M&A Deal Summary

Athene Acquires Donlen

On November 25, 2020, Athene acquired business services company Donlen from Hertz for 875M USD

Acquisition Highlights
  • This is Athene’s 1st transaction in the Business Services sector.
  • This is Athene’s 3rd largest (disclosed) transaction.
  • This is Athene’s 5th transaction in the United States.
  • This is Athene’s 1st transaction in Illinois.

M&A Deal Summary
Date 2020-11-25
Target Donlen
Sector Business Services
Buyer(s) Athene
Sellers(s) Hertz
Deal Type Add-on Acquisition
Deal Value 875M USD

Target

Donlen

Bannockburn, Illinois, United States
Donlen develops innovative fleet management technology solutions and offers a proactive, hands-on approach to customer service. For more than 55 years, Donlen has empowered its customers to focus on their core business and drive continuous improvement in their fleet's operational and financial performance. Donlen was formed in 1965 and is headquartered in Bannockburn, Illinois.

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Buyer(S) 1

Buyer

Athene

Hamilton, Bermuda
Category Company
Founded 2008
Sector Insurance
Employees1,976
Revenue 28.2B USD (2023)
DESCRIPTION

Athene is a life insurance holding company focused principally on the retirement market and whose business, through its subsidiaries, is focused primarily on issuing or reinsuring fixed and equity indexed annuities. Athene was formed in 2008 and is based in Pembroke, Bermuda.

DEAL STATS #
Overall 7 of 11
Sector (Business Services) 1 of 2
Type (Add-on Acquisition) 3 of 6
State (Illinois) 1 of 1
Country (United States) 5 of 8
Year (2020) 2 of 2
Size (of disclosed) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-18 Jackson National Life Insurance

Lansing, Michigan, United States

Jackson National Life Insurance Co. is a provider of retirement products for industry professionals and their clients. The company and its affiliates offer variable, fixed and fixed index annuities designed for tax-efficient growth and distribution of retirement income for retail customers, as well as products for institutional investors. Jackson National Life Insurance was formed in 1961 and is based in Lansing, Michigan.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-15 Foundation Home Loans

Bracknell, United Kingdom

Foundation Home Loans is a specialist in the European mortgage lending, servicing, and securitization markets. Foundation Home Loans is based in Bracknell, United Kingdom.

Buy -

Seller(S) 1

SELLER

Hertz

Estero, Florida, United States
Category Company
Founded 1918
Sector Consumer Services
Employees27,000
Revenue 9.4B USD (2023)
DESCRIPTION
Entrance to Hertz's corporate headquarters in Estero, Florida.
Entrance to Hertz's corporate headquarters in Estero, Florida.

Hertz operates car rental businesses through the Hertz, Dollar, Thrifty and Firefly brands. Hertz Global operates through corporate and franchisee locations and services the North American, European, Latin and South American, Asian, Australian, African, and Middle Eastern markets. In addition to its car rental business, Hertz provides fleet leasing and management services through its Donlen subsidiary. Hertz was originally established in 1918 and is based in Estero, Florida.

DEAL STATS #
Overall 4 of 4
Sector (Business Services) 3 of 3
Type (Add-on Acquisition) 1 of 1
State (Illinois) 1 of 1
Country (United States) 3 of 3
Year (2020) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-06-06 Herc Rentals

Bonita Springs, Florida, United States

Herc Rentals is an equipment rental supplier. Herc Rentals is a full-line equipment-rental supplier in key markets, including commercial and residential construction, industrial and manufacturing, refineries and petrochemicals, civil infrastructure, automotive, government and municipalities, energy, remediation, emergency response, facilities, entertainment and agriculture. Herc Rentals was formed in 1965 and is based in Bonita Springs, Florida.

Sell -
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