M&A Deal Summary

Sixth Street Partners, Liberty Strategic Capital and J.C. Flowers Acquire Enstar Group

On July 29, 2024, asset manager Sixth Street Partners, private equity firm Liberty Strategic Capital and private equity firm J.C. Flowers acquired insurance company Enstar Group for 5.1B USD

Acquisition Highlights
  • This is Sixth Street Partners’ 2nd, Liberty Strategic Capital’s 1st and J.C. Flowers’ 11th transaction in the Insurance sector.
  • This is Sixth Street Partners’ , Liberty Strategic Capital’s and J.C. Flowers’ largest (disclosed) transaction.
  • This is Sixth Street Partners’ 1st, Liberty Strategic Capital’s 1st and J.C. Flowers’ 3rd transaction in Bermuda.

M&A Deal Summary
Date 2024-07-29
Target Enstar Group
Sector Insurance
Buyer(s) Sixth Street Partners
Liberty Strategic Capital
J.C. Flowers
Deal Type Going Private
Deal Value 5.1B USD
Advisor(s) Goldman Sachs (Financial)
Paul, Weiss, Rifkind, Wharton & Garrison
Hogan Lovells (Legal)

Target

Enstar Group

Hamilton, Bermuda
Enstar Group is a insurance run-off services company that specializes in acquiring and managing reserves associated with discontinued books of property & casualty insurance and reinsurance business on a global basis. Enstar Group was founded in 2001 and is based in Hamilton, Bermuda.

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Buyer(S) 3

Buyer

Sixth Street Partners

Category Asset Manager
Founded 2009
PE ASSETS 65.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Sixth Street is a global alternative asset manager and lender that offers a wide range of capital solutions to small, medium, and large companies. The Firm maintains a variety of investment vehicles focused on growth companies, infrastructure, insurance, agriculture as well as other strategies. Sixth Street was established in 2009 and is headquartered in San Francisco, California.

DEAL STATS #
Overall 25 of 26
Sector (Insurance) 2 of 2
Type (Going Private) 4 of 4
Country (Bermuda) 1 of 1
Year (2024) 1 of 2
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-09 Nasuni

Boston, Massachusetts, United States

Nasuni is a file data services company that helps organizations create a secure, file data cloud for digital transformation, global growth, and information insight. Nasuni was founded in 2009 and is based in Boston, Massachusetts.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-08-20 Caliche Development Partners

Houston, Texas, United States

Caliche Development Partners is focused on the acquisition, development, construction, ownership, and operation of subsurface hydrocarbon storage assets in North America, with a primary focus on the U.S. Gulf Coast. Caliche Development Partners was founded in 2016 and is based in Houston, Texas.

Buy -
Buyer

Liberty Strategic Capital

Investor

Category Private Equity Firm
Founded 2021
Size Small
Type Sector Focused
DESCRIPTION

Liberty Strategic Capital is a private equity firm focused on investing in technology companies, including financial services, fintech, cybersecurity, and content creation. The Firm targets mid-sized companies and will consider opportunities throughout the US. Liberty Strategic Capital was formed in 2021 and is headquartered in Washington DC.

DEAL STATS #
Overall 3 of 3
Sector (Insurance) 1 of 1
Type (Going Private) 1 of 1
Country (Bermuda) 1 of 1
Year (2024) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-29 Zimperium

Dallas, Texas, United States

Zimperium provides a mobile security platform purpose-built for enterprise environments. With machine learning-based protection and a single platform that secures everything from applications to endpoints, the company's solution provides on-device mobile threat defense to protect growing and evolving mobile environments. Zimperium was formed in 2010 and is headquartered in Dallas, Texas.

Buy $525M
Buyer

J.C. Flowers

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1998
PE ASSETS 4.0B USD
Size Large
Type Sector Focused
DESCRIPTION

JC Flowers is a specialist private equity firm that targets investments in the financial services sector. JC Flowers looks for distressed opportunities in North America, Western Europe, and Asia. JC Flowers was formed in 1998 and is based in New York City with an additional office in London.

DEAL STATS #
Overall 29 of 30
Sector (Insurance) 11 of 11
Type (Going Private) 1 of 1
Country (Bermuda) 3 of 3
Year (2024) 1 of 2
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-10-03 Vericity

Chicago, Illinois, United States

Vericity provides life insurance protection targeted to the middle American market. Vericity believe there is a substantial unmet need for life insurance, particularly among domestic households with annual incomes of between $50,000 and $125,000, a market we refer to as target Middle Market. Vericity is based in Chicago, Illinois.

Sell $170M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-11-05 Pepper Advantage

London, United Kingdom

Pepper Advantage is a global credit intelligence company that offers a range of advisory and credit management services and technologies across Asia, Europe, and the United Kingdom. Pepper Advantage was founded in 2003 and is based in London, England.

Buy -
Mergr

Product

Company

Legal