M&A Deal Summary

Genstar Capital, The Carlyle Group and TA Associates Acquire Apex Group

On May 9, 2017, private equity firms Genstar Capital, The Carlyle Group and TA Associates acquired financial services company Apex Group from FTV Capital

Acquisition Highlights
  • This is Genstar Capital’s 7th, The Carlyle Group’s 42nd and TA Associates’ 42nd transaction in the Financial Services sector.
  • This is Genstar Capital’s 1st, The Carlyle Group’s 2nd and TA Associates’ 1st transaction in Bermuda.

M&A Deal Summary
Date 2017-05-09
Target Apex Group
Sector Financial Services
Buyer(s) Genstar Capital
The Carlyle Group
TA Associates
Sellers(s) FTV Capital
Deal Type Recapitalization
Advisor(s) Macquarie Capital (Financial)
Debevoise & Plimpton (Legal)

Target

Apex Group

Hamilton, Bermuda
Apex Group is an independent fund administration and middle office solutions provider with offices in 32 locations worldwide. Apex has continually improved and evolved its product suite by surrounding these core administrative services with additional products spanning the full value chain; from information delivery and regulatory products to capital introduction services. Apex now administers the investments of some of the largest funds and institutional investors in the world. Apex Group was founded in 2003 and is based in Hamilton, Bermuda.

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Buyer(S) 3

Buyer

Genstar Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1988
PE ASSETS 49.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Genstar Capital is a private equity firm that seeks investments in life science, healthcare, medical products, industrial technology, software, financial services, packaging, building materials, manufacturing, and business services companies. Genstar looks to invest between $50 and $400 million of equity capital in businesses valued up to $1 billion. Target transaction situations include control-oriented leveraged buyouts of corporate divisions, privately held businesses or public companies, minority investments in privately held businesses or public companies, ownership restructurings/recapitalizations of privately held businesses, growth equity financings, partnerships with other strategic or financial buyers, and take privates. Genstar Capital was formed in 1988 and is based in San Francisco, California.

DEAL STATS #
Overall 67 of 109
Sector (Financial Services) 7 of 11
Type (Recapitalization) 2 of 7
Country (Bermuda) 1 of 1
Year (2017) 6 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-01 Tecomet

Wilmington, Massachusetts, United States

Tecomet is a contract manufacturer of precision-engineered medical devices and components for the orthopedic, cardiovascular, medical imaging and aerospace markets. The company manufactures orthopedic implants as well as trauma and cranio-maxillofacial products for medical device customers (accounting for 70% of revenue). Tecomet also makes aerospace and industrial products, including components for satellites and infrared applications. Tecomet was founded in 1964 and is based in Wilmington, Massachusetts.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-19 Financial Horizons Group

Kitchener, Ontario, Canada

Financial Horizons Group is a distributor of insurance products and other financial services in Canada. The Company consists of two business segments: Financial Horizons and Henderson Structured Settlements. Financial Horizons is a Managing General Agent that serves as the key conduit for independent insurance brokers to access a multitude of life insurance and financial investment products from various providers. Henderson Structured Settlements is an independent distributor of structured settlements, including tax-free, guaranteed annuities made available from five government-approved life insurance companies relating to compensatory damages for personal injury or death.

Sell -
Buyer

The Carlyle Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1987
PE ASSETS 435.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.

The Carlyle Group is a global investment firm that pursues private equity, credit, and real estate investments worldwide. Carlyle's private equity practice practice pursues buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings. With offices in 19 countries, Carlyle can easily target opportunities throughout North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America. Broad sectors of interest include aerospace, defense, automotive and transportation, consumer, retail, energy and power, financial services, healthcare, industrial, infrastructure, technology services, business services, telecommunications and media. The Carlyle Group was formed in 1987 and is based in Washington DC.

DEAL STATS #
Overall 586 of 744
Sector (Financial Services) 42 of 48
Type (Recapitalization) 9 of 10
Country (Bermuda) 2 of 4
Year (2017) 6 of 29
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-24 Delhivery Logistics

Gurgaon, India

Delhivery Logistics is a supply chain services company focused on digital commerce. Delhivery provides express logistics services in over 600 cities in India and in more than 8,500 pin-codes and operates 12 fulfillment centers for B2C and B2B fulfillment services. Delhivery Logistics was founded in 2011 and is based in Gurgaon, India.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-18 McCauley

Dublin, Ireland

McCauley operates 35 stores nationwide on high streets, in shopping centers, retail parks, and medical centers that are focused on Health, Wellness, and Beauty and are renowned for their premium brands, high levels of staff training and excellent customer service. McCauley was founded in 1953 and is based in Dublin, Ireland.

Buy -
Buyer

TA Associates

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1968
PE ASSETS 65.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TA Associates is a private equity firm that targets investments in middle-market and large companies around the world. TA will consider control or minority investments in profitable companies and looks to commit between $70 and $500 million per transaction. TA proactively reaches out to companies directly in sourcing potential investment opportunities. Prospective businesses are generally valued between $100 million and $3 billion. Areas of interest include technology, software, communications, financial services, healthcare, business services, semiconductors/electronics, and consumer products/services. In addition to investing equity capital, TA also makes subordinated debt investments. TA's geographic preference is North America, Asia/Pacific, and Europe. TA Associates was formed in 1968 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 262 of 364
Sector (Financial Services) 42 of 51
Type (Recapitalization) 16 of 17
Country (Bermuda) 1 of 1
Year (2017) 12 of 23
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-04-04 Babilou

Bois Colombes, France

Babilou is a provider of daycare services. Serving children under the age of three, Babilou primarily runs company-owned and operated nurseries serving corporate clients and municipalities, as well as a booking platform offering access to daycare spots at partner nurseries. Babilou has also expanded internationally and now operates more than 550 nurseries in France, Germany, Belgium, Dubai, and Switzerland. Babilou was founded in 2003 and is based in Bois Colombes, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-17 Entoria

Levallois-Perret, France

Entoria is an insurance wholesale broker specializing in complementary health and death & disability insurance for self-employed individuals and SMEs. Entoria offers a full range of products and services to secure their incomes, preserve their estates, protect their health and provide protection against accidents and loss of life. Entoria was founded in 2000 and is based in Levallois-Perret, France.

Sell -

Seller(S) 1

SELLER

FTV Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 1998
PE ASSETS 6.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

FTV Capital is a multi-stage private equity firm focused on providing capital to high-growth companies. FTV generally seeks to invest in software, business services, and financial services companies which enable financial institutions to expand and to operate more efficiently. Investment proceeds are typically used to fund rapid organic growth, provide shareholder liquidity, pursue add-on acquisitions, or acquire divestitures. FTV prefers to act as the lead or control investor and targets equity commitments of $10 to $85 million per transaction. FTV Capital was established in 1998 and was formerly known as FTVentures. FTV Capital is based in San Francisco with an additional office in New York City.

DEAL STATS #
Overall 37 of 61
Sector (Financial Services) 6 of 11
Type (Recapitalization) 1 of 2
Country (Bermuda) 1 of 1
Year (2017) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-22 MarketsandMarkets

Pune, India

MarketsandMarkets is a global industry research and consulting company that provides syndicated and custom research focused on high-growth and niche markets. MarketsandMarkets was founded in 2010 and is based in Pune, India.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-27 Sitehands

Charlotte, North Carolina, United States

Sitehands is an innovative provider of enterprise IT field services through a unique two-sided market approach. Sitehands delivers IT field services through a unique two-sided platform which provides orchestration and simplification with end-to-end accountability and continuous optimization. Sitehands was founded in 2016 and is based in Charlotte, North Carolina.

Buy -
Mergr

Product

Company

Legal