M&A Deal Summary

Kelso and HarbourVest Partners Acquire Risk Strategies

On October 20, 2015, private equity firms Kelso and HarbourVest Partners acquired insurance company Risk Strategies from Kohlberg & Company

Acquisition Highlights
  • This is Kelso’s 3rd and HarbourVest Partners’ 7th transaction in the Insurance sector.
  • This is Kelso’s 50th and HarbourVest Partners’ 84th transaction in the United States.
  • This is Kelso’s 1st and HarbourVest Partners’ 7th transaction in Massachusetts.

M&A Deal Summary
Date 2015-10-20
Target Risk Strategies
Sector Insurance
Buyer(s) Kelso
HarbourVest Partners
Sellers(s) Kohlberg & Company
Deal Type Secondary Buyout
Advisor(s) Morgan Stanley (Financial)
Ropes & Gray (Legal)

Target

Risk Strategies

Boston, Massachusetts, United States
Risk Strategies is a national brokerage firm focused on delivering risk management and insurance solutions toprivately-held and publicly-traded commercial clients and high net worth individuals. Risk Strategies focuses on client risk management challenges and delivers pragmatic, costeffective financial and business solutions. Risk Strategies was founded in 1997 and is based in Boston, Massachusetts.

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Buyer(S) 2

Buyer

Kelso

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1971
PE ASSETS 15.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Kelso & Company is a private equity and investment management firm that seeks control investments in middle-market companies operating primarily throughout the US. Sectors of interest include manufacturing, communications, media, distribution, service, consumer products, retail, healthcare, transportation, logistics, textiles, & apparel, chemicals, and energy. Kelso looks to align 'management's interest with those of investors' when considering opportunities. Kelso & Company was formed in 1971 and is based in New York City.

DEAL STATS #
Overall 59 of 81
Sector (Insurance) 3 of 5
Type (Secondary Buyout) 13 of 22
State (Massachusetts) 1 of 2
Country (United States) 50 of 70
Year (2015) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-25 Clarience Technologies

Falconer, New York, United States

Clarience Technologies is a family of brands focused on bringing total visibility to commercial and recreational transportation. Through its data and insights, Clarience improves fleet management, streamlines supply chains and enhances safety on and off the road. And for decades, its collaborative, transparent approach has been turning customers into long-term partners. Clarience Technologies was founded in 1955 and is based in Falconer, New York.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-11-02 Eagle Foods

Orrville, Ohio, United States

Eagle Foods is a domestic manufacturer of canned milk, popcorn and other salty snack products. Eagle operates in two stable and growing categories within canned milk and sweetened condensed milk markets. Additionally, Eagle manufactures ready-to-eat popcorn under the brands G.H. Cretors and Popcorn, Indiana, as well as private label popcorn and other salty snack products for a diverse set of retail customers. Eagle Foods is based in Orrville, Ohio.

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 136 of 223
Sector (Insurance) 7 of 12
Type (Secondary Buyout) 26 of 55
State (Massachusetts) 7 of 9
Country (United States) 84 of 134
Year (2015) 10 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-10-20 PhotoBox

London, United Kingdom

Photobox offers a wide range of photo gifting products including photo books, calendars, canvases and wall-art, mugs, gifts, jigsaws, prints and magnets. The company has strong market positions in United Kingdom, France, Spain and Germany as well as other European markets. Photobox serves its key geographical markets through three online brands: Photobox, Hofmann & PosterXXL.

Sell $618M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-11-23 Petco Health and Wellness Company

San Diego, California, United States

Petco Health and Wellness Company is a health and wellness company focused on improving the lives of pets, pet parents, and their own Petco partners. The company is focused on delivering comprehensive wellness solutions through its products and services, and creating communities that deepen the pet-pet parent bond. It operates more than 1,500 Petco locations across the U.S., Mexico, and Puerto Rico, including a growing network of more than 100 in-store veterinary hospitals, and offer a complete online resource for pet health and wellness. Petco Health and Wellness Company was founded in 1965 and is based in San Diego, California.

Sell $4.6B

Seller(S) 1

SELLER

Kohlberg & Company

Mount Kisco, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1987
PE ASSETS 11.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Kohlberg & Company is a private equity firm which acquires middle-market companies with consistent cash flow, and underperforming companies with operational deficiencies. Kohlberg looks to commit $100 to $500 million of equity capital in opportunities valued from $200 million to $2 billion. Kohlberg generally looks for opportunities in the manufacturing and service sectors, however the Firm will also selectively consider businesses in food and healthcare. Kohlberg tends not to consider technology or communications companies. Kohlberg & Company was formed in 1987 and has offices in Mt. Kisco, New York.

DEAL STATS #
Overall 29 of 47
Sector (Insurance) 1 of 1
Type (Secondary Buyout) 10 of 19
State (Massachusetts) 2 of 2
Country (United States) 28 of 46
Year (2015) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-08-24 Osmose

Peachtree City, Georgia, United States

Osmose is a provider of critical inspection, maintenance, and restoration services for utility and telecom infrastructure in the U.S. Osmose was founded in 1934 and is based in Peachtree City, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-02-29 Pittsburgh Glass Works

Pittsburgh, Pennsylvania, United States

Pittsburgh Glass Works LLC is a designer, producer and distributor of automotive glass to high-volume Auto-OEM applications and glass replacement markets worldwide. PGW’s business comprises engineering development and application of sophisticated automotive glass technologies; glass manufacturing and assembly operations in North America, Europe and Asia wholesale and retail aftermarket distribution services; and retailer alliance partnerships in North America.

Sell $635M
Mergr

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Legal