M&A Deal Summary

Open Lending Acquires Core Specialty Insurance

On May 13, 2024, Open Lending acquired insurance company Core Specialty Insurance from SkyKnight Capital, Dragoneer Investment Group and Aquiline Capital Partners

Acquisition Highlights
  • This is Open Lending’s 1st transaction in the Insurance sector.
  • This is Open Lending’s 2nd transaction in the United States.
  • This is Open Lending’s 1st transaction in Ohio.

M&A Deal Summary
Date 2024-05-13
Target Core Specialty Insurance
Sector Insurance
Buyer(s) Open Lending
Sellers(s) SkyKnight Capital
Dragoneer Investment Group
Aquiline Capital Partners
Deal Type Add-on Acquisition

Target

Core Specialty Insurance

Cincinnati, Ohio, United States
Core Specialty Insurance offers a diversified range of property and casualty insurance products for small to midsized businesses. Core Specialty Insurance is based in Cincinnati, Ohio.

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Buyer(S) 1

Buyer

Open Lending

Austin, Texas, United States
Category Company
Founded 2000
Sector Financial Services
Employees210
Revenue 117M USD (2023)
DESCRIPTION

Open Lending is a provider of automated lending services to financial institutions. The company specializes in loan analytics, risk-based pricing, risk modeling, and automated decision technology for automotive lenders. Open Lending was founded in 2000 and is based in Austin, Texas.

DEAL STATS #
Overall 2 of 2
Sector (Insurance) 1 of 1
Type (Add-on Acquisition) 2 of 2
State (Ohio) 1 of 1
Country (United States) 2 of 2
Year (2024) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-10 Open Lending

Austin, Texas, United States

Open Lending is a provider of automated lending services to financial institutions. The company specializes in loan analytics, risk-based pricing, risk modeling, and automated decision technology for automotive lenders. Open Lending was formed in 2000 and is based in Austin, Texas.

Buy -

Seller(S) 3

SELLER

SkyKnight Capital

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2015
Size Small
Type Sector Agnostic
DESCRIPTION

SkyKnight Capital is a private equity firm focused on long-term investments in businesses requiring value-add strategies to achieve growth. SkyKnight will consider majority or minority investment situations and generally looks to commit $25 to $250 million per transaction. Sectors of interest include healthcare, financial services, and tech-enabled services. SkyKnight is headquartered in San Francisco, California.

DEAL STATS #
Overall 2 of 2
Sector (Insurance) 1 of 1
Type (Add-on Acquisition) 2 of 2
State (Ohio) 1 of 1
Country (United States) 2 of 2
Year (2024) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-05 Pearl Street

Dallas, Texas, United States

Pearl Street is a dental practice management company partnering with dental practices throughout Texas and Oklahoma. The Company’s dentists, hygienists, and practitioners provide comprehensive care to patients across general, specialty, and cosmetic dentistry. Pearl Street provides its partner practices with centralized non-clinical resources that enable dentists and clinical teams to focus exclusively on dentistry and delivering excellent patient care while retaining significant ownership stakes in their practices. Pearl Street is steadfast in its commitment to preserving provider autonomy while cultivating a family culture and community amongst its partner. Pearl Street Dental Partners is based in Dallas, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-11 Ampirical

Covington, Louisiana, United States

Ampirical is a provider of engineering services and software for the power end market. The Company provides a comprehensive suite of services, including transmission and distribution line, substation, and protective relay design engineering, along with cyber engineering and software solutions through Cybirical and GridIntel. Ampirical was founded in 2006 and is based in Covington, Louisiana.

Buy -
SELLER

Dragoneer Investment Group

Investor

Category Private Equity Firm
Founded 2012
Size Small
Type Sector Agnostic
DESCRIPTION

Dragoneer Investment Group is a growth-oriented investor in public and private companies throughout the US. Dragoneer Investment Group was established in 2012 and is headquartered in San Francisco, California.

DEAL STATS #
Overall 3 of 3
Sector (Insurance) 1 of 1
Type (Add-on Acquisition) 2 of 2
State (Ohio) 1 of 1
Country (United States) 3 of 3
Year (2024) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-10 Arco

Sao Paulo, Brazil

Arco provides hundreds of thousands of students' education services. Arco's data-driven learning methodology, proprietary adaptable curriculum, interactive hybrid content, and high-quality pedagogical services allow students to personalize their learning experience while enabling schools to thrive. Arco was founded in 1941 and is based in Sao Paulo, Brazil.

Buy $1.5B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-08-08 Simplicity Group

Summit, New Jersey, United States

Simplicity Group is a financial product distribution firm focused on retirement planning solutions through a combination of annuity, life insurance, and securities products. Simplicity Group was founded in 2008 and is based in Summit, New Jersey.

Buy -
SELLER

Aquiline Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2005
PE ASSETS 10.4B USD
Size Mega
Type Sector Focused
DESCRIPTION

Aquiline Capital Partners is a private equity firm that targets investments in the financial services sector. The Firm specifically invests in risk-bearing and services enterprises in industries such as property and casualty insurance, specialty finance, securities, asset management, life insurance and transaction processing. Aquiline Capital was formed in 2005 and is based in New York City.

DEAL STATS #
Overall 26 of 27
Sector (Insurance) 7 of 8
Type (Add-on Acquisition) 13 of 14
State (Ohio) 1 of 1
Country (United States) 18 of 18
Year (2024) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-28 Accuserve Solutions

Denver, Colorado, United States

Accuserve Solutions is a full-service managed repair and home services platform, connecting insurance carriers, homeowners, and contractors through a unified platform that simplifies the property restoration and claims process from incident through repair. Accuserve Solutions is based in Denver, Colorado.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-02 Isio

London, United Kingdom

Isio Group is an independent pensions advice and wealth management specialist that combines actuarial expertise, third-party administration, investment consulting, and DC specialism. Isio was formed in 2019 and is based in London, United Kingdom.

Buy -
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