M&A Deal Summary

GCP Capital Partners, Stone Point Capital, Vestar Capital Partners, Crestview Partners, Hellman & Friedman, Ridgemont Equity Partners and New Mountain Capital Acquire Paris Re Holdings

On December 1, 2006, merchant bank GCP Capital Partners, private equity firm Stone Point Capital, private equity firm Vestar Capital Partners, private equity firm Crestview Partners, private equity firm Hellman & Friedman, private equity firm Ridgemont Equity Partners and private equity firm New Mountain Capital acquired insurance company Paris Re Holdings for 1.6B USD

Acquisition Highlights
  • This is GCP Capital Partners’ 3rd, Stone Point Capital’s 12th, Vestar Capital Partners’ 5th, Crestview Partners’ 1st, Hellman & Friedman’s 3rd, Ridgemont Equity Partners’ 7th and New Mountain Capital’s 2nd transaction in the Insurance sector.
  • This is GCP Capital Partners’ , Stone Point Capital’s 9th, Vestar Capital Partners’ 3rd, Crestview Partners’ 2nd, Hellman & Friedman’s 22nd, Ridgemont Equity Partners’ 10th and New Mountain Capital’s 4th largest (disclosed) transaction.
  • This is GCP Capital Partners’ 1st, Stone Point Capital’s 1st, Vestar Capital Partners’ 2nd, Crestview Partners’ 1st, Hellman & Friedman’s 1st, Ridgemont Equity Partners’ 1st and New Mountain Capital’s 1st transaction in Switzerland.
Investment Fate
  • Paris Re Holdings was sold to a publicly-traded strategic buyer in 2009 for 2.0B USD.

M&A Deal Summary

Date 2006-12-01
Target Paris Re Holdings
Sector Insurance
Buyer(s) GCP Capital Partners
Stone Point Capital
Vestar Capital Partners
Crestview Partners
Hellman & Friedman
Ridgemont Equity Partners
New Mountain Capital
Deal Type Buyout (LBO, MBO, MBI)
Deal Value 1.6B USD

Target

Paris Re Holdings

Zug, Switzerland
Paris Re Holdings Ltd. is a property and casualty reinsurer with a global market presence.

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Buyer(S) 7

Buyer

GCP Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Merchant Bank
Founded 2000
PE ASSETS 1.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

GCP Capital Partners consists of GCP US, GCP Europe, and GCP Venture. GCP US targets North American acquisitions. The unit looks to invest $10 to $50 million in businesses valued up to $500 million. GCP Europe targets businesses in the UK and Europe. The European team looks to invest up to £40 million in companies valued up to £100 million. Sectors of interest include business services, education, energy, financial services, insurance and telecommunications.


DEAL STATS #
Overall 18 of 44
Sector (Insurance) 3 of 6
Type (Buyout (LBO, MBO, MBI)) 10 of 22
Country (Switzerland) 1 of 1
Year (2006) 4 of 4
Size (of disclosed) 1 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-12-01 Republic Companies

Dallas, Texas, United States

Republic Companies, Inc. is an insurance company providing personal and commercial property and casualty insurance products to individuals and small to medium business primarily in Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-01-01 Peregrine Oil & Gas I

Houston, Texas, United States

Peregrine is a Houston Texas based independent oil and gas acquisition and development company formed for the purpose of pursuing a growth strategy concentrated on the acquisition and further development of under-managed and under-exploited oil and gas properties located principally in the offshore Gulf of Mexico region.

Sell -
Buyer

Stone Point Capital

Greenwich, Connecticut, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1994
PE ASSETS 25.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Stone Point Capital is a private equity firm that targets investments in financial services sector. Specific areas of interest include insurance underwriting, outsourcing service providers to financial institutions, specialty lending and other credit opportunities, employee benefits and healthcare, asset management/retirement savings, and banking/depository institutions. Stone Point looks to commit between $5 and $500 million of equity per transaction and will consider control or substantial minority positions. Geographic areas of interest include North America and Europe. Stone Point Capital was formed in 1994 and is based in Greenwich, Connecticut.


DEAL STATS #
Overall 14 of 112
Sector (Insurance) 12 of 31
Type (Buyout (LBO, MBO, MBI)) 9 of 36
Country (Switzerland) 1 of 1
Year (2006) 4 of 4
Size (of disclosed) 9 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-09-30 Mercator Risk Services

New York, New York, United States

Mercator Risk Services, a major wholesale broker, specializing in the placement of property, casualty and professional liability lines of business.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-01-01 Enstar Group

Hamilton, Bermuda

Enstar Group is a insurance run-off services company that specializes in acquiring and managing reserves associated with discontinued books of property & casualty insurance and reinsurance business on a global basis. Enstar Group was founded in 2001 and is based in Hamilton, Bermuda.

Sell -
Buyer

Vestar Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1988
PE ASSETS 11.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Vestar Capital Partners is a private equity firm that targets management buyouts and growth capital investments across North America and Europe in the consumer, business services, and healthcare sectors. The Firm looks to invest $50 to $150 million in transactions valued up to $1 billion. Specific areas of interest include food, apparel, household goods, retail, consumer services, industrial services, information services, manufacturing, distribution, transportation, financial services, media/communications, digital health media, and medical technology. Vestar Capital Partners was formed in 1988 and is based in New York City.


DEAL STATS #
Overall 55 of 86
Sector (Insurance) 5 of 7
Type (Buyout (LBO, MBO, MBI)) 35 of 41
Country (Switzerland) 2 of 2
Year (2006) 4 of 4
Size (of disclosed) 3 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-10-01 ZML Industries

Maniago, Italy

ZML Industries S.p.A has become a leading producer of custom-made metal products for European industry. It operates through three divisions: Its Aluminum Die-Casting Division supplies aluminum casts primarily for the automotive industry; the Grey Cast Iron Casting Division provides casts for both the automotive and electrical household appliance industries; and the Magnet Wire Division supplies enameled copper wire for the automotive, household appliance and electromechanical industries.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-03-09 The Sun Products

Wilton, Connecticut, United States

The Sun Products Corp. is a manufacturer and marketer of fabric care and household products.

Buy -
Buyer

Crestview Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 10.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Crestview Partners is a private equity firm focused on challenging investment situations. Crestview targets opportunities across a broad range of industries, with a special interest in asset management, media, healthcare and financial service companies. The Firm looks to commit $100 to $250 million of equity capital in transactions valued between $500 million and $3 billion. Crestview Partners was formed in 2004 and is based in New York, New York.


DEAL STATS #
Overall 5 of 55
Sector (Insurance) 1 of 4
Type (Buyout (LBO, MBO, MBI)) 4 of 14
Country (Switzerland) 1 of 1
Year (2006) 4 of 4
Size (of disclosed) 2 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-08-07 Munder Capital Management

Birmingham, Michigan, United States

Munder Capital is an investment management firm offering actively managed investment products to an institutional and retail client base.

Buy $302M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-03-07 Key Safety Systems

Sterling Heights, Michigan, United States

Key Safety Systems is a supplier of automotive safety restraint systems and components. KSS supplies a broad range of safety products including airbag components and systems; seat belts; steering wheels; and position and movement sensors. Key Safety Systems was founded in 1987 and is based in Sterling Heights, Michigan.

Buy $650M
Buyer

Hellman & Friedman

San Francisco, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1984
PE ASSETS 50.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Hellman & Friedman (H&F) 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 28 of 88
Sector (Insurance) 3 of 7
Type (Buyout (LBO, MBO, MBI)) 9 of 15
Country (Switzerland) 1 of 1
Year (2006) 8 of 8
Size (of disclosed) 22 of 39
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-11-29 Intergraph

Madison, Alabama, United States

Intergraph Corp. is a provider of spatial information management software and services. Security organizations, businesses, and governments use Intergraph's software to turn vast amounts of complex data into visual representations, allowing for faster, more effective operational decisions. Intergraph was formed in 1969 and is based in Mobile, Alabama.

Buy $1.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-12-14 ProSiebenSat.1 Media

Unterfohring, Germany

ProSiebenSat.1 Media is a media company that operates 27 TV channels in 10 countries. The Entertainment segment operates free TV stations, such as SAT.1, ProSieben, kabel eins, sixx, SAT.1 Gold, ProSieben MAXX, and kabel eins Doku, as well as distributes ProSiebenSat.1 HD stations. ProSiebenSat.1 Media was founded in 1984 and is based in Unterfohring, Germany.

Sell $3.9B
Buyer

Ridgemont Equity Partners

Charlotte, North Carolina, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1993
PE ASSETS 7.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ridgemont Equity Partners is an independent private equity firm specializing in middle-market buy-outs, corporate divestitures, recapitalizations and growth capital investments. The Firm targets to invest in companies located in North America, preferably in US and Canada. REP looks to invest up to $500 million in companies with EBIDTA of $5 - $50 million. The Firm seeks to hold both majority and minority equity interest in portfolio companies. Specific areas of interest include basin industries and services, energy, healthcare, telecommunications, media and technology. Ridgemont Equity Partners is a spun-off of Banc of America Capital Investors (BACI). Ridgemont Equity Partners was formed in August 2010 and is based in Charlotte, North Carolina.


DEAL STATS #
Overall 63 of 133
Sector (Insurance) 7 of 9
Type (Buyout (LBO, MBO, MBI)) 33 of 58
Country (Switzerland) 1 of 1
Year (2006) 9 of 9
Size (of disclosed) 10 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-12-01 Republic Companies

Dallas, Texas, United States

Republic Companies, Inc. is an insurance company providing personal and commercial property and casualty insurance products to individuals and small to medium business primarily in Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-01-01 M2 Midstream

Houston, Texas, United States

M2 Midstream LLC (“Momentum”), an independent midstream energy company that provides oil and gas producers with flexible, responsive and reliable midstream services.

Buy -
Buyer

New Mountain Capital

New York, New York, United States

Category Private Equity Firm
Founded 2000
PE ASSETS 35.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

New Mountain Capital is a private investment firm focused on investment in public and private companies in a variety of industries. New Mountain generally invests $100 to $500 million per transaction and looks for businesses with strong market positions and high barriers to entry. New Mountain also prefers businesses that succeed in both good and bad economies. Sectors of interest include education, healthcare, business services, federal IT services, media, software, consumer products, logistics, financial services and technologies, and energy. New Mountain Capital was formed in 2000 and is based in New York City.


DEAL STATS #
Overall 10 of 95
Sector (Insurance) 2 of 6
Type (Buyout (LBO, MBO, MBI)) 7 of 14
Country (Switzerland) 1 of 1
Year (2006) 2 of 2
Size (of disclosed) 4 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-10-16 Connextions

Orlando, Florida, United States

Connextions, Inc. is a pre-eminent technology and business services partner to the health care industry, helps carriers, providers, employers and other leading firms maximize revenue and increase efficiencies by optimizing customer experience. Connextions was formed in 1996 and is based in Orlando, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-04-30 Inmar

Winston-Salem, North Carolina, United States

Inmar operates intelligent commerce networks, connecting offline and online transactions in real time for retailers, manufacturers and trading partners across multiple industries. In addition, Inmar’s platforms generate meaningful data and enable the Company to provide clients with actionable analytics and insights to meet the evolving needs of shoppers, patients and businesses. Inmar was founded in 1980 and is based in Winston-Salem, North Carolina

Buy -