M&A Deal Summary

Flexpoint Ford and New Capital Partners Acquire GeoVera

On May 2, 2012, private equity firms Flexpoint Ford and New Capital Partners acquired insurance company GeoVera from FFL Partners and Hellman & Friedman

Acquisition Highlights
  • This is Flexpoint Ford’s 5th and New Capital Partners’ 1st transaction in the Insurance sector.
  • This is Flexpoint Ford’s 11th and New Capital Partners’ 6th transaction in the United States.
  • This is Flexpoint Ford’s 2nd and New Capital Partners’ 1st transaction in California.
Investment Fate
  • GeoVera was sold to a strategic buyer in 2024.

M&A Deal Summary

Date 2012-05-02
Target GeoVera
Sector Insurance
Buyer(s) Flexpoint Ford
New Capital Partners
Sellers(s) FFL Partners
Hellman & Friedman
Deal Type Secondary Buyout
Advisor(s) Aon Securities (Financial)
Simpson Thacher & Bartlett (Legal)

Target

GeoVera

Fairfield, California, United States
GeoVera is a provider of specialty residential property insurance in markets that are underserved by other insurance carriers due to their exposure to certain perils, such as hurricanes or earthquakes. GeoVera offers specialty homeowners products primarily on a non-admitted, or excess and surplus line, basis in wind-exposed areas in the Southeast United States and Hawaii, and residential earthquake products primarily on an admitted basis in the Western United States. GeoVera was founded in 1993 and is based in Fairfield, California.

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Buyer(S) 2

Buyer

Flexpoint Ford

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2005
PE ASSETS 7.8B USD
Size Mega
Type Sector Focused
DESCRIPTION

Flexpoint Ford is a private equity firm focused on investments in healthcare and financial services companies. Flexpoint prefers control based investments and looks to commit $50 to $500 million per transaction. The Firm is flexible when it comes to investment structure and asset class. Flexpoint Ford was formed in 2005 and is based in Chicago, Illinois.


DEAL STATS #
Overall 11 of 56
Sector: Insurance M&A 5 of 11
Type: Secondary Buyout M&A Deals 3 of 13
State: California M&A 2 of 5
Country: United States M&A 11 of 50
Year: 2012 M&A 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-01-04 Innovative Aftermarket Systems

Austin, Texas, United States

Innovative Aftermarket Systems LP is a provider of automotive warranties, vehicle services contracts (VSC), training, and related software and services sold across a broad and diverse distribution network. IAS was formed in 1984 and is headquartered in Austin, Texas IAS with offices in Oklahoma City, OK, and Dublin, OH.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-08-03 Jefferson Capital

Sartell, Minnesota, United States

Jefferson Capital is an analytically driven purchaser and manager of charged-off and insolvency consumer accounts. Jefferson Capital secures and unsecured assets, and its growing client base includes Fortune 500 companies, banks, fintech origination platforms, telecommunications providers, credit card issuers, and auto finance companies. Jefferson Capital was founded in 2002 and is based in Sartell, Minnesota.

Buy $131M
DESCRIPTION

New Capital Partners is a private equity firm focused on investing in high-growth companies. The Firm has a preference for Southeast US-based companies looks to acquire and/or partner with businesses and management teams who are seeking to build sustainable companies. Sectors of interest include healthcare services, healthcare IT, financial services, financial technology, and business services. New Capital Partners was established in 2001 and is based in Birmingham, Alabama.


DEAL STATS #
Overall 6 of 17
Sector: Insurance M&A 1 of 2
Type: Secondary Buyout M&A Deals 1 of 1
State: California M&A 1 of 1
Country: United States M&A 6 of 16
Year: 2012 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-04-09 Prism Pointe Technologies

Fairburn, Georgia, United States

PrismPointe Technologies serves our clients by offering a robust set of multi-vendor services that solve most of the problems found in your client-server computing infrastructure.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-09-26 Repay Holdings

Atlanta, Georgia, United States

Repay Holdings is a full-service provider of electronic transaction processing services for retail merchants, offering a comprehensive line of solutions that include credit and debit cards, gift cards, ACH, bank account verification, electronic bill payment, and instant funding. Repay Holdings was founded in 2006 and is based in Atlanta, Georgia.

Buy -

Seller(S) 2

SELLER

FFL Partners

San Francisco, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1997
PE ASSETS 6.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

FFL Partners (formerly known as Friedman Fleischer & Lowe) is a private equity group focused on majority and minority investments in North American middle-market companies. Prospective businesses generally have revenues of $30 to $400 million and are valued between $50 and $300 million. Target situations include ownership restructurings in closely-held and family-owned companies, management buyouts, PIPEs, growth equity fundings, take privates, special situations, and recapitalizations. Sectors of interest include outsourced business services, education and training, marketing and media, consumer products, healthcare, and financial services. FFL Partners was formed in 1997 and is based in San Francisco, California.


DEAL STATS #
Overall 9 of 32
Sector: Insurance M&A 2 of 4
Type: Secondary Buyout M&A Deals 2 of 13
State: California M&A 2 of 4
Country: United States M&A 8 of 30
Year: 2012 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-07-21 C.H.I. Overhead Doors

Arthur, Illinois, United States

C.H.I. Overhead Doors is a manufacturer and marketer of overhead garage doors in North America. The Company manufactures a complete portfolio of overhead sectional garage door products for both the residential and commercial markets, as well as rolling steel doors for commercial and industrial applications. C.H.I. Overhead Doors was founded in 1981 and is based in Arthur, Illinois.

Buy $290M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-08-13 Strategic Investment Management

Arlington, Virginia, United States

Strategic Investment Management is a provider of fiduciary investment outsourcing solutions through a comprehensive approach to managing customized portfolios for institutional and private investors. Strategic Investment Management was founded in 1987 and is based in Arlington, Virginia.

Buy -
SELLER

Hellman & Friedman

San Francisco, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1984
PE ASSETS 115.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Hellman & Friedman is a large private equity firm on the West Coast of the US. H&F focuses on control and minority investments in a variety of transaction structures and will consider opportunities across the US and Europe. H&F seeks buyouts and business in need of restructurings that operate in defensible markets with predictable revenue and earnings growth. Target sectors include financial services, healthcare, indusrial, energy, insurance, media, marketing, professional services, software, and information services. H&F's target equity investment size is $300 million to $1 billion. Hellman & Friedman was formed in 1984 and has offices in San Francisco, New York City, and London.


DEAL STATS #
Overall 30 of 64
Sector: Insurance M&A 3 of 5
Type: Secondary Buyout M&A Deals 8 of 17
State: California M&A 5 of 8
Country: United States M&A 22 of 46
Year: 2012 M&A 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-04-25 AlixPartners

New York City, New York, United States

AlixPartners is a performance improvement, corporate turnaround and financial advisory services firm. The AlixPartners' 'one-stop-shop' suite of services range from financial restructuring and operational performance improvement across all major corporate disciplines (manufacturing, supply chain, IT, sales & marketing, working capital, etc.), to financial advisory services (including financial reporting, corporate governance and investigations) to technology-enabled restructuring and claims management. AlixPartners was founded in 1981 and is based in New York City, New York.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-07-03 Wood Mackenzie

London, United Kingdom

Wood Mackenzie is a provider of commercial intelligence for the energy, metals, and mining industries. The company provides objective analysis and advice on assets, companies, and markets, giving clients the insight they need to make better strategic decisions. Wood Mackenzie was formed in 1973 and is based in London, United Kingdom.

Buy €1.1B