M&A Deal Summary

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

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

Acquisition Highlights
  • This is The Carlyle Group’s 12th, Crescent Capital Group’s 3rd and Antares Capital’s 1st transaction in the Insurance sector.
  • This is The Carlyle Group’s 317th, Crescent Capital Group’s 52nd and Antares Capital’s 44th transaction in the United States.
  • This is The Carlyle Group’s 20th, Crescent Capital Group’s 5th and Antares Capital’s 2nd transaction in Virginia.

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

Target

Hilb Group

Richmond, Virginia, United States
Hilb Group is a middle-market insurance agency. Hilb Group seeks to grow through targeted acquisitions in the middle market insurance brokerage space. Hilb Group 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

Category Private Equity Firm
Founded 1987
PE ASSETS 435.0B USD
Size Mega
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 658 of 742
Sector (Insurance) 12 of 15
Type (Secondary Buyout) 101 of 129
State (Virginia) 20 of 24
Country (United States) 317 of 348
Year (2019) 24 of 28
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-25 Abtran

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

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

Crescent Capital Group

Los Angeles, California, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1991
PE ASSETS 39.0B USD
Size Mega
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 $35 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 59 of 67
Sector (Insurance) 3 of 3
Type (Secondary Buyout) 22 of 25
State (Virginia) 5 of 5
Country (United States) 52 of 54
Year (2019) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-16 SRL Traffic Systems

Cheshire, 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 founded in 1997 and is based in Cheshire, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-13 21st Century Oncology

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
Buyer

Antares Capital

Miami, Florida, United States

Investor Investor

Category Private Equity Firm
Founded 1993
Size Small
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 55
Sector (Insurance) 1 of 1
Type (Secondary Buyout) 26 of 30
State (Virginia) 2 of 2
Country (United States) 44 of 54
Year (2019) 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-08 iPipeline

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 ECS Tuning

Wadsworth, Ohio, United States

ECS Tuning is a provider of 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. ECS Tuning is based in Wadsworth, Ohio.

Buy -

Seller(S) 1

SELLER

ABRY Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1989
PE ASSETS 12.8B USD
Size Mega
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 80 of 102
Sector (Insurance) 5 of 7
Type (Secondary Buyout) 24 of 33
State (Virginia) 2 of 3
Country (United States) 68 of 88
Year (2019) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-26 AddSecure

Stockholm, Sweden

AddSecure is a provider of IoT solutions with a focus on secure critical communications and data. AddSecure offers solutions within Smart Alarms, Smart Rescue, Smart Grids and Smart Transport. AddSecure was founded in 1979 and is based in Stockholm, Sweden.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-01 Turnberry Solutions

Malvern, Pennsylvania, United States

Turnberry Solutions is an IT consulting and professional services firm with a proven track record delivering large-scale technology projects. As an Advanced Consulting Partner of Amazon Web Services, Premiere Partner of Splunk, and Microsoft Gold Certified Managed Partner, Turnberry’s team of consultants and technologists have designed, implemented and deployed some of the world’s most scalable business enablement platforms for enterprise and mid-market clients. Turnberry Solutions is based in Malvern, Pennsylvania.

Buy -
Mergr

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