M&A Deal Summary

Apollo Global Management and HarbourVest Partners Acquire Aspen Insurance Holdings

On August 27, 2018, asset manager Apollo Global Management and private equity firm HarbourVest Partners acquired insurance company Aspen Insurance Holdings

Acquisition Highlights
  • This is Apollo Global Management’s 4th and HarbourVest Partners’ 9th transaction in the Insurance sector.
  • This is Apollo Global Management’s 3rd and HarbourVest Partners’ 3rd transaction in Bermuda.

M&A Deal Summary
Date 2018-08-27
Target Aspen Insurance Holdings
Sector Insurance
Buyer(s) Apollo Global Management
HarbourVest Partners
Deal Type Going Private
Advisor(s) Goldman Sachs
J.P. Morgan Securities (Financial)
Willkie Farr & Gallagher (Legal)

Target

Aspen Insurance Holdings

Hamilton, Bermuda
Aspen Insurance Holdings is a provider of reinsurance and insurance coverage to clients in various domestic and global markets through wholly-owned subsidiaries and offices in Australia, Bermuda, Canada, Ireland, Singapore, Switzerland, the United Arab Emirates, the United Kingdom and the United States. Aspen Insurance Holdings was founded in 2002 and is based in Hamilton, Bermuda.

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Buyer(S) 2

Buyer

Apollo Global Management

New York, New York, United States

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 1990
PE ASSETS 45.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apollo Global Management is a global alternative investment firm. The Firm segments its activity between private equity, capital markets, real estate, and publicly traded investment funds. Within private equity, Apollo targets traditional buyouts, distressed situations, as well as minority investments to help companies make acquisitions or fund other needs. Sectors of interest include chemicals, commodities, consumer/retail, distribution, transportation, financial services, business services, manufacturing, industrial, media/cable/leisure, packaging, and satellite/wireless. Apollo's geographic coverage spans Europe, North America, and Asia. Apollo manages publicly traded Apollo Investment Corporation, which provides equity and junior capital to middle-market companies, as well as Apollo Commercial Real Estate Finance, Inc. Apollo Global Management was formed in 1990 and is based in New York City.

DEAL STATS #
Overall 80 of 140
Sector (Insurance) 4 of 5
Type (Going Private) 20 of 31
Country (Bermuda) 3 of 3
Year (2018) 4 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-26 Aleris International

Cleveland, Ohio, United States

Aleris International is a producer of aluminum rolled products and extrusions, aluminum recycling and specification alloy production. Major customers include some of the world’s largest companies in the aerospace, building and construction, containers and packaging, metal distribution, and transportation industries. Aleris serves these customers with its low-cost, flexible, technically advanced and strategically located manufacturing operations supported by industry-leading research and development.

Sell $2.6B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-18 iNet communications Group

Sutton, United Kingdom

iNet communications Group is a fully-integrated technology & telecommunications company that enables the ‘Industrial Internet of Things’ (“IIoT”). The Company provides the first end-to-end, standards-based, dedicated wireless solution platform capable of supporting the full spectrum of IIoT solutions, and owns or controls 4G/ 5G-LTE spectrum covering the majority of energy-producing assets in North America. By providing wireless LTE connectivity and “plug and play” solutions to oil & gas and industrial companies, INET has become the leader in rolling-out products and services to the industry. iNet communications Group was founded in 2007 and is based in Sutton, United Kingdom.

Buy -
Buyer

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1978
PE ASSETS 86.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HarbourVest Partners, LLC is an investment firm that makes investments in new private equity partnerships, acquires secondary interests, and makes direct investments in operating companies. HarbourVest's largest investment area is investments in private equity funds, comprising of approximately 2/3 of HarbourVest's assets. HarbourVest's direct investment group looks for investments in growth oriented businesses at a variety of stages. The Group generally targets co-investments of $5 to $100 million, growth capital financings of $5 to $40 million, or mezzanine commitments of $5 to $20 million. Sectors of interest include software, hardware, data communications, telecommunications, and financial services. HarbourVest was formed in 1997 to assume the business of Hancock Venture Partners which was formed in 1982. HarbourVest Partners is based in Boston, Massachusetts, with additional offices in London, Tokyo, and Hong Kong.

DEAL STATS #
Overall 183 of 223
Sector (Insurance) 9 of 12
Type (Going Private) 25 of 27
Country (Bermuda) 3 of 3
Year (2018) 16 of 25
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-23 Sonder

San Francisco, California, United States

Sonder is revolutionizing hospitality through innovative, tech-powered service and inspiring, thoughtfully designed accommodations combined into one seamlessly managed experience. Sonder’s innovative app empowers guests by making self-service features and 24/7 on-the-ground support just a tap away. Sonder is based in San Francisco, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-01 ACG Schools

Auckland, New Zealand

ACG Schools is a private education company that operates schools and preschools. ACG Schools was founded in 1994 and is based in Auckland, New Zealand.

Buy -
Mergr

Product

Company

Legal