M&A Deal Summary

First Interstate Bank Acquires Cascade Bancorp.

On November 17, 2016, First Interstate Bank acquired financial services company Cascade Bancorp. from Leonard Green & Partners, Lightyear Capital and WL Ross for 589M USD

Acquisition Highlights
  • This is First Interstate Bank’s 9th transaction in the Financial Services sector.
  • This is First Interstate Bank’s 2nd largest (disclosed) transaction.
  • This is First Interstate Bank’s 9th transaction in the United States.
  • This is First Interstate Bank’s 1st transaction in Oregon.

M&A Deal Summary
Date 2016-11-17
Target Cascade Bancorp.
Sector Financial Services
Buyer(s) First Interstate Bank
Sellers(s) Leonard Green & Partners
Lightyear Capital
WL Ross
Deal Type Add-on Acquisition
Deal Value 589M USD
Advisor(s) Piper Jaffray Companies (Financial)
Hunton & Williams LLP (Legal)

Target

Cascade Bancorp.

Bend, Oregon, United States
Cascade Bancorp. is a community bank in the Pacific Northwest operating under the name of Bank of the Cascades. Cascade offers full-service community banking through over 30 branches in Central Oregon, Southern Oregon, Portland/Salem and Boise/Treasure Valley.

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Buyer(S) 1

Buyer

First Interstate Bank

Billings, Montana, United States
Category Company
Founded 1971
Sector Financial Services
Employees3,783
Revenue 1.0B USD (2023)
DESCRIPTION

First Interstate Bank is a financial holding company offering a full range of internet, mobile, and other banking and financial services throughout Montana, Wyoming, and South Dakota. First Interstate Bank was founded in 1971 and is based in Billings, Montana.

DEAL STATS #
Overall 9 of 13
Sector (Financial Services) 9 of 13
Type (Add-on Acquisition) 9 of 12
State (Oregon) 1 of 1
Country (United States) 9 of 13
Year (2016) 2 of 2
Size (of disclosed) 2 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-04-06 Flathead Bank of Bigfork

Bigfork, Montana, United States

Flathead Bank of Bigfork is a provider of financial services.

Buy $34M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-08 Citizens Bancshares

Ville Platte, Louisiana, United States

Citizens Bancshares, Inc. is a provider of financial services in US.

Sell $46M

Seller(S) 3

SELLER

Leonard Green & Partners

Los Angeles, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1989
PE ASSETS 75.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Leonard Green & Partners is a mega-sized private equity firm that invests in established companies that are leaders in their respective markets. Leonard Green will consider investments in consumer and business services, consumer products, distribution, media, and retail. Typical transaction values for acquisitions are between $500 million and $2 billion, however, the firm is capable of closing transactions valued up to $5 billion. Types of transactions include public-to-private, recapitalizations of privately held businesses, growth capital, equity capital to facilitate acquisitions, turnarounds/restructurings, and acquisitions of divisions/assets from large corporations. Leonard Green & Partners was formed in 1989 and is based in Los Angeles, California.

DEAL STATS #
Overall 28 of 54
Sector (Financial Services) 1 of 1
Type (Add-on Acquisition) 7 of 10
State (Oregon) 1 of 1
Country (United States) 27 of 51
Year (2016) 3 of 3
Size (of disclosed) 9 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-25 Signet Jewelers

Hamilton, Bermuda

Signet Jewelers is engaged in the retail sale of jewelry and watches in the United States, the United Kingdom, the Republic of Ireland, and the Channel Islands. Signet Jewelers is based in Hamilton, Bermuda.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-12-20 WellSky

Overland Park, Kansas, United States

WellSky is a supplier of software as a service (SaaS) and other software platforms for healthcare and human services providers and payers across acute, non-acute, and community-based sites of care. WellSky was founded in 1980 and is based in Overland Park, Kansas.

Buy -
SELLER

Lightyear Capital

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2000
PE ASSETS 4.1B USD
Size Large
Type Sector Focused
DESCRIPTION

Lightyear Capital is a specialist private equity firm that pursues brand-name businesses in the financial services sector. Lightyear looks for companies with stable, recurring revenues that operate in growing markets. Transaction strategies include leveraged buyouts, recapitalizations, restructurings and consolidations. Lightyear Capital was formed in 2000 and is based in New York City.

DEAL STATS #
Overall 20 of 30
Sector (Financial Services) 8 of 13
Type (Add-on Acquisition) 9 of 12
State (Oregon) 1 of 1
Country (United States) 16 of 24
Year (2016) 4 of 4
Size (of disclosed) 6 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-07-21 Yadkin Financial

Raleigh, North Carolina, United States

Yadkin Financial Corporation is the holding company for Yadkin Bank, a full-service statechartered community bank providing services in 100 branches across North Carolina and upstate South Carolina. Serving approximately 130,000 customers, Yadkin has assets of $7.5 billion. Yadkin Bank's primary business is providing banking, mortgage, investment and insurance services to residents and businesses across the Carolinas. Yadkin Bank provides mortgagelending services through its mortgage division, Yadkin Mortgage, headquartered in Winston-Salem, NC.

Sell $1.4B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-01 Strategic Growth Bancorp

El Paso, Texas, United States

Strategic Growth Bancorp Inc. operates as a bank holding company, which through its subsidiaries offers banking products and services.

Sell -
SELLER

WL Ross

New York, New York, United States
Category Private Equity Firm
Founded 2000
PE ASSETS 11.9B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

WL Ross is a mega-sized alternative group focused on turnaround investments. WL Ross looks to invest in and restructure financially distressed companies and create new enterprises. The Firm will consider opportunities throughout the world, including North America, Asia, South America, Western Europe, and Central Asia. WL Ross typically targets businesses operating in traditional industries, including the steel, textile, coal, automotive, and financial services sectors. In 2006 asset manager Amvescap (now Invesco) purchased WL Ross from its founder. WL Ross was originally formed in 2000 and is based in New York City.

DEAL STATS #
Overall 3 of 4
Sector (Financial Services) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Oregon) 1 of 1
Country (United States) 2 of 3
Year (2016) 2 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-05-20 VTG

Hamburg, Germany

VTG is a full-range service, providing tank cars, intermodal wagons, standard freight wagons and sliding wall wagons. In addition to the hiring of wagons, the Group offers comprehensive multi-modal logistics services, mainly around rail transport, and global tank container transports. VTG was founded in 1951 and is based in Hamburg, Germany.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-06 IntelliFlo

Kingston, United Kingdom

IntelliFlo provides a comprehensive front-to-back office technology platform for financial advisers and their support teams. The business currently supports 19,000 investment professionals who manage in excess of £300bn of assets on behalf of more than 10.5 million end clients. Intelliflo sells to approximately 2,000 firms, including Legal & General, Nationwide Building Society and SimplyBiz. IntelliFlo was founded in 2004 and is based in Kingston, London.

Buy -
Mergr

Product

Company

Legal