M&A Deal Summary

Bregal Investments and Duke Street Private Equity Acquire ERS Insurance

On July 1, 2005, private equity firms Bregal Investments and Duke Street Private Equity acquired insurance company ERS Insurance from Warburg Pincus, Palamon Capital Partners and CCP Equity Partners for 296M GBP

Acquisition Highlights
  • This is Bregal Investments’ 2nd and Duke Street Private Equity’s 1st transaction in the Insurance sector.
  • This is Bregal Investments’ 0th and Duke Street Private Equity’s largest (disclosed) transaction.
  • This is Bregal Investments’ 6th and Duke Street Private Equity’s 13th transaction in the United Kingdom.
Investment Fate
  • ERS Insurance was sold to a publicly-traded strategic buyer in 2007 for 570M GBP.
  • ERS Insurance was divested to a consortium of buyers in 2013.

M&A Deal Summary
Date 2005-07-01
Target ERS Insurance
Sector Insurance
Buyer(s) Bregal Investments
Duke Street Private Equity
Sellers(s) Warburg Pincus
Palamon Capital Partners
CCP Equity Partners
Deal Type Going Private
Deal Value 296M GBP

Target

ERS Insurance

London, United Kingdom
ERS Insurance is a Lloyd’s underwriting business (Syndicate 218), which has been a leading motor insurer for more than 60 years, providing quality commercial insurance solutions to customers in the United Kingdom. ERS offers a diverse range of insurance for private cars, classic cars, vans, motorcycles, taxis, minibusses, fleets, haulage, and agricultural vehicles. ERS Insurance was founded in 1946 and is based in London, United Kingdom.

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Buyer(S) 2

Buyer

Bregal Investments

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2002
PE ASSETS 7.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Bregal Investments LLP is a private equity firm focused on buyouts and growth capital financings of middle-market companies. Bregal Investments targets equity investments between €30 and €150 million in companies valued in excess of €75 million. Bregal is based in London.

DEAL STATS #
Overall 6 of 20
Sector (Insurance) 2 of 3
Type (Going Private) 1 of 1
Country (United Kingdom) 6 of 13
Year (2005) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-10-01 Cognita Schools

London, United Kingdom

Cognita Schools operates over 70 schools across 8 countries, educating more than 40,000 children, our schools provide a unique global education that goes beyond grades to develop all-round academic excellence – equipping young people with the confidence and resourcefulness that prepares them to grow, thrive, and find their success in a fast-changing world. Cognita Schools was founded in 2004 and based in London, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-07-01 COSFI

Paris, France

COSFI, France's leading cosmetic surgery and cosmetic medicine group. Established in 1990 by four partners, the company, which initially consisted of a single clinic, has grown rapidly to become the largest cosmetic surgery group in France.

Buy -
Buyer

Duke Street Private Equity

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1988
PE ASSETS 3.0B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Duke Street Private Equity is a European private equity firm that targets investments in mid-market UK and French businesses valued between €50 and €350 million. Duke Street looks to build companies through organic growth and acquisitions. Sectors of interest include business services and outsourcing, retail and consumer, food, industrial, healthcare, leisure, and financial services. Duke Street Private Equity was founded in 1988 and is based in London.

DEAL STATS #
Overall 27 of 55
Sector (Insurance) 1 of 1
Type (Going Private) 1 of 1
Country (United Kingdom) 13 of 33
Year (2005) 2 of 3
Size (of disclosed) 1 of 19
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-07-01 Groupe B&B Hotels Sas

Cedex, France

Groupe B&B Hotels Sas is a budget hotels chain in Europe operating a network of more than 486 budget hotels, across 12 countries with a total of 42,832 rooms. B&B is at the "high-end" of the budget hotel segment, offering high quality at a competitive price, to meet the needs of both business and leisure travelers.

Sell €385M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-09-01 Groupe Proclif SAS

Paris,, France

Groupe Proclif is a french private hospital group operates healthcare facilities, which include Centre médical chirurgical et obstétrical d'Evry (CMCO) and Polyclinique Villeneuve-Saint-Georges (PVSG).

Buy -

Seller(S) 3

SELLER

Warburg Pincus

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1966
PE ASSETS 83.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Warburg Pincus is a mega-sized, global private equity firm focused on investment opportunities across North America, Asia, and Europe. Warburg will consider investing at various company stages, from early-stage opportunities to distressed situations. Warburg Pincus is organized by industry groups. Verticals include financial services, healthcare, technology, media & telecommunications, energy, consumer & industrial, and real estate. Within financial services, Warburg will consider asset/wealth managers, banks, exchanges, financial technology, insurance, transaction processing, private banking, and specialty/consumer finance. Within healthcare, specific areas of interest include medical devices, healthcare services, and biotech/pharmaceuticals. Within technology/media/communications, Warburg targets software, media/internet/information, financial technology, telecom, business services, and systems/semiconductors. Within energy, specific areas of interest include oil/gas exploration, power generation/transmission, and alternative energy. Warburg Pincus raised its first fund in 1966 and is based in New York City.

DEAL STATS #
Overall 21 of 251
Sector (Insurance) 1 of 5
Type (Going Private) 1 of 1
Country (United Kingdom) 5 of 17
Year (2005) 5 of 7
Size (of disclosed) 40 of 63
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-07-01 Euromedic International

Amsterdam, Netherlands

Euromedic International is a provider of diagnostic imaging and hemodialysis treatment services in Central and Eastern Europe, with healthcare centers located in Poland, Hungary, Romania, Russia, Croatia, Bosnia-Herzegovina, Greece, Turkey and the Czech Republic. Euromedic International was founded in 1998 and is based in Amsterdam, Netherlands.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-08-01 onTargetjobs

Centennial, Colorado, United States

onTargetjobs, is a online advertising portal focused exclusively on niche job boards. onTargetjobs is comprised of leading online job boards focused on the healthcare, hospitality, biopharma, medical device, and accounting/finance industries. Additionally, onTargetjobs powers more than 350 geographically-localized online job boards.

Buy -
SELLER

Palamon Capital Partners

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1999
PE ASSETS 1.4B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Palamon Capital Partners LP is a private equity firm that targets investments in high-growth service-oriented businesses throughout Europe. Palamon specifically looks for companies operating in business services, financial services, media and communications, leisure and entertainment, information technology, and healthcare. The Firm's target investment size is €30 to €100 million. Funds are generally used to support development needs, however, Palamon will also consider investing in early-stage businesses, recapitalizations, deleveraging transactions, turnarounds, and buyouts. Palamon Capital Partners LP was formed in 1999 and is based in London.

DEAL STATS #
Overall 4 of 30
Sector (Insurance) 1 of 1
Type (Going Private) 1 of 1
Country (United Kingdom) 2 of 11
Year (2005) 1 of 1
Size (of disclosed) 3 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-12-22 TeamSystem

Pesaro, Italy

TeamSystem is a provider of accounting, payroll, and business management software for accountants and small and medium-sized enterprises. TeamSystem offers a broad range of mission-critical, on-premise and cloud solutions to a diversified base of its customers. TeamSystem was founded in 1979 and is based in Pesaro, Italy.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-07-21 Sigla Credit

Conegliano, Italy

Sigla Credit is a provider of personal loans for private individuals with an average life of three years and an average size of €4,000. Sigla Credit is based in Conegliano, Italy.

Buy -
SELLER

CCP Equity Partners

Hartford, Connecticut, United States

Investor Investor

Category Private Equity Firm
Founded 1985
PE ASSETS 500M USD
Size Middle-Market
Type Sector Focused
DESCRIPTION

CCP Equity Partners LLC (Formerly Conning Capital Partners) is a private equity firm that looks to invest in growth companies operating in the healthcare and financial services sectors. CCP looks to invest $5 to $20 million in North American based companies with revenues between $5 and $100 million. Target companies should have 'exceptional' growth potential, be at or near profitability, and have clear/sustainable competitive advantages. CCP Equity Partners was established in 1985 and is based in Hartford, Connecticut.

DEAL STATS #
Overall 13 of 25
Sector (Insurance) 7 of 8
Type (Going Private) 1 of 1
Country (United Kingdom) 1 of 1
Year (2005) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-06-23 Neovest

Orem, Utah, United States

Neovest, Inc. a developer of Proactive Intelligent TechnologyTM designed to make traders and investors more productive. Neovest's products incorporate a unique server technology (NEBO) designed by Neovest, that enables fast, efficient delivery of market data from multiple sources and drives real-time data analysis and decision support, creating a powerful equity trading solution.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-02-13 Kadent

Reading, Pennsylvania, United States

Kadent Corporation a revenue cycle management company with a primary focus on healthcare providers.

Buy -
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