M&A Deal Summary

Cerberus Capital Management Acquires Spring EQ

On August 31, 2023, asset manager Cerberus Capital Management acquired financial services company Spring EQ

Acquisition Highlights
  • This is Cerberus Capital Management’s 9th transaction in the Financial Services sector.
  • This is Cerberus Capital Management’s 60th transaction in the United States.
  • This is Cerberus Capital Management’s 4th transaction in Pennsylvania.

M&A Deal Summary
Date 2023-08-31
Target Spring EQ
Sector Financial Services
Buyer(s) Cerberus Capital Management
Deal Type Buyout (LBO, MBO, MBI)
Advisor(s) GreensLedge Capital Markets (Financial)
Katten Muchin Rosenman (Legal)

Target

Spring EQ

Conshohocken, Pennsylvania, United States
Spring EQ is a national home equity lender providing flexible and tailored financing solutions directly to consumers with a national network of experienced brokers and partners. It offers a broad range of home equity products and delivers a simple and streamlined process that results in faster funding, trustworthy loans, and less frustration for consumers today. Spring EQ was formed in 2016 and is based in Conshohocken, Pennsylvania.

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Buyer(S) 1

Buyer

Cerberus Capital Management

New York, New York, United States

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 1992
PE ASSETS 55.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Cerberus Capital Management is a private investment firm that targets a wide range of global investments. Cerberus primarily looks for undervalued or distressed situations. Industry sectors of interest include aerospace and defense, apparel, automotive and industrial, building products, commercial services, consumer and retail, financial services, healthcare, manufacturing and distribution, paper, packaging, and printing, real estate, technology, telecommunications, transportation, and travel. In addition to private equity investing, Cerberus also provides corporate credit and acquires real estate. Cerberus was formed in 1992 by Steve Feinberg and is based in New York City.

DEAL STATS #
Overall 84 of 87
Sector (Financial Services) 9 of 9
Type (Buyout (LBO, MBO, MBI)) 25 of 26
State (Pennsylvania) 4 of 4
Country (United States) 60 of 63
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-04-03 Worldwide Flight Services

Roissy, France

Worldwide Flight Services is a provider of ground services at over 60 major airports. WFS provides ramp, passenger, cargo, and technical services for more than 200 domestic and international airlines, including American, Continental, British Airways, Cathay Pacific, and Korean Airlines. Worldwide Flight Services was founded in 1984 and is based in Roissy, France.

Sell €1.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-27 SubCom

Eatontown, New Jersey, United States

SubCom is delivers and maintains the fiber optic cable systems that transmit nearly all of the world’s data and communications. SubCom designs, manufactures, deploys, maintains, and operates modern networks with an industry-leading track record for delivery and performance, providing the most comprehensive technical and marine expertise, with the highest quality, and most reliable solutions.

Sell -
Mergr

Product

Company

Legal