M&A Deal Summary

KKR, Värde Partners and Deutsche Bank Acquire Latitude Financial Services

On March 15, 2015, private equity firm KKR, asset manager Värde Partners and Deutsche Bank acquired financial services company Latitude Financial Services from GE Capital for 8.2B USD

Acquisition Highlights
  • This is KKR’s 9th, Värde Partners’ 5th and Deutsche Bank’s 3rd transaction in the Financial Services sector.
  • This is KKR’s 10th, Värde Partners’ and Deutsche Bank’s largest (disclosed) transaction.
  • This is KKR’s 5th, Värde Partners’ 1st and Deutsche Bank’s 1st transaction in Australia.
Investment Fate
  • Latitude Financial Services went public in 2021.

M&A Deal Summary
Date 2015-03-15
Target Latitude Financial Services
Sector Financial Services
Buyer(s) KKR
Värde Partners
Deutsche Bank
Sellers(s) GE Capital
Deal Type Divestiture
Deal Value 8.2B USD

Target

Latitude Financial Services

Docklands, Australia
Latitude Financial Services is an independent digital payments and finance company serving consumers across Australia. The Company was founded in 2015 and is based in Docklands, Australia.

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Buyer(S) 3

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 170 of 483
Sector (Financial Services) 9 of 21
Type (Divestiture) 22 of 53
Country (Australia) 5 of 15
Year (2015) 5 of 29
Size (of disclosed) 10 of 104
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-11 Global Medical Response

Greenwood Village, Colorado, United States

Global Medical Response is a provider of medical transportation services formed by bringing together Air Medical Group Holdings (AMGH) and American Medical Response (AMR). Global Medical Response was founded in 2004 and is based in Greenwood Village, Colorado.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-17 Uxin

Beijing, China

Uxin is a professional online transaction service provider for used cars. Uxin makes use of its proprietary "CheckAuto" system and advanced vehicle identification capabilities to ensure the quality of vehicles sold through its platform. Uxin was founded in 2011 and is based in Beijing, China.

Buy -
Buyer

Värde Partners

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 1993
PE ASSETS 13.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Värde Partners is a global alternative investment advisor and firm focused on a variety of strategies. Värde will consider a broad array of investments including corporate assets and sovereign debt, residential mortgages, real estate, specialty finance, transportation, infrastructure, and logistics. Värde Partners was formed in 2000 and is based in Minneapolis, Minnesota.

DEAL STATS #
Overall 6 of 16
Sector (Financial Services) 5 of 11
Type (Divestiture) 1 of 4
Country (Australia) 1 of 1
Year (2015) 3 of 3
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-04 Canaccede Financial Group

Toronto, Ontario, Canada

Canaccede Financial Group Ltd. is a full-service partner and provider of purchasing and servicing solutions for the Institutions managing receivables in Canada. Canaccede Financial works directly with institutions to provide efficient access to capital, improving operational expense structure.

Buy CA$275M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-01 Trastor

Athens, Greece

Trastor is a real estate investment company that owns a portfolio of 59 real estate assets in Greece with a gross asset value of over €315 million across the retail, office, and logistics sectors, comprising more than 238,000 square meters of total leasable area. Trastor is based in Athens, Greece.

Buy -
Buyer

Deutsche Bank

Frankfurt, Germany
Category Company
Founded 1870
Sector Financial Services
Employees90,323
Revenue 31.2B EUR (2023)
DESCRIPTION

Deutsche Bank is a German global banking and financial services company. Deutsche Bank was founded in 1870 and is based in Frankfurt, Germany.

DEAL STATS #
Overall 5 of 7
Sector (Financial Services) 3 of 3
Type (Divestiture) 1 of 1
Country (Australia) 1 of 1
Year (2015) 1 of 1
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-10-01 The Porterbrook Partnership

Edinburgh, United Kingdom

Porterbrook is a rolling stock owning company, which has as its primary activity the leasing of passenger trains to train operating companies in Britain under long term lease agreements.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-28 Abbey Life

Bournemouth, United Kingdom

Abbey Life is a life insurance group that specialises in the management of closed life and pension funds predominantly comprising unit-linked life and pensions policies and annuities in payment. ALAC also manages two with-profit funds, other non-profit funds and a small permanent health insurance book. ALAC is authorised by the PRA and regulated by the FCA and the PRA to carry on long term insurance business in the UK. As at 31 December 2015, Abbey Life had approximately 735,000 policyholders and £10 billion of assets under management.

Sell £935M

Seller(S) 1

SELLER

GE Capital

Norwalk, Connecticut, United States
Category Company
Founded 1932
Sector Financial Services
Employees47,000
DESCRIPTION

GE Capital is the financing division of General Electric Co and is currently comprised of GE Capital Aviation Services and GE Energy Financial Services. These entities provide commercial lending and leasing, as well as a range of financial services for commercial aviation, energy, and support for GE's industrial business unit.

DEAL STATS #
Overall 5 of 12
Sector (Financial Services) 1 of 6
Type (Divestiture) 5 of 10
Country (Australia) 2 of 2
Year (2015) 1 of 3
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-20 Conterra Ultra Broadband

Charlotte, North Carolina, United States

Conterra Networks creates custom technology-based network solutions for businesses of all sizes across 22 states. The company has been designing, building, and managing 11,000+ mile owned and operated fiber network. Its service, reliability, and expertise in understanding customers’ needs have enabled them to become one of the fastest-growing telecommunication companies in the country. Conterra Ultra Broadband is based in Charlotte, North Carolina.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-30 GE Railcar Services

Calgary, Alberta, Canada

GE Railcar Services, Inc. is a provider of financial services to railroad cars and intermodal trailers.

Sell -
Mergr

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