M&A Deal Summary

Wand Partners and Inverness Management Acquire American Independent Companies

On March 24, 2004, private equity firms Wand Partners and Inverness Management acquired insurance company American Independent Companies for 45M USD

Acquisition Highlights
  • This is Wand Partners’ 10th and Inverness Management’s 2nd transaction in the Insurance sector.
  • This is Wand Partners’ and Inverness Management’s largest (disclosed) transaction.
  • This is Wand Partners’ 12th and Inverness Management’s 9th transaction in the United States.
  • This is Wand Partners’ 2nd and Inverness Management’s 1st transaction in New York.

M&A Deal Summary
Date 2004-03-24
Target American Independent Companies
Sector Insurance
Buyer(s) Wand Partners
Inverness Management
Deal Type Buyout (LBO, MBO, MBI)
Deal Value 45M USD

Target

American Independent Companies

New York, New York, United States
American Independent Companies Inc., is the holding company for a family of non-standard auto insurance businesses. American Independent Companies was formed in 2004 and is based in New York.

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Buyer(S) 2

Buyer

Wand Partners

New York, New York, United States

Investor Investor

Category Private Equity Firm
Founded 1985
Size Middle-Market
Type Sector Focused
DESCRIPTION

Wand Partners is a specialist private equity firm that targets investments in financial service companies. Prospective transactions include buyouts, expansion financings and venture investments in new companies. Specific areas of interest include property/casualty insurance and reinsurance; life insurance; insurance brokerage; commercial banking, specialty finance; investment banking; investment management; real estate finance; and technology/marketing services. The Firm's target transaction range is $50 to $500 million. Wand Partners was formed in 1985 and is based in New York City.

DEAL STATS #
Overall 16 of 18
Sector (Insurance) 10 of 11
Type (Buyout (LBO, MBO, MBI)) 16 of 17
State (New York) 2 of 2
Country (United States) 12 of 13
Year (2004) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-01-01 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.

Buy -
FOLLOWING 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 -
Buyer

Inverness Management

New Canaan, Connecticut, United States
Category Private Equity Firm
PE ASSETS 400M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Inverness Management is a private equity firm focused on providing funds for leveraged acquisitions, recapitalizations, and companies seeking additional capital. Inverness does not have an industry preference although prefers businesses with strong fundamentals but operating in out-of-favor sectors. The Firm's target transaction size is $50 to $200 million. Inverness Management is based in New Canaan, Connecticut.

DEAL STATS #
Overall 9 of 11
Sector (Insurance) 2 of 3
Type (Buyout (LBO, MBO, MBI)) 7 of 9
State (New York) 1 of 1
Country (United States) 9 of 11
Year (2004) 1 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2002-02-20 Kellstrom Defense Aerospace

El Segundo, California, United States

Kellstrom Defense Aerospace, Inc. is a provider of aftermarket parts, repairs, logistics and supply chain management solutions for the commercial aerospace sector. Kellstrom Defense Aerospace, Inc. was founded in 1990 and is based in El Segundo, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-12-01 Independent Insurance Investments

Conshohocken, Pennsylvania, United States

Independent Insurance Investments, Inc. is a provider of non-standard automobile insurance. Independent Insurance Investments is based in Conshohocken, Pennsylvania.

Buy -
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