New York, and London.


DEAL STATS #
Overall 58 of 63
Sector (Insurance) 3 of 3
Type (Secondary Buyout) 21 of 22
State (Virginia) 4 of 4
Country (United States) 51 of 52
Year (2019) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-16 SRL Traffic Systems Ltd.

Middlewich, United Kingdom

SRL Traffic Systems is a manufacturer and provider of portable and temporary traffic equipment. The company boasts a nationwide network of 26 depots. It has the industry’s widest range of temporary pedestrian and traffic light systems and is the UK market leader in the sale and hire to the traffic management sector. SRL Traffic Systems was formed in 1997 and is based in Middlewich, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-13 Radiation Therapy Services, Inc.

Fort Myers, Florida, United States

21st Century Oncology is a provider of cancer care services across multiple modalities, the largest radiation oncology provider and one of the largest groups of urologists in the U.S. 21st Century Oncology was founded in 1983 and is based in Fort Myers, Florida.

Sell $1.1B

Seller(S) 1

SELLER

ABRY Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1989
PE ASSETS 12.8B USD
SizeMega
Type Sector Focused
DESCRIPTION

ABRY Partners is a media and communications focused private equity investment firm. Specific areas of interest include television, publishing, convention/trade shows, for-profit training, couponing, monitoring services, telephone companies, communications towers, music libraries, database providers, wireless communications, and in-store advertisers. ABRY can provide both equity and mezzanine capital, typically committing $20 to $200 million of equity or $15 to $50 million of mezzanine capital per transaction. Prospective transaction situations include buyouts, expansion financings, platform acquisitions, consolidations, and recapitalizations. ABRY Partners was formed in 1989 and is headquartered in Boston, Massachusetts.


DEAL STATS #
Overall 79 of 91
Sector (Insurance) 5 of 6
Type (Secondary Buyout) 23 of 27
State (Virginia) 2 of 3
Country (United States) 67 of 79
Year (2019) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-26 AddSecure AB

Stockholm, Sweden

AddSecure AB is a European provider of premium solutions for secure data and critical communications. AddSecure AB serves over 50,000 customers and partners around Europe with secure communications and solutions that help customers safeguard their life- and business-critical applications. This helps save lives, protect property and vital societal functions, and drive business. AddSecure offers solutions within Smart Alarms, Smart Rescue, Smart Grids and Smart Transport.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-07 Options Technology

London, United Kingdom

Options is a provider of outsourced financial technology and managed IT services to the global capital markets. Options clients include the leading global investment banks, hedge funds, funds of funds, proprietary trading firms, market makers, broker/dealers, private equity houses and exchanges.

Buy -