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M&A Deal Summary

CVC Capital Partners and White Mountains Acquire Bamboo

On October 3, 2025, private equity firm CVC Capital Partners and White Mountains acquired insurance company Bamboo from White Mountains for 1.8B USD

Acquisition Highlights
  • This is CVC Capital Partners’ 8th and White Mountains’ 22nd transaction in the Insurance sector.
  • This is CVC Capital Partners’ 17th and White Mountains’ largest (disclosed) transaction.
  • This is CVC Capital Partners’ 46th and White Mountains’ 21st transaction in the United States.
  • This is CVC Capital Partners’ 1st and White Mountains’ 2nd transaction in Utah.

M&A Deal Summary
Date 2025-10-03
Target Bamboo
Sector Insurance
Buyer(s) CVC Capital Partners
White Mountains
Sellers(s) White Mountains
Deal Type Divestiture
Deal Value 1.8B USD
Advisor(s) Evercore Group
Piper Sandler & Co. (Financial)
Cravath, Swaine & Moore
Willkie Farr & Gallagher (Legal)

Target

Bamboo

Midvale, Utah, United States
Bamboo is a capital-light, tech- and data-enabled insurance distribution platform providing insurance offerings to the residential property market in California. The company operates primarily through its full-service MGA business, where it manages all aspects of the placement process on behalf of its fronting and (re)insurance partners, including product development, marketing, underwriting, policy issuance, and claims oversight, and earns commissions based on the volume and profitability of the insurance that it places. Bamboo Insurance is based in Midvale, Utah.

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Buyer(S) 2

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 328 of 328
Sector: Insurance M&A 8 of 8
Type: Divestiture M&A Deals 40 of 40
State: Utah M&A 1 of 1
Country: United States M&A 46 of 46
Year: 2025 M&A 2 of 2
Size (of disclosed) 17 of 58
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-09-23 Alvogen

Pine Brook, New Jersey, United States

Alvogen is a multinational pharmaceuticals company focused on developing, manufacturing, and distributing generic, brand, over-the-counter brands (OTC), and biosimilar products. Alvogen was founded in 2009 and is based in Pine Brook, New Jersey.

Sell $2.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-11-21 Vitech

New York, New York, United States

Vitech is a global software company that provides cloud-native administration platforms for insurance, retirement, and investment organizations. Their flagship product, V3locity, supports core functions like insurance administration, claims, pension risk transfer, and analytics. Vitech emphasizes transforming legacy systems into scalable, future-ready digital operations. Vitech was founded in 1986 and is headquartered in New York City.

Sell -
Buyer

White Mountains

Hamilton, Bermuda
Category Company
Founded 1980
Sector Insurance
Employees893
Revenue 2.4B USD (2024)
DESCRIPTION

White Mountains is a domiciled financial services holding company with business interests in property and casualty insurance and reinsurance. White Mountains was founded in 1980 and is based in Hamilton, Bermuda.

DEAL STATS #
Overall 26 of 26
Sector: Insurance M&A 22 of 22
Type: Divestiture M&A Deals 13 of 13
State: Utah M&A 2 of 2
Country: United States M&A 21 of 21
Year: 2025 M&A 4 of 4
Size (of disclosed) 1 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-07-07 Distinguished

New York, New York, United States

Distinguished Programs is a national insurance Program Manager providing specialized insurance programs to brokers and agents with specific expertise in Real Estate, Community Associations, Hospitality, and Restaurants. Distinguished was founded in 1995 and is based in New York, New York.

Buy -

Seller(S) 1

SELLER

White Mountains

Hamilton, Bermuda
Category Company
Founded 1980
Sector Insurance
Employees893
Revenue 2.4B USD (2024)
DESCRIPTION

White Mountains is a domiciled financial services holding company with business interests in property and casualty insurance and reinsurance. White Mountains was founded in 1980 and is based in Hamilton, Bermuda.

DEAL STATS #
Overall 8 of 8
Sector: Insurance M&A 5 of 5
Type: Divestiture M&A Deals 5 of 5
State: Utah M&A 1 of 1
Country: United States M&A 7 of 7
Year: 2025 M&A 1 of 1
Size (of disclosed) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-07-07 Distinguished

New York, New York, United States

Distinguished Programs is a national insurance Program Manager providing specialized insurance programs to brokers and agents with specific expertise in Real Estate, Community Associations, Hospitality, and Restaurants. Distinguished was founded in 1995 and is based in New York, New York.

Buy -
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