M&A Deal Summary

CFRA Acquires Washington Analysis

On October 1, 2021, CFRA acquired business services company Washington Analysis from Ontario Teachers Pension Plan and Alberta Investment Management

Acquisition Highlights
  • This is CFRA’s 1st transaction in the Business Services sector.
  • This is CFRA’s 3rd transaction in the United States.
  • This is CFRA’s 1st transaction in District of Columbia.

M&A Deal Summary
Date 2021-10-01
Target Washington Analysis
Sector Business Services
Buyer(s) CFRA
Sellers(s) Ontario Teachers Pension Plan
Alberta Investment Management
Deal Type Add-on Acquisition

Target

Washington Analysis

Washington, District of Columbia, United States
Washington Analysis is an independent institutional research firm specializing in identifying risks and opportunities across asset-classes emanating from courts, Congress, and regulators, at both the state and federal levels. The company strives to be predictive in separating headline risk from fundamental changes that have a more pervasive and lasting investment impact. It also keeps an eye towards identifying the non-consensus view and looks to correct widely held misperceptions whenever possible. Washington Analysis was formed in 1973 and is based in Washington DC.

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Buyer(S) 1

Buyer

CFRA

New York, New York, United States
Category Company
Founded 1994
Sector Business Services
DESCRIPTION

CFRA is provider of institutional-grade independent equity research. Through sophisticated forensic analysis and broad fundamental equity and fund research, CFRA empowers sophisticated investment professionals, advisors, and risk managers with actionable ideas and proven results. CFRA was founded in 1994 and is based in New York City.

DEAL STATS #
Overall 3 of 3
Sector (Business Services) 1 of 1
Type (Add-on Acquisition) 2 of 2
State (District of Columbia) 1 of 1
Country (United States) 3 of 3
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-05 First Bridge Data

Fremont, California, United States

First Bridge Data LLC is a provider of institutional quality data & analytics on Exchange Traded Funds (ETFs) that saves time on research and generates insight. First Bridge Data LLC clients range from individual financial advisors to large hedge funds, who use First Bridge Data products to save time on ETF data aggregation, comparisons and client reporting.

Buy -

Seller(S) 2

SELLER

Ontario Teachers Pension Plan

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor

Category Pension
Founded 1990
PE ASSETS 242.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Teachers' Private Capital is the direct investment arm of the Ontario Teachers' Pension Plan. Teachers' Private Capital considers both private equity and venture related investments in North America, Europe, and Asia. Teachers' can support direct private equity investments between $100 million and $3 billion. Target sectors include business services, consumer products, retail, diversified industrials, financial services, technology, media, and communications. Teachers' Private Capital also makes private equity fund investments between $50 million and $750 million. Teachers' Private Capital was formed in 1991 and is based in Toronto, with additional offices in London and New York.

DEAL STATS #
Overall 59 of 72
Sector (Business Services) 4 of 5
Type (Add-on Acquisition) 23 of 29
State (District of Columbia) 1 of 1
Country (United States) 31 of 38
Year (2021) 11 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-22 HomeEquity Bank

Toronto, Ontario, Canada

HomeEquity Bank is a Schedule 1 Canadian Bank offering a range of reverse mortgage solutions including the flagship CHIP Reverse Mortgage product. HomeEquity Bank was founded in 1986 and is based in Toronto, Ontario.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-05 European Camping Group

Aix-en-Provence, France

European Camping Group is a provider of holiday camping and mobile homes to customers. European Camping Group was formed in 1989 and is based in Aix-en-Provence, France.

Sell -
SELLER

Alberta Investment Management

Investor Investor Investor Investor Investor

Category Pension
Founded 2008
PE ASSETS 4.5B CAD
Size Mega
Type Sector Agnostic
DESCRIPTION

Alberta Investment Management Corporation (AIMCo) is a Canadian diversified institutional investment manager serving pension, endowment and government funds in the province of Alberta. In addition to investing in public equities, fixed income, and debt, AIMCo looks to invest in private equity, real estate, timberlands, and infrastructure. AIMCo's private equity group invests in funds and directly in companies throughout North America and Western Europe. Areas of interest include consumer, industrials, business services, financial services, technology, and healthcare. AIMCo is based in Edmonton, with additional offices in Toronto and London.

DEAL STATS #
Overall 5 of 7
Sector (Business Services) 2 of 2
Type (Add-on Acquisition) 1 of 2
State (District of Columbia) 1 of 1
Country (United States) 4 of 5
Year (2021) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-26 Medallia

Pleasanton, California, United States

Medallia is a provider of cloud based platform captures billions of experience signals across interactions including all voice, video, digital, IOT, social media and corporate messaging tools. Medallia was founded in 2001 and is based in Pleasanton, California.

Buy $6.4B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-10 West Monroe Partners

Chicago, Illinois, United States

West Monroe Partners is a provider of business and technology consultancy services. West Monroe Partners was founded in 2002 and is based in Chicago, Illinois.

Buy -
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