M&A Deal Summary

KKR Acquires Global Atlantic Financial Group

On July 8, 2020, private equity firm KKR acquired insurance company Global Atlantic Financial Group from Pine Brook Partners

Acquisition Highlights
  • This is KKR’s 9th transaction in the Insurance sector.
  • This is KKR’s 154th transaction in the United States.
  • This is KKR’s 14th transaction in New York.

M&A Deal Summary
Date 2020-07-08
Target Global Atlantic Financial Group
Sector Insurance
Buyer(s) KKR
Sellers(s) Pine Brook Partners
Deal Type Secondary Buyout
Advisor(s) Debevoise & Plimpton (Legal)

Target

Global Atlantic Financial Group

New York, New York, United States
Global Atlantic Financial Group is a multiline insurance and reinsurance company that serves more than two million policyholders through its retirement and life insurance products. It is one of the largest fixed rate and fixed indexed annuity providers in the United States, offering annuities for individuals through a network of banks, broker-dealers, and insurance agencies as well as life insurance for individuals and corporates. Global Atlantic is also a leader in the institutional channel, providing customized reinsurance solutions to its life and annuity company clients. Global Atlantic was formed in 2004 and is based in New York, New York.

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Buyer(S) 1

Buyer

KKR

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1976
PE ASSETS 510.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
KKR's office in Menlo Park, California.
KKR's office in Menlo Park, California.

KKR is a global investment firm founded by Jerome Kohlberg, Henry Kravis, and George Roberts. The Firm is separated into several business segments including private markets, public markets, capital markets, and other principal activities. KKR's private equity practice invests in management buyouts, take privates, corporate divestitures, industry consolidations, and partnerships with family-owned companies. KKR will invest in a broad range of industries and companies and will consider businesses throughout North America, Europe, Asia, and Australia/New Zealand. Sectors of interest include chemicals, consumer products, energy and natural resources, financial services, healthcare, industrial, media/communications, retail, and technology. In addition to its traditional principal investment activity business, KKR also invests in infrastructure assets. KKR was formed in 1976 and is based in New York, New York.

DEAL STATS #
Overall 351 of 476
Sector (Insurance) 9 of 13
Type (Secondary Buyout) 71 of 110
State (New York) 14 of 19
Country (United States) 154 of 208
Year (2020) 24 of 40
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-07-02 JBCPL

Mumbai, India

JBCPL is a formulation pharma company in India with a domestic brand portfolio and exports to several international markets. JBCPL was formed in 1976 and is based in Mumbai, India.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-07-09 Devoteam

Levallois-Perret, France

Devoteam is an IT and cloud services company focused on enabling digital transformation. Devoteam was founded in 1995 and is based in Levallois-Perret, France.

Buy -

Seller(S) 1

SELLER

Pine Brook Partners

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2006
PE ASSETS 6.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Pine Brook Road Partners is a private equity group focused on growth capital investments in the energy and financial services sectors. Specific areas of interest within the energy sector include exploration, oilfield services, transportation/storage, power generation/distribution/transmission, and biofuel/renewable resources. Specific areas of interest within financial services include insurance, banks, asset management, specialty finance, and servicing/distribution/origination. Pine Brook generally acts as the lead/control investor in newly-formed or established businesses. The Firm has a special interest in 'underappreciated or overlooked' opportunities. Pine Brook Road Partners was formed in 2006 and is based in New York City.

DEAL STATS #
Overall 18 of 25
Sector (Insurance) 4 of 6
Type (Secondary Buyout) 4 of 5
State (New York) 1 of 1
Country (United States) 13 of 19
Year (2020) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-24 Whitestar Asset Management

Dallas, Texas, United States

Whitestar Asset Management is a credit-focused investment management firm, with an emphasis on managing and providing other services with respect to CLOs and related credit securities. Its team of talented professionals has deep experience in investing in and managing bank loans, loan acquisition, loan origination, credit analysis, portfolio management, trading, collateralized loan obligation (CLO) investing, and CLO deal structuring and compliance. Whitestar Asset Management is based in Dallas, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-20 Talcott Resolution

Windsor, Connecticut, United States

Talcott Resolution is an insurance company with capabilities including extensive life insurance and annuity product knowledge and rigorous risk and liability management. Talcott's primary blocks of business are variable annuities, fixed annuities, structured settlements, and corporate-owned life insurance. Talcott Resolution is based in Windsor, Connecticut.

Sell $2.3B
Mergr

Product

Company

Legal