M&A Deal Summary

Lightyear Capital and Ontario Teachers Pension Plan Acquire Lendmark Financial Services

On June 27, 2019, private equity firm Lightyear Capital and pension Ontario Teachers Pension Plan acquired financial services company Lendmark Financial Services from The Blackstone Group

Acquisition Highlights
  • This is Lightyear Capital’s 15th and Ontario Teachers Pension Plan’s 4th transaction in the Financial Services sector.
  • This is Lightyear Capital’s 29th and Ontario Teachers Pension Plan’s 54th transaction in the United States.
  • This is Lightyear Capital’s 3rd and Ontario Teachers Pension Plan’s 7th transaction in Georgia.

M&A Deal Summary
Date 2019-06-27
Target Lendmark Financial Services
Sector Financial Services
Buyer(s) Lightyear Capital
Ontario Teachers Pension Plan
Sellers(s) The Blackstone Group
Deal Type Secondary Buyout
Advisor(s) Goldman Sachs
Barclays Investment Bank
Citi
RBC Capital Markets (Financial)
Skadden, Arps, Slate, Meagher & Flom (Legal)

Target

Lendmark Financial Services

Lawrenceville, Georgia, United States
Lendmark Financial Services is a consumer finance company specializing in providing a variety of personal loans, automobile loans, and retail merchant sales finance services. Lendmark Financial Services was founded in 1996 and is based in Lawrenceville, Georgia.

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Buyer(S) 2

Buyer

Lightyear Capital

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2000
PE ASSETS 4.1B USD
Size Large
Type Sector Focused
DESCRIPTION

Lightyear Capital is a specialist private equity firm that pursues brand-name businesses in the financial services sector. Lightyear looks for companies with stable, recurring revenues that operate in growing markets. Transaction strategies include leveraged buyouts, recapitalizations, restructurings and consolidations. Lightyear Capital was formed in 2000 and is based in New York City.

DEAL STATS #
Overall 34 of 45
Sector (Financial Services) 15 of 18
Type (Secondary Buyout) 11 of 15
State (Georgia) 3 of 3
Country (United States) 29 of 39
Year (2019) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-09 Advisor Group

Phoenix, Arizona, United States

Advisor Group is an independent wealth management platform supporting over 10,100 independent financial advisors and overseeing more than $410bn in client assets. Advisor Group provides comprehensive broker-dealer services, technology, and advisory programs through its four registered broker-dealers and Registered Investment Advisors. Advisor Group was founded in 1999 and is based in Phoenix, Arizona.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-31 Wealth Enhancement Group

Plymouth, Minnesota, United States

Wealth Enhancement Group is a comprehensive wealth management firm that provides team-based financial planning, estate planning, retirement income planning, insurance, tax strategies, and investment management services. Wealth Enhancement Group was founded in 1997 and is based in Plymouth, Minnesota.

Sell -
Buyer

Ontario Teachers Pension Plan

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor

Category Pension
Founded 1990
PE ASSETS 242.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Teachers' Private Capital is the direct investment arm of the Ontario Teachers' Pension Plan. Teachers' Private Capital considers both private equity and venture related investments in North America, Europe, and Asia. Teachers' can support direct private equity investments between $100 million and $3 billion. Target sectors include business services, consumer products, retail, diversified industrials, financial services, technology, media, and communications. Teachers' Private Capital also makes private equity fund investments between $50 million and $750 million. Teachers' Private Capital was formed in 1991 and is based in Toronto, with additional offices in London and New York.

DEAL STATS #
Overall 123 of 176
Sector (Financial Services) 4 of 8
Type (Secondary Buyout) 40 of 56
State (Georgia) 7 of 7
Country (United States) 54 of 73
Year (2019) 4 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-16 BluEarth Renewables

Calgary, Alberta, Canada

BluEarth Renewables is an independent, power producer that develops, builds, owns and operates wind, hydro and solar facilities. BluEarth Renewables was founded in 2010 and is based in Calgary, Alberta.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-05 Navitas

Perth, Australia

Navitas is an education provider that offers an extensive range of educational services through three major Divisions to students and professionals including university programs, creative media education, professional education, English language training and settlement services. Navitas was founded in 1994 and is based in Perth, Australia.

Buy $1.2B

Seller(S) 1

SELLER

The Blackstone Group

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1987
PE ASSETS 131.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

The Blackstone Group is a global alternative investment management firm. The Firm's investment activities span real estate, secondary investments, hedge funds, credit, infrastructure, and private equity. Blackstone's private equity group targets opportunities globally including buyout acquisitions of established companies, development projects, growth equity financings, and industry consolidations. Sectors of interest include automotive, healthcare, chemicals, industrial, commercial property, lodging, communications, media/publishing, consumer & retail, packaging, consumer products, pharmaceuticals, energy, technology, entertainment, telecommunications, financial services, theme parks, food & beverage, and transportation. Blackstone's private equity real estate group looks for opportunities across North/South America, Asia, Australia/New Zealand, and Europe. The real estate group will consider both equity and debt investments. Areas of interest include healthcare, hotel, industrial, office, residential, and retail. The Blackstone Group was formed in 1987 and is based in New York, New York.

DEAL STATS #
Overall 132 of 174
Sector (Financial Services) 3 of 9
Type (Secondary Buyout) 16 of 22
State (Georgia) 4 of 5
Country (United States) 80 of 105
Year (2019) 4 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-08 Superbet

Ta' Xbiex, Malta

Superbet is an omni-channel sports betting and gaming operator. Superbet offers customers pre-match and live sports betting, slots, virtual betting and lottery offerings. Superbet was founded in 2008 and is based in Ta' Xbiex, Malta.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-15 Vungle

San Francisco, California, United States

Vungle is a performance marketing platform for in-app video advertisements on mobile devices. Mobile application developers partner with Vungle to monetize their apps through innovative in-app ad experiences that are inspired by insight and crafted with creativity. Advertisers depend on Vungle to reach, acquire, and retain high-value users worldwide. Vungle develops tools that include data-led buying and UX recommendations, ad format innovation, creative automation, and more. Vungle’s data-optimized ads run on over 1 billion unique devices to drive engagement and increase returns for publishers and advertisers ranging from indie studios to powerhouse brands, including Rovio, Zynga, Pandora, Microsoft, and Scopely. The Company is headquartered in San Francisco.

Buy $750M
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