M&A Deal Summary

CVC Capital Partners Acquires ConvergEx Group

On July 20, 2011, private equity firm CVC Capital Partners acquired business services company ConvergEx Group from GTCR

Acquisition Highlights
  • This is CVC Capital Partners’ 5th transaction in the Business Services sector.
  • This is CVC Capital Partners’ 11th transaction in the United States.
  • This is CVC Capital Partners’ 2nd transaction in New York.
Investment Fate
  • ConvergEx Group was sold to a publicly-traded strategic buyer in 2017 for 116M USD.

M&A Deal Summary
Date 2011-07-20
Target ConvergEx Group
Sector Business Services
Buyer(s) CVC Capital Partners
Sellers(s) GTCR
Deal Type Secondary Buyout
Advisor(s) Goldman Sachs
Citigroup Investment Banking
Barclays Investment Bank
J.P. Morgan Securities (Financial)
Kirkland & Ellis
Schulte Roth & Zabel (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

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 141 of 323
Sector (Business Services) 5 of 18
Type (Secondary Buyout) 15 of 76
State (New York) 2 of 8
Country (United States) 11 of 44
Year (2011) 4 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-07-01 PT Link Net

Jakarta, Indonesia

PT Link Net is one pf the largest two-way hybrid fibre-coaxial cable providers in Indonesia, delivering high speed internet access services to retail and business customers, including the delivery of data communication services over its fibre optic lines, and cable TV services. PT Link Net was founded in 1996 and is based in Jakarta, Indonesia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-08-24 Raet

Amersfoort, Netherlands

Raet is a provider of HR cloud software and services. The company provides a cloud-based, integrated HR software suite covering the Human Capital Management needs of both large and small businesses globally. Raet was founded in 1965 and is based in Amersfoort, Netherlands.

Buy -

Seller(S) 1

SELLER

GTCR

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1980
PE ASSETS 15.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

GTCR is a private equity firm that typically partners with management when pursuing acquisitions. The Firm looks to grow companies through build-on acquisitions, consolidations, and internal growth. GTCR will consider both equity and mezzanine capital commitments and concentrates its investment activity in consumer products & services, healthcare services, outsourced business services, technology, transaction processing, and pharma/medical products. GTCR was formed in 1980 and is based in Chicago, Illinois.

DEAL STATS #
Overall 31 of 85
Sector (Business Services) 5 of 8
Type (Secondary Buyout) 7 of 21
State (New York) 4 of 8
Country (United States) 31 of 82
Year (2011) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-07-18 Merlin Media

Fort Wright, Kentucky, United States

Merlin Media was formed for the purpose of acquiring and operating media assets. Merlin Media currently owns and operates 3 radio stations: WWWN-FM (101.1 MHz, Chicago, IL), WLUP-FM (97.9 MHz, Chicago, IL) and WEMP-FM (101.9 MHz, New York, NY). Merlin Media is a multimedia company focused on creating desirable content for its consumers.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-07-27 AssuredPartners

Orlando, Florida, United States

AssuredPartners is a full-service insurance broker, offering property and casualty and employee benefits insurance products and services to middle-market businesses, public institutions, and high-net-worth individuals. AssuredPartners was founded in 2011 and is based in Orlando, Florida.

Buy -
Mergr

Product

Company

Legal