M&A Deal Summary

Crestview Partners, CVC Capital Partners, Pine Brook Partners and Capital Z Partners Acquire Fidelis Insurance

On June 9, 2015, private equity firms Crestview Partners, CVC Capital Partners, Pine Brook Partners and Capital Z Partners acquired insurance company Fidelis Insurance for 1.5B USD

Acquisition Highlights
  • This is Crestview Partners’ 4th, CVC Capital Partners’ 4th, Pine Brook Partners’ 7th and Capital Z Partners’ 4th transaction in the Insurance sector.
  • This is Crestview Partners’ 3rd, CVC Capital Partners’ 22nd, Pine Brook Partners’ and Capital Z Partners’ largest (disclosed) transaction.
  • This is Crestview Partners’ 2nd, CVC Capital Partners’ 1st, Pine Brook Partners’ 5th and Capital Z Partners’ 2nd transaction in Bermuda.
Investment Fate
  • Fidelis Insurance went public in 2023.

M&A Deal Summary

Date 2015-06-09
Target Fidelis Insurance
Sector Insurance
Buyer(s) Crestview Partners
CVC Capital Partners
Pine Brook Partners
Capital Z Partners
Deal Type Buyout (LBO, MBO, MBI)
Deal Value 1.5B USD
Advisor(s) PwC Corporate Finance LLC
Goldman Sachs (Financial)
Clifford Chance (Legal)

Target

Fidelis Insurance

Pembroke, Bermuda
Fidelis Insurance is a provider of insurance underwriting and reinsurance services. The Company underwrites specialty lines of insurance focused on energy, marine, property, aviation, and political risk out of Bermuda and London, with a balance between insurance and reinsurance. Fidelis Insurance was founded in 2014 and is based in Pembroke, Bermuda.

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Buyer(S) 4

Buyer

Crestview Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 10.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Crestview Partners is a private equity firm focused on challenging investment situations. Crestview targets opportunities across a broad range of industries, with a special interest in asset management, media, healthcare and financial service companies. The Firm looks to commit $100 to $250 million of equity capital in transactions valued between $500 million and $3 billion. Crestview Partners was formed in 2004 and is based in New York, New York.


DEAL STATS #
Overall 27 of 55
Sector (Insurance) 4 of 4
Type (Buyout (LBO, MBO, MBI)) 12 of 14
Country (Bermuda) 2 of 2
Year (2015) 4 of 6
Size (of disclosed) 3 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-30 Interoute Communications

London, United Kingdom

Interoute Communications Ltd. is a provider of connectivity, communications and computing services to international enterprises, global telecommunication service providers, mobile operators, governments and channel partners. Interoute Communications was founded in 2002 and is based in London, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-08-11 Stackpole International

Ancaster, Ontario, Canada

Stackpole International, Inc. is a manufacturer and sole source supplier of highly-engineered oil pumps and powdered metal components to automotive original equipment manufacturers.

Sell CA$867M
Buyer

CVC Capital Partners

Luxembourg, Luxembourg

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1981
PE ASSETS 177.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

CVC Capital Partners is a global private equity firm focused on investments in large companies located in Europe, North America, and Asia. CVC looks for opportunities with stable cash flows and talented management, and will consider businesses in a variety of industries. Target sectors include textiles, industrial products, waste management, building materials, energy/utilities, business services, financial services, distribution, healthcare, media, semiconductors, and gaming. CVC can handle transactions valued from €200 million to €10 billion. CVC Capital Partners was formed in 1981 and is based in Luxembourg.


DEAL STATS #
Overall 175 of 323
Sector (Insurance) 4 of 7
Type (Buyout (LBO, MBO, MBI)) 97 of 122
Country (Bermuda) 1 of 2
Year (2015) 6 of 15
Size (of disclosed) 22 of 56
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-09 Neptune Energy

London, United Kingdom

Neptune Energy is a new oil & gas investment vehicle offers full life-cycle capabilities across exploration, development, and production. Neptune Energy was founded in 2017 and is based in London, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-19 Stage Entertainment BV

Amsterdam, Netherlands

Stage Entertainment BV is a creative developer and producer of over 40 musicals and shows on an annual basis, combined with a portfolio of 20 own theaters. Stage Entertainment BV was founded in 1998 and is based in Amsterdam, Netherlands.

Buy -
Buyer

Pine Brook Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2006
PE ASSETS 6.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Pine Brook Road Partners is a private equity group focused on growth capital investments in the energy and financial services sectors. Specific areas of interest within the energy sector include exploration, oilfield services, transportation/storage, power generation/distribution/transmission, and biofuel/renewable resources. Specific areas of interest within financial services include insurance, banks, asset management, specialty finance, and servicing/distribution/origination. Pine Brook generally acts as the lead/control investor in newly-formed or established businesses. The Firm has a special interest in 'underappreciated or overlooked' opportunities. Pine Brook Road Partners was formed in 2006 and is based in New York City.


DEAL STATS #
Overall 31 of 42
Sector (Insurance) 7 of 9
Type (Buyout (LBO, MBO, MBI)) 9 of 11
Country (Bermuda) 5 of 5
Year (2015) 2 of 6
Size (of disclosed) 1 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-02-01 The Car Finance Company

Portsmouth, United Kingdom

The Car Finance Company is a subprime auto finance company focused on providing credit to underserved borrowers.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-30 Cahill Services

Houston, Texas, United States

Cahill Services is a provider of specialty rental services to customers in the oil & gas, refining, industrial, petrochemicals, utilities and related industries where a high level of technical knowledge of the business and customer needs is required. Cahill Services is based in Houston, Texas.

Buy -
Buyer

Capital Z Partners

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1990
PE ASSETS 3.0B USD
Size Large
Type Sector Focused
DESCRIPTION

Capital Z Partners is a private equity firm focused on the financial services sector. The Firm targets companies in the US, Bermuda, and the UK and looks to commit $25 to $100 million as a primary or co-investor partner. Specific areas of interest include insurance (property, life, health, reinsurance, and specialty markets), services (insurance distribution, claims management, asset servicing, and outsourced service providers), specialty finance (commercial finance, consumer finance, banks, and leasing), and securities (fund management, broker-dealers, and wealth management). Capital Z Partners was established in 1990 and is headquartered in New York City.


DEAL STATS #
Overall 11 of 14
Sector (Insurance) 4 of 6
Type (Buyout (LBO, MBO, MBI)) 2 of 3
Country (Bermuda) 2 of 2
Year (2015) 2 of 2
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-01-01 Pearl Capital Business Funding

Jersey City, New York, United States

Pearl Capital Business Funding is one of the fastest-growing providers of alternative small business financing in America. Pearl vision is simple: to provide the best financing solutions to the underbanked, while providing ISOs and other origination channels with the best service, efficiency, support, and integrity in the business. Pearl Capital Business Funding was founded in 2010 and is based in Jersey City, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-06-30 Portfolio Group

Lake Forest, California, United States

Portfolio Group is an independent provider of finance and insurance products and services to automotive dealers across the country. Portfolio develops, sells and administers auto dealer extended warranty programs across a full-service product offering including vehicle service contracts, GAP insurance, and ancillary products. Portfolio Group was founded in 1990 and is based in Lake Forest, California.

Buy -