M&A Deal Summary

Equistone Partners Europe Limited, Citi and Nikko Principal Investments Acquire Cabot Financial

On April 10, 2006, private equity firm Equistone Partners Europe Limited, Citi and Nikko Principal Investments acquired financial services company Cabot Financial from Vision Capital and Equistone Partners Europe Limited for 275M GBP

Acquisition Highlights
  • This is Equistone Partners Europe Limited’s 6th, Citi’s 8th and Nikko Principal Investments’ 1st transaction in the Financial Services sector.
  • This is Equistone Partners Europe Limited’s 2nd, Citi’s 9th and Nikko Principal Investments’ 0th largest (disclosed) transaction.
  • This is Equistone Partners Europe Limited’s 54th, Citi’s 1st and Nikko Principal Investments’ 3rd transaction in the United Kingdom.
Investment Fate
  • Cabot Financial merged with another company in 2011.

M&A Deal Summary
Date 2006-04-10
Target Cabot Financial
Sector Financial Services
Buyer(s) Equistone Partners Europe Limited
Citi
Nikko Principal Investments
Sellers(s) Vision Capital
Equistone Partners Europe Limited
Deal Type Secondary Buyout
Deal Value 275M GBP

Target

Cabot Financial

Kings Hill, West Malling, United Kingdom
Cabot Financial Ltd. is a provider of debt recovery services, helping people to resolve past credit difficulties.

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Buyer(S) 3

Buyer

Equistone Partners Europe Limited

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1997
PE ASSETS 9.6B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Equistone Partners Europe Ltd is a private equity firm that invests in small to mid-sized companies with valued from €50 to €500 million. Equistone targets companies operating in the fields of services, healthcare, financial services, and consumer/travel. The Firm looks to invest €25 to €200 million in a variety of transactions, including buyouts, growth capital financings, and recapitalizations. Equistone Partners Europe Ltd. (formerly Barclays Private Equity Ltd) was formed in 1997 and is based in London.

DEAL STATS #
Overall 113 of 254
Sector (Financial Services) 6 of 10
Type (Secondary Buyout) 14 of 85
Country (United Kingdom) 54 of 101
Year (2006) 6 of 13
Size (of disclosed) 2 of 55
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-03-31 TUJA Zeitarbeit

Dusseldorf, Germany

TUJA Holding GmbH, the temporary employment agency, from a German private equity firm, Odewald & Compagnie. As one of Germany's leading temporary staffing firms, TUJA serves a range of customers, in particular mid-sized companies but also larger clients, from the automotive and aviation industries.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-06-01 La Croissanterie

Clichy, France

La Croissanterie is a sandwich,sweet pastry restaurant chain and has 161 restaurants, two-thirds of which it directly manages. La Croissanterie was founded in 1977 and is based in Clichy, France.

Sell -
Buyer

Citi

New York, New York, United States
Category Company
Founded 1812
Sector Financial Services
Employees237,000
Revenue 78.5B USD (2023)
DESCRIPTION

Citi is a global diversified financial services holding company, whose businesses provide consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, trade and securities services and wealth management. Citi was incorporated in 1812 and is based in New York City.

DEAL STATS #
Overall 8 of 16
Sector (Financial Services) 8 of 13
Type (Secondary Buyout) 1 of 1
Country (United Kingdom) 1 of 2
Year (2006) 1 of 1
Size (of disclosed) 9 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-07-01 The Travelers Life and Annuity

Hartford, Connecticut, United States

The Travelers Life and Annuity Co., provides various individual insurance products.

Sell $11.8B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-01-09 Akbank Turk Anonim Sirketi

Istanbul,, Turkey

Akbank is Turkey's most profitable private bank, offers a wide range of retail, commercial, corporate, private banking, international trade finance and capital markets services.

Buy -
Buyer

Nikko Principal Investments

United Kingdom
Category Company
Sector Financial Services
DESCRIPTION

Nikko Principal Investments Ltd. provides financial servies.

DEAL STATS #
Overall 4 of 4
Sector (Financial Services) 1 of 1
Type (Secondary Buyout) 1 of 1
Country (United Kingdom) 3 of 3
Year (2006) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-01 Hirequip

Auckland, New Zealand

Hirequip Ltd. is a dry-hire equipment rental business. It offers a wide range of rental equipment across the full spectrum of the construction sector via a national branch network. Hirequip was established in 1960 and is based in Auckland, New Zeland.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-03-02 Roadchef

Cannock, United Kingdom

RoadChef is a roadside service area businesses operates motorway service areas in Britain. It operates catering and retail brand outlets, and restaurants, which provide meals, sandwiches, muffins, pastries, breakfasts, portions of fish and chips, and coffees. Roadchef was founded in 1973 and is based in Cannock, United Kingdom.

Sell £417M

Seller(S) 2

SELLER

Vision Capital

London, United Kingdom

Investor Investor Investor

Category Private Equity Firm
Founded 1997
PE ASSETS 2.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Vision Capital is a large private equity firm focused on control investments in companies located in Europe and the US. Vision targets equity and debt investments in profitable businesses valued from €50 million to €1 billion. Specific areas of interest include financial services, real estate, industrial, manufacturing, consumer and business services. Target transaction types include buyouts and corporate divestitures/spinoffs. In addition to its principal investment activity, Vision Capital's Principal Finance group provides financing to other investors or company owners to support growth initiatives, debt repayment, acquisitions, or investor liquidity. Vision Capital was formed in 1997 and is based in London.

DEAL STATS #
Overall 4 of 29
Sector (Financial Services) 1 of 2
Type (Secondary Buyout) 3 of 10
Country (United Kingdom) 4 of 16
Year (2006) 2 of 2
Size (of disclosed) 1 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-02-15 Deloro Stellite

Bicester, United Kingdom

Deloro Stellite, Inc. is a manufacturer and provider of alloy based critical wear solutions for extreme environments involving high temperature, corrosion and abrasion.

Sell €175M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-05-01 CPL Industries

Sheffield, United Kingdom

CPL Industries Ltd. is a manufacturer and distributor of smokeless solid fuels and coal briquettes across the UK. Manufacturing 21 different solid fuels, predominantly smokeless, CPL is a coal merchant and wholesaler, selling to over 60,000 end users together with around 15 wholesalers, 400 merchants and 2,000 retailers.

Buy -
SELLER

Equistone Partners Europe Limited

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1997
PE ASSETS 9.6B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Equistone Partners Europe Ltd is a private equity firm that invests in small to mid-sized companies with valued from €50 to €500 million. Equistone targets companies operating in the fields of services, healthcare, financial services, and consumer/travel. The Firm looks to invest €25 to €200 million in a variety of transactions, including buyouts, growth capital financings, and recapitalizations. Equistone Partners Europe Ltd. (formerly Barclays Private Equity Ltd) was formed in 1997 and is based in London.

DEAL STATS #
Overall 55 of 192
Sector (Financial Services) 4 of 8
Type (Secondary Buyout) 17 of 91
Country (United Kingdom) 32 of 84
Year (2006) 3 of 12
Size (of disclosed) 12 of 58
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-03-31 TUJA Zeitarbeit

Dusseldorf, Germany

TUJA Holding GmbH, the temporary employment agency, from a German private equity firm, Odewald & Compagnie. As one of Germany's leading temporary staffing firms, TUJA serves a range of customers, in particular mid-sized companies but also larger clients, from the automotive and aviation industries.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-06-01 La Croissanterie

Clichy, France

La Croissanterie is a sandwich,sweet pastry restaurant chain and has 161 restaurants, two-thirds of which it directly manages. La Croissanterie was founded in 1977 and is based in Clichy, France.

Sell -
Mergr

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