M&A Deal Summary

Goldman Sachs Merchant Banking Acquires FinanceIt

On December 14, 2017, private equity firm Goldman Sachs Merchant Banking acquired software company FinanceIt from IA Capital Group

Acquisition Highlights
  • This is Goldman Sachs Merchant Banking’s 12th transaction in the Software sector.
  • This is Goldman Sachs Merchant Banking’s 3rd transaction in Canada.
  • This is Goldman Sachs Merchant Banking’s 1st transaction in Ontario.
Investment Fate
  • FinanceIt was sold to a consortium of financial buyers in 2022.

M&A Deal Summary

Date 2017-12-14
Target FinanceIt
Sector Software
Buyer(s) Goldman Sachs Merchant Banking
Sellers(s) IA Capital Group
Deal Type Recapitalization

Target

FinanceIt

Toronto, Ontario, Canada
FinanceIt offers a comprehensive suite of tools and technologies designed to simplify complex sales transactions for businesses and their customers. FinanceIt was founded in 2011 and is headquartered in Toronto, Ontario.

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Buyer(S) 1

Buyer

Goldman Sachs Merchant Banking

New York, New York, United States

Investor


Category Private Equity Firm
Founded 1986
PE ASSETS 155.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Goldman Sachs Merchant Banking Division is the investment arm of Goldman Sachs. The primary corporate investment group within the Merchant Banking Division is Goldman Sachs' direct investment arm. GS's direct investment arm consists of GS Capital Partners, GS Mezzanine Partners, and GS Growth Partners. GS Capital Partners is the direct corporate equity investment group which seeks LBO, recapitalization, and growth investments to help fund acquisitions, expansions, recapitalizations, restructurings, buyouts, and take privates. GS Capital Partners looks to invest between $50 and $800 million in opportunities in North/South America, Europe, Asia. GS Mezzanine Partners is the junior capital arm of Goldman Sachs. GS Mezzanine looks to invest between $200 million and and $800 million in transactions valued up to $10 billion. Investment proceeds are used to fund leveraged buyouts, expansion financings, recapitalizations, acquisitions, and restructurings. GS Growth looks to invest in growth equity transactions. The unit seeks to commit $20 to $200 million per investment. Other units within GS's merchant banking division include Real Estate, Infrastructure, and Urban Investments. Goldman Sachs Merchant Banking Division is based in New York City.


DEAL STATS #
Overall 143 of 189
Sector: Software M&A 12 of 15
Type: Recapitalization M&A Deals 4 of 5
State: Ontario M&A 1 of 2
Country: Canada M&A 3 of 5
Year: 2017 M&A 10 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-25 Carver Korea Co.

Seoul, South Korea

Carver Korea Co. Ltd. is a Korean cosmetics company that owns a number of brands including A.H.C (Aesthetic Hydration Cosmetics), Shara, and Vivito spanning sectors including skincare, make-up and fashion. The company has an established skincare products portfolio of more than 1,000 products which combines beauty with science to compete in some of the most lucrative segments of the cosmetics industry, such as eye creams, essences, and toners. Carver Korea first gained recognition for its quality through its sales at dermatology and skin care beauty salons. Currently, the company’s cosmetic brands are offered to consumers through various channels, including home shopping television networks, retail stores, duty free shops, beauty salons, skincare clinics and Internet commerce.

Sell €2.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-18 LRS

Morton Grove, Illinois, United States

LRS is a provider of recycling and industry-leading waste diversion programs, affordable roll-off container services, and comprehensive waste removal to businesses and residential homeowners. LRS is based in Morton Grove, Illinois.

Buy -

Seller(S) 1

SELLER

IA Capital Group

Westport, Connecticut, United States

Investor Investor Investor Investor Investor


Category Venture Capital Firm
Founded 1992
PE ASSETS 500M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Inter-Atlantic Group is a specialist private investment firm focused on opportunities within the financial and business services sectors. Specific sectors of interest include financial technology, banking, insurance, asset management and service providers to the financial services industry. The Firm primarily looks for opportunities based in the US. Inter-Atlantic was formed in 1992 and is based in New York City.


DEAL STATS #
Overall 10 of 15
Sector: Software M&A 1 of 3
Type: Recapitalization M&A Deals 1 of 1
State: Ontario M&A 1 of 1
Country: Canada M&A 1 of 1
Year: 2017 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-22 Advizr

New York, New York, United States

Advizr is a developer of software that will expand consumer and advisor access to high-quality financial planning services in an accessible format. The powerful, automated, interactive financial planning solution empowers advisors to serve clients in a cost-effective way, regardless of net worth.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-10 Hamilton Insurance

Pembroke, Bermuda

Hamilton Insurance is an insurance and reinsurance company focused on generating attractive risk-adjusted returns by combining an experienced management and underwriting team. Hamilton Insurance was incorporated in 2013 and is based in Pembroke, Bermuda.

Sell -