M&A Deal Summary

Empower Retirement Acquires Personal Capital

On June 29, 2020, Empower Retirement acquired financial services company Personal Capital from Crosslink Capital and Corsair Capital for 1.0B USD

Acquisition Highlights
  • This is Empower Retirement’s 1st transaction in the Financial Services sector.
  • This is Empower Retirement’s 2nd largest (disclosed) transaction.
  • This is Empower Retirement’s 1st transaction in the United States.
  • This is Empower Retirement’s 1st transaction in California.

M&A Deal Summary
Date 2020-06-29
Target Personal Capital
Sector Financial Services
Buyer(s) Empower Retirement
Sellers(s) Crosslink Capital
Corsair Capital
Deal Type Add-on Acquisition
Deal Value 1.0B USD
Advisor(s) Moelis & Co. (Financial)
Willkie Farr & Gallagher (Legal)

Target

Personal Capital

Redwood City, California, United States
Personal Capital Corp. is a provider of financial advisory services. Personal Capital is based in Redwood City, California.

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Buyer(S) 1

Buyer

Empower Retirement

Greenwood Village, Colorado, United States
Category Company
Sector Insurance
DESCRIPTION

Empower Retirement LLC is a retirement services provider in the United States serving over 40,000 plans and 9.7 million participants. Empower Retirement is based in Greenwood Village, Colorado.

DEAL STATS #
Overall 1 of 3
Sector (Financial Services) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (California) 1 of 1
Country (United States) 1 of 3
Year (2020) 1 of 2
Size (of disclosed) 2 of 2
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-09-08 MassMutual Retirement Plan Business

Springfield, Massachusetts, United States

MassMutual Retirement Plan Business comprises 26,000 workplace savings plans through which approximately 2.5 million participants have saved $167 billion in assets.1 It also includes approximately 2,000 employees affiliated with MassMutual’s retirement plan business who provide a full range of support services for financial professionals, plan sponsors, and participants.

Buy -

Seller(S) 2

SELLER

Crosslink Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 1989
PE ASSETS 3.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Crosslink Capital is a growth-oriented investment firm focused on technology companies. Crosslink's typically invests in early-stage companies, however, the Firm will consider opportunities at every stage, from seed to pre-IPO to PIPE offerings. Sectors of interest include communications/infrastructure services, core technology, semiconductors, internet, and software. Crosslink Capital is based in San Francisco, California.

DEAL STATS #
Overall 58 of 60
Sector (Financial Services) 1 of 1
Type (Add-on Acquisition) 42 of 43
State (California) 42 of 42
Country (United States) 57 of 59
Year (2020) 1 of 1
Size (of disclosed) 1 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-05-11 Clyde

New York, New York, United States

Clyde is an extended warranty startup that wants to help small e-commerce businesses offer product protection. Clyde was founded in 2017 and is based in New York City.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-13 Armory

San Mateo, California, United States

Armory is a driving modern digital transformation with its enterprise version of Spinnaker. Armory's scalable, flexible and secure platform automates software delivery, enabling software teams to collaborate from code to cloud. Armory was founded in 2016 and is based in San Mateo, California.

Buy -
SELLER

Corsair Capital

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1992
Size Large
Type Sector Focused
DESCRIPTION

Corsair Capital is a private investment firm focused on investments in the financial services industry. Specific areas of interest include banks, insurance companies, credit card specialists, asset managers, private banks, mortgage lenders, financial technology firms, and finance companies. The Firm looks to invest between $50 to $100 million in companies with proven business models and 'meaningful' barriers to entry. Corsair will consider opportunities around the world, including the US, Europe, Latin America, and Asia. Prospective transactions include recapitalizations, growth capital financings, management buyouts, and special/distressed situations. Corsair Capital was originally established in 1992 and is based in New York City. Corsair has an additional office in London.

DEAL STATS #
Overall 11 of 13
Sector (Financial Services) 6 of 6
Type (Add-on Acquisition) 5 of 6
State (California) 1 of 1
Country (United States) 5 of 5
Year (2020) 1 of 1
Size (of disclosed) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-23 Axo Finans

Oslo, Norway

Axo Finans is a specialist in consumer credit and loan brokerage, partnering with leading banks in the region to achieve optimal credit solutions for consumers. Axo Finans was founded in 2008 and is based in Oslo, Norway.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-07-30 Multi Service Technology Solutions

Overland Park, Kansas, United States

Multi Service specializes in the design, implementation, and management of commercial billing and payment solutions, specifically closed-loop, net pay programs. The company work with clients to identify specific credit requirements and transaction processing concerns in order to develop operational efficiencies that can foster business growth. MSTS was formed in 1978 and is based in Overland Park, Kansas.

Buy $350M
Mergr

Product

Company

Legal