M&A Deal Summary

CIT Acquires OneWest Bank

On August 3, 2015, CIT acquired financial services company OneWest Bank from DFO Management and Stone Point Capital for 3.4B USD

Acquisition Highlights
  • This is CIT’s 1st transaction in the Financial Services sector.
  • This is CIT’s largest (disclosed) transaction.
  • This is CIT’s 1st transaction in the United States.
  • This is CIT’s 1st transaction in California.

M&A Deal Summary

Date 2015-08-03
Target OneWest Bank
Sector Financial Services
Buyer(s) CIT
Sellers(s) DFO Management
Stone Point Capital
Deal Type Add-on Acquisition
Deal Value 3.4B USD
Advisor(s) Goldman Sachs
BofA Securities (Financial)
Cleary Gottlieb Steen & Hamilton (Legal)

Target

OneWest Bank

Pasadena, California, United States
OneWest Bank is a provider of financial services.

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Buyer(S) 1

Buyer

CIT

New York, New York, United States

Category Company
Founded 1908
Sector Financial Services
Employees4,085
Revenue 2.4B USD (2020)
DESCRIPTION

CIT is a financial holding company with approximately $35 billion in financing and leasing assets. It provides financing, leasing and advisory services to its clients and their customers across more than 30 industries. CIT maintains leadership positions in middle market lending, factoring, retail and equipment finance, as well as aerospace, equipment and rail leasing. CIT was founded in 1908 and is based in New York city.


DEAL STATS #
Overall 1 of 2
Sector (Financial Services) 1 of 2
Type (Add-on Acquisition) 1 of 2
State (California) 1 of 1
Country (United States) 1 of 2
Year (2015) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-04-26 CIT Group

Sydney, Australia

CIT Group (Australia) Limited is a provider of vendor based, equipment finance and leasing in Australia.

Sell AU$525M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-06 CIT Commercial Air

Livingston, New Jersey, United States

CIT Commercial Air is an owns, finances and manages a fleet of more than 350 commercial aircraft serving approximately 100 customers in 50 countries. We create commercial aircraft financing solutions that help airlines and financial institutions succeed.

Sell -

Seller(S) 2

SELLER

DFO Management

New York, New York, United States

Investor Investor


Category Family Office
Founded 1998
PE ASSETS 16.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

DFO Management is the private investment vehicle for Michael Dell, founder of Dell Computers. The Firm targets investment opportunities across the US and internationally and is split into several groups. These include Public Equity, Special Opportunities, Private Equity, Real Estate, and Partnerships. The Private Equity group targets transactions that include leveraged and management buyouts, take privates, mezzanine debt and other structured investments, PIPEs and growth equity financings, platform acquisitions and roll-ups, and partnerships with other financial sponsors. DFO looks to commit $100 to $250 million per transaction and prefers investments in non-technology companies. DFO Management was formed in 1998 and is based in New York City.


DEAL STATS #
Overall 4 of 10
Sector (Financial Services) 1 of 1
Type (Add-on Acquisition) 2 of 4
State (California) 2 of 3
Country (United States) 4 of 9
Year (2015) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-05-21 ValleyCrest Companies

Calabasas, California, United States

ValleyCrest Companies, LLC is a integrated landscape services provider in the United States. ValleyCrest serves an array of public, commercial, and institutional clients, and is known for its award-winning work on properties such as the Wynn Resort.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-18 WCG

Princeton, New Jersey, United States

WCG is a provider of regulatory and ethical review services for human research. The pioneer of independent ethical review, WCG continues to drive ingenuity in the clinical research space. WCG delivers transformational solutions that stimulate growth, foster compliance and maximize efficiency for those who perform clinical trials. WCG was founded in 2012 and is based in Princeton, New Jersey.

Buy -
SELLER

Stone Point Capital

Greenwich, Connecticut, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1994
PE ASSETS 25.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Stone Point Capital is a private equity firm that targets investments in financial services sector. Specific areas of interest include insurance underwriting, outsourcing service providers to financial institutions, specialty lending and other credit opportunities, employee benefits and healthcare, asset management/retirement savings, and banking/depository institutions. Stone Point looks to commit between $5 and $500 million of equity per transaction and will consider control or substantial minority positions. Geographic areas of interest include North America and Europe. Stone Point Capital was formed in 1994 and is based in Greenwich, Connecticut.


DEAL STATS #
Overall 20 of 55
Sector (Financial Services) 4 of 20
Type (Add-on Acquisition) 9 of 28
State (California) 1 of 8
Country (United States) 15 of 49
Year (2015) 2 of 3
Size (of disclosed) 1 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-07 Cross Ocean Partners

London, United Kingdom

Cross Ocean Partners is a credit-focused asset management platform investing globally in stressed and distressed investment opportunities in a broad range of asset classes, including corporate loans and bonds, hard assets, commercial real estate, liquidations, and structured credit. Cross Ocean Partners is based in London, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-11-02 Atlantic Capital

Atlanta, Georgia, United States

Atlantic Capital is a commercial bank focused on serving middle market corporations, emerging growth businesses, mid-sized real estate developers and investors and the principals of these businesses. Atlantic Capital was founded in 2006 and is based in Atlanta, Georgia.

Sell -