M&A Deal Summary

Cowen Acquires ConvergEx Group

On April 3, 2017, Cowen acquired business services company ConvergEx Group from CVC Capital Partners for 116M USD

Acquisition Highlights
  • This is Cowen’s 2nd transaction in the Business Services sector.
  • This is Cowen’s largest (disclosed) transaction.
  • This is Cowen’s 6th transaction in the United States.
  • This is Cowen’s 4th transaction in New York.

M&A Deal Summary
Date 2017-04-03
Target ConvergEx Group
Sector Business Services
Buyer(s) Cowen
Sellers(s) CVC Capital Partners
Deal Type Add-on Acquisition
Deal Value 116M USD
Advisor(s) Freeman & Co. LLC (Financial)
Kirkland & Ellis (Legal)

Target

ConvergEx Group

New York City, New York, United States
ConvergEx Group LLC is an agency-focused global brokerage and trading related services provider that takes on the industry's toughest challenges, from complicated trades to complex businesses. With clients' interests as the top priority, Convergex delivers comprehensive solutions that span global high-touch and electronic trading, prime brokerage, clearing, commission management and beyond. Headquartered in New York with a presence in several other locations including Atlanta, Boston, Orlando, San Francisco and London, the company serves nearly 3,000 clients accessing over 100 global market centers.

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Buyer(S) 1

Buyer

Cowen

New York, New York, United States
Category Company
Founded 1918
Sector Financial Services
Employees1,534
Revenue 2.1B USD (2021)
DESCRIPTION

Cowen is a diversified financial services firm and, together with its consolidated subsidiaries, provides alternative asset management, investment banking, research, and sales and trading services. Cowen was founded in 1918 and is based in New York City.

DEAL STATS #
Overall 6 of 8
Sector (Business Services) 2 of 3
Type (Add-on Acquisition) 4 of 6
State (New York) 4 of 5
Country (United States) 6 of 7
Year (2017) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-03-22 CRT Capital - Businesses

United States

CRT Capital - Businesses includes cedit products, credit research, special situations and emerging markets units.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-20 Quarton International

Berlin, Germany

Quarton International provides the global middle market with M&A advisory, private capital raising, and other corporate finance services. The principals of Quarton International have a combined track record of more than 1,000 transactions in more than 30 different countries with a total volume exceeding $50 billion.

Buy -

Seller(S) 1

SELLER

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 129 of 173
Sector (Business Services) 5 of 6
Type (Add-on Acquisition) 46 of 63
State (New York) 2 of 2
Country (United States) 9 of 14
Year (2017) 4 of 10
Size (of disclosed) 51 of 54
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-04-03 Metropolitan Hospital Group

Neo Faliro, Greece

Metropolitan Hospital Group is a provider of healthcare services treating more than 35,000 inpatients and 300,000 outpatients annually. Metropolitan Hospital Group was formed in 2000 and is based in Greece.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-04-28 Breitling

Grenchen, Switzerland

Breitling specializes in the development and manufacture of high-performance watches. The company looks back on a heritage of seminal innovations that have played a decisive role in the development of wrist chronographs. Breitling is headquartered in Grenchen, Switzerland. The company operates two manufacturing facilities, one in Grenchen and one in La Chaux-de-Fonds. Breitling was founded in 1884 and is based in Grenchen, Switzerland.

Buy -
Mergr

Product

Company

Legal