M&A Deal Summary

HGGC, Alberta Investment Management, BC Partners and Ardian Acquire Davies

On January 30, 2017, private equity firm HGGC, pension Alberta Investment Management, private equity firm BC Partners and private equity firm Ardian acquired insurance company Davies from Electra and Epiris

Acquisition Highlights
  • This is HGGC’s 3rd, Alberta Investment Management’s 1st, BC Partners’ 2nd and Ardian’s 4th transaction in the Insurance sector.
  • This is HGGC’s 1st, Alberta Investment Management’s 2nd, BC Partners’ 18th and Ardian’s 20th transaction in the United Kingdom.

M&A Deal Summary
Date 2017-01-30
Target Davies
Sector Insurance
Buyer(s) HGGC
Alberta Investment Management
BC Partners
Ardian
Sellers(s) Electra
Epiris
Deal Type Secondary Buyout

Target

Davies

Stoke-on-Trent, United Kingdom
Davies is a specialist professional service and technology business serving the global insurance market. The company delivers professional services and technology solutions across the risk and insurance value chain, including claims, underwriting, distribution, regulation, customer experience, human capital, digital transformation, and change management. Davies was formed in 1968 and is based in Stoke-on-Trent, United Kingdom.

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Buyer(S) 4

Buyer

HGGC

Palo Alto, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2007
PE ASSETS 6.9B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HGGC (formerly Huntsman Gay Global Capital) focuses on middle-market leveraged buyouts, growth equity financings, recapitalizations, take privates, and corporate divestitures. The Firm primarily targets North American companies, but will consider international opportunities as well. HGGC looks for companies with at least $100 million in revenue. HGGC primarily targets enterprise software companies, however, the Firm will also consider opportunities in business services, consumer services, financial services, healthcare, industrial services, and information services. HGGC was formed in 2007 and is based in Palo Alto, California.

DEAL STATS #
Overall 26 of 46
Sector (Insurance) 3 of 5
Type (Secondary Buyout) 7 of 11
Country (United Kingdom) 1 of 2
Year (2017) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-07-19 Integrity Marketing Group

Dallas, Texas, United States

Integrity Marketing Group is a distributor of life and health insurance products focused on serving the senior market. Integrity Marketing Group was founded in 2006 and headquartered in Dallas, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-09 Aventri

Norwalk, Connecticut, United States

Aventri is a provider of cloud-based analytics and data-driven end-to-end event management and venue sourcing solutions. Open-source platform delivers innovative technology solutions to streamline the event process, providing real-time data and analytics on event performance, customer engagement, and increasing measurable event ROI. Aventri was formed in 2008 and is based in Norwalk, Connecticut.

Buy -
Buyer

Alberta Investment Management

Investor Investor Investor Investor Investor

Category Pension
Founded 2008
PE ASSETS 4.5B CAD
Size Mega
Type Sector Agnostic
DESCRIPTION

Alberta Investment Management Corporation (AIMCo) is a Canadian diversified institutional investment manager serving pension, endowment and government funds in the province of Alberta. In addition to investing in public equities, fixed income, and debt, AIMCo looks to invest in private equity, real estate, timberlands, and infrastructure. AIMCo's private equity group invests in funds and directly in companies throughout North America and Western Europe. Areas of interest include consumer, industrials, business services, financial services, technology, and healthcare. AIMCo is based in Edmonton, with additional offices in Toronto and London.

DEAL STATS #
Overall 7 of 30
Sector (Insurance) 1 of 2
Type (Secondary Buyout) 4 of 12
Country (United Kingdom) 2 of 4
Year (2017) 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-25 BestSecret

Munich, Germany

BestSecret sells more than 3,000 designer brands at attractive prices through its website BestSecret.com as well as three stores in Munich and Vienna. Its exclusive membership is based on invitation only which creates both high-desirability and strong customer engagement, driving double-digit annual growth over the past years. BestSecret was founded in 1924 and is based in Munich, Germany.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-02-24 sPower

Salt Lake City, Utah, United States

sPower is an independent power producer (IPP) that owns and/or operates more than 150 utility and commercial distributed electrical generation systems across the U.S. and the UK. With 4.0 gigawatts between operating, construction and pipeline, sPower are actively buying select utility-scale renewable assets in virtually any stage of development in the United States. sPower is based in Salt Lake City, Utah.

Buy $1.6B
Buyer

BC Partners

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1986
PE ASSETS 30.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

BC Partners is a large investment group focused on private equity, credit, real estate, and co-investment strategies. The Firm's private equity group looks to make control investments in European and North American businesses valued above €300 million. Sectors of interest include healthcare, directory publishing, media, industrial products, food, distribution, manufacturing, consumer services, business services, and communications. BC Partners was formed in 1986 and is based in London, England.

DEAL STATS #
Overall 70 of 96
Sector (Insurance) 2 of 2
Type (Secondary Buyout) 27 of 40
Country (United Kingdom) 18 of 18
Year (2017) 1 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-12-06 Arredo Plast

Ormelle, Italy

Arredo Plast SpA works both on a European and an international scale, exporting its products to over 80 different countries. The Italian office and the 3 sales offices in Europe, together with the production site in Canada and the APmedical branch in the United States, are enforcing the penetration of international markets, guaranteeing a significant competitive edge for the Kis APmedical and Dblade brands.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-04-24 SGB-SMIT

Regensburg, Germany

SGB-SMIT is a manufacturer and distributor of power transformers worldwide. SGB-SMIT Group supplies products in line with demand, adapted to the customers and their requirements. Company key objective has been ever since the complete satisfaction of customers. SGB-SMIT was founded in 1921 and is based in Regensburg, Germany.

Sell -
Buyer

Ardian

Paris, France

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1996
PE ASSETS 125.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ardian is a mega-sized diversified investment group focused on opportunities worldwide. Ardian invests across and manages funds focused on small and mid-sized buyouts, growth capital financings, mezzanine, infrastructure, real estate, and co-investment opportunities. Ardian's small-buyouts group targets controlling interests in French, German, and Italian businesses valued up to €100 million. It's mid-sized buyout group seeks businesses valued up €1.5 billion and does not have any geographic limitations. The Infrastructure team looks for European opportunities and can commit up to €150 million per transaction. The Mezzanine group supports junior capital commitments of €5 to €80 million. In addition to direct investing, Ardian also manages various private equity fund-of-funds. Ardian was founded in 1996 and is based in Paris.

DEAL STATS #
Overall 286 of 418
Sector (Insurance) 4 of 11
Type (Secondary Buyout) 92 of 137
Country (United Kingdom) 20 of 26
Year (2017) 2 of 22
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-05 Piz Wich Europe SAS

Bulgnéville, France

Piz'Wich Europe SAS is a manufacturer of white-label frozen snack products targeting supermarkets and hypermarkets, airline caterers and food service providers. The company, located in Bulgnéville near Nancy and managed by Stéphane Delahaye, established strategic partnerships with largely international players.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-02-09 Evans

Schuylkill Haven, Pennsylvania, United States

Evans is a provider of intermodal and other trucking services through a non-asset-based agency model. Through its agent network, Evans offers services through a fleet of over 3,000 tractors and over 180 terminals throughout the country. Evans has a long and successful track record of supporting and growing its agent network and servicing agents, independent contractors, and shippers with a comprehensive and highly value-additive offering. Evans was founded in 1939 and is based in Schuylkill Haven, Pennsylvania.

Buy -

Seller(S) 2

SELLER

Electra

London, United Kingdom

Investor

Category Private Equity Firm
PE ASSETS 800M GBP
Size Large
Type Sector Agnostic
DESCRIPTION

Electra is an investment trust quoted on the London Stock Exchange that specializes in private equity investments. Electra's primary focus is on opportunities across Western Europe in a broad array of industries. Electra Private Equity is based in London.

DEAL STATS #
Overall 26 of 32
Sector (Insurance) 1 of 1
Type (Secondary Buyout) 14 of 16
Country (United Kingdom) 19 of 25
Year (2017) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-12-19 Innovia

Cumbria, United Kingdom

Innovia makes high-tech transparent and coated films for packaging and labels. Its bi-orientated polypropylene (BOPP) films are extruded from oil through a unique 'bubble’ technology. It is also the only scale manufacturer of cellulose film made from wood pulp (Cello) outside Japan.

Sell $1.1B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-02-03 Audiotonix

Chessington, United Kingdom

Audiotonix designs, engineerings, and manufactures professional audio mixing consoles, production software, and ancillary products. With pioneering solutions from premium audio brands Allen & Heath, Calrec, DiGiCo, DiGiGrid, Fourier Audio, Harrison, KLANG: technologies, Slate Digital, Solid State Logic, sonible, and Sound Devices, its products are used extensively in live sound, broadcast, theatre production, installations, houses of worship, TV and film production, music creation and recording studios. Audiotonix is based in Chessington, United Kingdom.

Sell -
SELLER

Epiris

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1976
PE ASSETS 1.5B GBP
Size Large
Type Sector Agnostic
DESCRIPTION

Electra Partners is a UK-based private equity firm focused on buyouts, co-investments, secondary fund purchases, and debt investing. The Firm's direct investing group looks to make majority or minority investments of £50 to £250 million in deals valued up to £500 million. Electra was formed in 1976 and is based in London.

DEAL STATS #
Overall 43 of 51
Sector (Insurance) 2 of 2
Type (Secondary Buyout) 7 of 9
Country (United Kingdom) 33 of 41
Year (2017) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-12-19 Innovia

Cumbria, United Kingdom

Innovia makes high-tech transparent and coated films for packaging and labels. Its bi-orientated polypropylene (BOPP) films are extruded from oil through a unique 'bubble’ technology. It is also the only scale manufacturer of cellulose film made from wood pulp (Cello) outside Japan.

Sell $1.1B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-04-07 Treetops Nurseries

England, United Kingdom

Treetops Nurseries Ltd. offers childcare services, including education and nutrition food. It also sells backpacks, drinks bottles, polo shirts, and reversible jackets online.

Sell £94M
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