M&A Deal Summary

Intermediate Capital Group and Black Diamond Capital Partners Acquire Talbot Underwriting

On February 20, 2002, mezzanine finance firm Intermediate Capital Group and private equity firm Black Diamond Capital Partners acquired financial services company Talbot Underwriting for 120M USD

Acquisition Highlights
  • This is Intermediate Capital Group’s 3rd and Black Diamond Capital Partners’ 1st transaction in the Financial Services sector.
  • This is Intermediate Capital Group’s 72nd and Black Diamond Capital Partners’ largest (disclosed) transaction.
  • This is Intermediate Capital Group’s 35th and Black Diamond Capital Partners’ 1st transaction in the United Kingdom.

M&A Deal Summary
Date 2002-02-20
Target Talbot Underwriting
Sector Financial Services
Buyer(s) Intermediate Capital Group
Black Diamond Capital Partners
Deal Type Buyout (LBO, MBO, MBI)
Deal Value 120M USD

Target

Talbot Underwriting

London, United Kingdom
Talbot Underwriting Limited was acquired from its parent by management and a consortium of US investors (Black Diamond) following the aftermath of the WTC events. Talbot insures a variety of classes of which the largest is marine.

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Buyer(S) 2

Buyer

Intermediate Capital Group

London, United Kingdom

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1989
PE ASSETS 74.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Intermediate Capital Group (ICG) is a global mezzanine finance firm. IGC looks to provide junior capital to support a wide range of transactions, including buyouts, debt restructurings, and development financing. The Firm generally invests alongside financial sponsors and management teams in transactions valued from €250 million to €1 billion. ICG was formed in 1989 and is headquartered in London.

DEAL STATS #
Overall 77 of 293
Sector (Financial Services) 3 of 12
Type (Buyout (LBO, MBO, MBI)) 58 of 112
Country (United Kingdom) 35 of 80
Year (2002) 2 of 15
Size (of disclosed) 72 of 82
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2002-02-09 Swissport International AG

Opfikon, Switzerland

Swissport International Ltd. provides ground services for around 224 million passengers and handles 4.1 million tonnes of cargo a year on behalf of some 700 client-companies in the aviation sector.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2002-02-25 Eliokem International SAS

Villejust, France

Eliokem International SAS is a manufacturer and marketer of speciality chemicals used in paints, masonry coatings, rubber, plastic, printer toners, textiles and latex.

Buy -
Buyer

Black Diamond Capital Partners

Austin, Texas, United States

Investor Investor Investor Investor

Category Private Equity Firm
Founded 2005
PE ASSETS 72M USD
Size Small
Type Sector Focused
DESCRIPTION

Black Diamond Capital Partners is a specialist private equity firm focused on the insurance sector. Black Diamond seeks insurance companies headquartered in the US and Bermuda with strong franchises, quality management, and low 'susceptibility to unusual charges'. The Firm will act as the lead investor or is willing to partner with other investors. Black Diamond was formed in 2005 and is based in Austin, Texas.

DEAL STATS #
Overall 1 of 6
Sector (Financial Services) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 1 of 3
Country (United Kingdom) 1 of 2
Year (2002) 1 of 1
Size (of disclosed) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-05-11 Tysers

London, United Kingdom

Tysers is a specialty commercial property & casualty insurance brokerage firm headquartered in the U.K. Tysers serves as an intermediary between retail and/or wholesale insurance brokers to facilitate the placement of unusual, complex, or specialized coverages within the London market, notably to Lloyds of London, and global insurance markets.

Buy -
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