M&A Deal Summary

Bear Stearns Companies Acquires Plymouth Financial Company

On January 25, 2006, Bear Stearns Companies acquired financial services company Plymouth Financial Company from IA Capital Group

Acquisition Highlights
  • This is Bear Stearns Companies’ 1st transaction in the Financial Services sector.
  • This is Bear Stearns Companies’ 1st transaction in the United States.
  • This is Bear Stearns Companies’ 1st transaction in New Jersey.

M&A Deal Summary

Date 2006-01-25
Target Plymouth Financial Company
Sector Financial Services
Buyer(s) Bear Stearns Companies
Sellers(s) IA Capital Group
Deal Type Add-on Acquisition

Target

Plymouth Financial Company

Whippany, New Jersey, United States
Plymouth Park Tax Services LLC, doing business as XSPAND and headquartered in Morristown, New Jersey, is one of the largest firms exclusively focused on purchasing, servicing, and securitizing municipal tax liens. The Company is a leader in providing public and private sector revenue solutions for non-performing assets.

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Buyer(S) 1

Buyer

Bear Stearns Companies

New York, New York, United States

Category Company
Founded 1923
Sector Financial Services
Employees13,834
DESCRIPTION

Bear Stearns Companies, Inc., a global investment bank and securities trading and brokerage firm.


DEAL STATS #
Overall 1 of 1
Sector: Financial Services M&A 1 of 1
Type: Add-on Acquisition M&A Deals 1 of 1
State: New Jersey M&A 1 of 1
Country: United States M&A 1 of 1
Year: 2006 M&A 1 of 1

Seller(S) 1

SELLER

IA Capital Group

Westport, Connecticut, United States

Investor Investor Investor Investor Investor


Category Venture Capital Firm
Founded 1992
PE ASSETS 500M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Inter-Atlantic Group is a specialist private investment firm focused on opportunities within the financial and business services sectors. Specific sectors of interest include financial technology, banking, insurance, asset management and service providers to the financial services industry. The Firm primarily looks for opportunities based in the US. Inter-Atlantic was formed in 1992 and is based in New York City.


DEAL STATS #
Overall 3 of 15
Sector: Financial Services M&A 1 of 4
Type: Add-on Acquisition M&A Deals 2 of 6
State: New Jersey M&A 1 of 1
Country: United States M&A 3 of 11
Year: 2006 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-11-11 Homeowners of America

Irving, Texas, United States

Homeowners of America is a Managing General Agent and insurance carrier hybrid with high margins and a capital-efficient reinsurance strategy that limits retained risk. HOA primarily operates in six states, including Texas, Arizona, North Carolina, South Carolina, Virginia, and Georgia. The company was founded in 2006 in Texas, a $10 billion homeowners insurance market, and was the 12th largest home insurer in Texas in 2019. HOA is licensed to operate in 31 states, positioning it for nationwide expansion as part of Porch.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-08-15 BOLT Solutions

New York City, New York, United States

BOLT Solutions is a developer and marketer technology solutions for the insurance marketplace. The company’s software enables customers, P&C insurance carriers, agents, brokers and wholesalers to transmit and receive data in real-time and leverage existing systems to automatically interact with one another.

Buy $12M