M&A Deal Summary

Stone Point Capital, CD&R and Mubadala Capital Acquire TIH Insurance Holdings

On February 20, 2024, private equity firm Stone Point Capital, private equity firm CD&R and sovereign wealth fund Mubadala Capital acquired insurance company TIH Insurance Holdings from Truist for 15.5B USD

Acquisition Highlights
  • This is Stone Point Capital’s 31st, CD&R’s 1st and Mubadala Capital’s 2nd transaction in the Insurance sector.
  • This is Stone Point Capital’s , CD&R’s and Mubadala Capital’s largest (disclosed) transaction.
  • This is Stone Point Capital’s 99th, CD&R’s 65th and Mubadala Capital’s 12th transaction in the United States.
  • This is Stone Point Capital’s 2nd, CD&R’s 6th and Mubadala Capital’s 1st transaction in North Carolina.

M&A Deal Summary
Date 2024-02-20
Target TIH Insurance Holdings
Sector Insurance
Buyer(s) Stone Point Capital
CD&R
Mubadala Capital
Sellers(s) Truist
Deal Type Divestiture
Deal Value 15.5B USD

Target

TIH Insurance Holdings

Charlotte, North Carolina, United States
TIH Insurance Holdings is an insurance broker that operates more than 240 offices through its subsidiaries: McGriff Insurance Services, Inc.; CRC Insurance Services, Inc.; Crump Life Insurance Services, Inc.; AmRisc, LLC; and it's Premium Finance companies (AFCO Credit Corporation, Prime Rate Premium Finance Corporation, Inc., and CAFO Inc.). TIH Insurance Holdings is based in Charlotte, North Carolina.

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Buyer(S) 3

Buyer

Stone Point Capital

Greenwich, Connecticut, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1994
PE ASSETS 25.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Stone Point Capital is a private equity firm that targets investments in financial services sector. Specific areas of interest include insurance underwriting, outsourcing service providers to financial institutions, specialty lending and other credit opportunities, employee benefits and healthcare, asset management/retirement savings, and banking/depository institutions. Stone Point looks to commit between $5 and $500 million of equity per transaction and will consider control or substantial minority positions. Geographic areas of interest include North America and Europe. Stone Point Capital was formed in 1994 and is based in Greenwich, Connecticut.

DEAL STATS #
Overall 112 of 114
Sector (Insurance) 31 of 31
Type (Divestiture) 7 of 7
State (North Carolina) 2 of 2
Country (United States) 99 of 101
Year (2024) 3 of 5
Size (of disclosed) 1 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-16 HireRight

Nashville, Tennessee, United States

HireRight is a global background screening company that offers innovative solutions to help organizations screen and manage their workforce. HireRight was founded in 1990 and is based in Nashville, Tennessee.

Buy $1.7B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-04-02 SunFire

Clifton, New Jersey, United States

SunFire is a SaaS technology company providing transformative and proven IT solutions and services to support the rapidly growing medicare market. SunFire is based in Clifton, New Jersey.

Sell -
Buyer

CD&R

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1978
PE ASSETS 30.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Clayton, Dubilier & Rice LLC (CD&R) is a large private equity firm that targets non-core divestitures of large corporations, growth equity financings, traditional buyouts, and corporate/family partnerships. CD&R looks for opportunities in North America, Western Europe, and Asia and will consider businesses in a wide range of sectors including consumer/retail, healthcare, industrials, and services. Prospective companies generally lead their respective markets, have stable cash flows, and possess competitive advantages through differentiated products, services, or processes. CD&R was formed in 1978 and has offices in New York City and London.

DEAL STATS #
Overall 90 of 93
Sector (Insurance) 1 of 1
Type (Divestiture) 25 of 25
State (North Carolina) 6 of 6
Country (United States) 65 of 67
Year (2024) 2 of 5
Size (of disclosed) 1 of 35
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-31 Foundation Building Materials

Santa Ana, California, United States

Foundation Building Materials is a specialty building products distributor of gypsum wallboard, suspended ceiling systems, metal framing, insulation, and complementary products throughout North America. Foundation Building Materials was founded in 2011 and is based in Santa Ana, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-04-02 Presidio

New York, New York, United States

Presidio is a technology services and solutions provider that builds traditional IT foundations and offers deep expertise in automation, security, networking, digital transformation, and cloud computing, It develops custom applications, provides managed services, enables actionable data insights, and builds forward-thinking solutions that drive extraordinary outcomes for customers globally. Presidio was founded in 2003 and is based in New York City.

Buy -
Buyer

Mubadala Capital

Investor

Category Sovereign Wealth Fund
Founded 2002
PE ASSETS 276.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Mubadala Capital is a private equity firm focused on investing capital across a range of assets worldwide. The Firm primarily invests in private and public assets, but also considers credit, real estate, and alternatives. Mubadala invests in a variety of sectors including industrials, healthcare, energy, renewables, financial services, infrastructure, and business services. Mubadala Capital was founded in 2008 and is headquartered in Abu Dhabi, United Arab Emirates.

DEAL STATS #
Overall 41 of 43
Sector (Insurance) 2 of 2
Type (Divestiture) 2 of 2
State (North Carolina) 1 of 1
Country (United States) 12 of 12
Year (2024) 1 of 3
Size (of disclosed) 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-05-09 Looping

Saint-Malo, France

Looping is a pan-European leisure park operator that owns and operates 18 local and regional leisure parks, including theme parks, waterparks, wildlife parks, and aquariums, attracting over six million visitors a year. The group’s parks span eight European countries, including France, the UK, Spain, Switzerland, the Netherlands, Croatia, Germany, and Portugal. Looping was founded in 2011 and is based in Saint-Malo, France.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-05-24 RelyOn Nutec

Copenhagen, Denmark

RelyOn Nutec is a provider of safety training for the offshore, wind, and maritime industries. The company currently operates 33 trainings centers located in 20 countries and is today by far the largest within its industry. RelyOn Nutec was founded in 1968 and is based in Copenhagen, Denmark.

Buy -

Seller(S) 1

SELLER

Truist

Washington, District of Columbia, United States
Category Company
Founded 2008
Sector Business Services
DESCRIPTION

Truist connects donors and volunteers with worthy causes around the world. Our mission is to reach more contributors - more effectively and with the utmost cost efficiency - by leveraging our people, our comprehensive service suite, and our technology.

DEAL STATS #
Overall 2 of 2
Sector (Insurance) 1 of 1
Type (Divestiture) 2 of 2
State (North Carolina) 2 of 2
Country (United States) 2 of 2
Year (2024) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-06 Truist Retirement Recordkeeping Business

Charlotte, North Carolina, United States

Truist Retirement Recordkeeping Business includes more than 1,200 retirement plans, consisting of approximately 125,000 plan participants and $5 billion in assets.

Sell -
Mergr

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