Investment Summary

Bain Capital Private Equity, Morgan Stanley Capital Partners and Newlight Partners Invest In SelectQuote

On March 3, 2025, private equity firms Bain Capital Private Equity, Morgan Stanley Capital Partners and Newlight Partners invested in insurance company SelectQuote

Investment Highlights
  • This is Bain Capital Private Equity’s 5th, Morgan Stanley Capital Partners’ 1st and Newlight Partners’ 2nd transaction in the Insurance sector.
  • This is Bain Capital Private Equity’s 129th, Morgan Stanley Capital Partners’ 48th and Newlight Partners’ 11th transaction in the United States.
  • This is Bain Capital Private Equity’s 2nd, Morgan Stanley Capital Partners’ 1st and Newlight Partners’ 1st transaction in Kansas.

Investment Summary

Date 2025-03-03
Target SelectQuote
Sector Insurance
Investor(s) Bain Capital Private Equity
Morgan Stanley Capital Partners
Newlight Partners
Deal Type PIPE

Target

SelectQuote

Overland Park, Kansas, United States
SelectQuote is a term life insurance sales company that offers auto and home insurance. The company offers engagement points for consumers across insurance, Medicare, pharmacy, and value-based care, and now has three core business lines: SelectQuote Senior, SelectQuote Healthcare Services, and SelectQuote Life. SelectQuote Healthcare Services is comprised of the SelectRx Pharmacy, a Patient-Centered Pharmacy Home (PCPH) accredited pharmacy, SelectPatient Management, a provider of chronic care management services, and Healthcare Select which proactively connects consumers with a wide breadth of healthcare services supporting their needs. SelectQuote was founded in 1985 and is based in Overland Park, Kansas.

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Investor(S) 3

Investor

Bain Capital Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1984
PE ASSETS 44.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Bain Capital Private Equity (BCPE), is the private equity investment arm of alternative asset management firm, Bain Capital. BCPE targets leveraged buyout and growth capital transactions in a wide variety of industries including information technology, communications, media, healthcare, industrial/manufacturing, retail/consumer, and financial services. Bain Capital is based in Boston with additional offices in New York, London, Mumbai, Hong Kong, Shanghai, Tokyo, and Munich.


DEAL STATS #
Overall 247 of 251
Sector: Insurance M&A 5 of 5
Type: PIPE M&A Deals 6 of 6
State: Kansas M&A 2 of 2
Country: United States M&A 129 of 130
Year: 2025 M&A 6 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-02-14 Apleona

Neu-Isenburg, Germany

Apleona is a real estate services provider, that operates, manage, expand and equip real estate in all asset classes, operate and maintain plant and assist customers in a whole host of industries with production and secondary processes. The Group's range of services extends from integrated facility management, building technology, and interior fittings to real-estate management with all commercial services, letting and leasing of real estate. All services are provided on a modular basis or in an integrated package. Apleona was founded in 2016 and is based in Neu-Isenburg, Germany.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-03-05 Kestra

Kirkland, Washington, United States

Kestra is a development-stage manufacturer of wearable cardioverter defibrillator solutions designed to prevent sudden cardiac death and promote cardiac recovery in at-risk patients. Kestra was founded in 2014 and is based in Kirkland, Washington.

Sell -
DESCRIPTION

Morgan Stanley Capital Partners (MSCP) is the private investment arm of financial services firm and investment bank Morgan Stanley. MSCP looks to partner with founders looking to leverage Morgan Stanley's resources, as well as fund corporate carveouts, recapitalizations, buyouts, and industry consolidations. Areas of interest include business services, industrials, education, consumer products/services, food/beverage, retail, healthcare, and packaging. MSCP primarily targets businesses operating in North America valued between $75 and $750 million. Morgan Stanley Capital Partners is based in New York City.


DEAL STATS #
Overall 51 of 52
Sector: Insurance M&A 1 of 1
Type: PIPE M&A Deals 1 of 1
State: Kansas M&A 1 of 1
Country: United States M&A 48 of 48
Year: 2025 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-12-10 Prescott’s

Monument, Colorado, United States

Prescott’s is a provider and refurbisher of surgical microscopes in the United States. Prescott’s services and sells refurbished and new microscopes to hospitals and surgical centers, primarily in the neuro, ophthalmic and ENT surgical specialties. Prescott’s was founded in 1984 and is based in Monument, Colorado.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-06-18 Thermogenics

Aurora, Ontario, Canada

Thermogenics is a manufacturer of coil-tube steam and hot-water boilers and related equipment used in industrial, commercial, and institutional applications in the North American market. Thermogenics was founded in 1975 and is based in Aurora, Ontario.

Buy -
Investor

Newlight Partners


Category Private Equity Firm
Founded 2018
PE ASSETS 4.0B USD
Size Small
Type Sector Agnostic
DESCRIPTION

Newlight Partners is a growth-focused middle market private equity firm investing in companies across North America. The Firm seeks to partner with founders and management teams in businesses in a variety of industries including healthcare, financial services, digital transformation, and decarbonization. Newlight Partners typically commits up to $150 million per transaction to support long-term growth initiatives. Newlight Partners was founded in 2018 and is headquartered in New York, New York.


DEAL STATS #
Overall 14 of 14
Sector: Insurance M&A 2 of 2
Type: PIPE M&A Deals 1 of 1
State: Kansas M&A 1 of 1
Country: United States M&A 11 of 11
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-01 Landways

London, United Kingdom

Landways is a specialist in the design, build, finance, operation, and upgrade of integrated digital infrastructure for high-density environments. Landways was founded in 2016 and is based in London, United Kingdom.

Buy -