M&A Deal Summary

Hellman & Friedman, Warburg Pincus and HarbourVest Partners Acquire Edelman Financial Engines

On May 1, 2018, private equity firms Hellman & Friedman, Warburg Pincus and HarbourVest Partners acquired financial services company Edelman Financial Engines for 3.0B USD

Acquisition Highlights
  • This is Hellman & Friedman’s 11th, Warburg Pincus’ 32nd and HarbourVest Partners’ 14th transaction in the Financial Services sector.
  • This is Hellman & Friedman’s 11th, Warburg Pincus’ 9th and HarbourVest Partners’ 18th largest (disclosed) transaction.
  • This is Hellman & Friedman’s 48th, Warburg Pincus’ 181st and HarbourVest Partners’ 105th transaction in the United States.
  • This is Hellman & Friedman’s 9th, Warburg Pincus’ 40th and HarbourVest Partners’ 11th transaction in California.

M&A Deal Summary

Date 2018-05-01
Target Edelman Financial Engines
Sector Financial Services
Buyer(s) Hellman & Friedman
Warburg Pincus
HarbourVest Partners
Deal Type Going Private
Deal Value 3.0B USD
Advisor(s) Sandler O'Neill + Partners LP (Financial)
Wachtell, Lipton, Rosen & Katz (Legal)

Target

Edelman Financial Engines

Santa Clara, California, United States
Edelman Financial Engines is a financial planning and investment management firm. Edelman Financial Engines was founded in 1986 and is based in Santa Clara, California.

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Buyer(S) 3

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 70 of 88
Sector (Financial Services) 11 of 12
Type (Going Private) 13 of 17
State (California) 9 of 11
Country (United States) 48 of 61
Year (2018) 1 of 2
Size (of disclosed) 11 of 39
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-30 The Edelman Financial Group

Houston, Texas, United States

Edelman Financial Services provides financial planning and investment management services to more than 28,000 individuals and families and manages more than $15 billion in assets.(2) The firm also provides 401(k) plans and institutional investment management for businesses.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-03 Renaissance

Wisconsin Rapids, Wisconsin, United States

Renaissance is a provider of technology-based school improvement and student assessment programs for pre-kindergarten through to senior high (pre-K-12, aged 5-18) schools and districts. The company's products and services, currently adopted by more than 70,000 schools, are primarily focused on two curriculum areas: reading and mathematics. Renaissance was formed in 1986 and is based in Wisconsin Rapids, Wisconsin.

Sell -
Buyer

Warburg Pincus

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1966
PE ASSETS 83.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Warburg Pincus is a mega-sized, global private equity firm focused on investment opportunities across North America, Asia, and Europe. Warburg will consider investing at various company stages, from early-stage opportunities to distressed situations. Warburg Pincus is organized by industry groups. Verticals include financial services, healthcare, technology, media & telecommunications, energy, consumer & industrial, and real estate. Within financial services, Warburg will consider asset/wealth managers, banks, exchanges, financial technology, insurance, transaction processing, private banking, and specialty/consumer finance. Within healthcare, specific areas of interest include medical devices, healthcare services, and biotech/pharmaceuticals. Within technology/media/communications, Warburg targets software, media/internet/information, financial technology, telecom, business services, and systems/semiconductors. Within energy, specific areas of interest include oil/gas exploration, power generation/transmission, and alternative energy. Warburg Pincus raised its first fund in 1966 and is based in New York City.


DEAL STATS #
Overall 365 of 482
Sector (Financial Services) 32 of 47
Type (Going Private) 8 of 11
State (California) 40 of 46
Country (United States) 181 of 237
Year (2018) 14 of 40
Size (of disclosed) 9 of 47
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-19 Avtec

New Delhi, India

Avtec Ltd. is an independent manufacturer of engines and transmissions (Powertrains), supplying critical auto components to reputed global OEMs including GM, Ford, Mahindra & Mahindra, Caterpillar, BEML and Hindustan Motors.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-09 BriteCore

Redwood City, California, United States

BriteCore is a cloud-native core insurance platform for P&C insurers that unlocks business growth, delivers greater productivity, and provides a modern customer experience. With the BriteCore Platform, insurers easily administer policies, manage billing and claims, rapidly configure new products, and access detailed reporting and analytics in an all-in-one core system, including agent and policyholder portals. BriteCore was founded in 2009 and is based in Redwood City, California.

Buy -
Buyer

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1978
PE ASSETS 86.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HarbourVest Partners, LLC is an investment firm that makes investments in new private equity partnerships, acquires secondary interests, and makes direct investments in operating companies. HarbourVest's largest investment area is investments in private equity funds, comprising of approximately 2/3 of HarbourVest's assets. HarbourVest's direct investment group looks for investments in growth oriented businesses at a variety of stages. The Group generally targets co-investments of $5 to $100 million, growth capital financings of $5 to $40 million, or mezzanine commitments of $5 to $20 million. Sectors of interest include software, hardware, data communications, telecommunications, and financial services. HarbourVest was formed in 1997 to assume the business of Hancock Venture Partners which was formed in 1982. HarbourVest Partners is based in Boston, Massachusetts, with additional offices in London, Tokyo, and Hong Kong.


DEAL STATS #
Overall 175 of 223
Sector (Financial Services) 14 of 15
Type (Going Private) 23 of 27
State (California) 11 of 19
Country (United States) 105 of 134
Year (2018) 8 of 25
Size (of disclosed) 18 of 68
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-10 Elara Caring

Dallas, Texas, United States

Elara Caring is a provider of home-based care, with a national footprint in the Northeast, Midwest, and Southwest. Elara Caring leads patients through the post-acute care journey by providing the appropriate level of care, delivered wherever our patients call home. The company’s intimate understanding of its patients’ needs allows it to apply proprietary platforms to deliver proactive, customized care that improves quality of life and keeps patients in their homes. Elara Caring was founded in 1975 and is based in Dallas, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-10 Videology

Baltimore, Maryland, United States

Videology, Inc. is an enterprise technology company for advertising and media companies. Its video platform allows brands, agencies and media companies to plan, serve, manage, and monitor video ad campaigns using features and specifications typical to TV, while taking advantage of the advanced targeting, optimization, and efficiencies of digital media.

Sell -