M&A Deal Summary

PartnerRe Acquires Aurigen Capital

On October 20, 2016, PartnerRe acquired insurance company Aurigen Capital from EdgeStone Capital Partners, Pine Brook Partners and Bregal Investments for 375M CAD

Acquisition Highlights
  • This is PartnerRe’s 4th transaction in the Insurance sector.
  • This is PartnerRe’s 2nd largest (disclosed) transaction.
  • This is PartnerRe’s 1st transaction in Bermuda.

M&A Deal Summary

Date 2016-10-20
Target Aurigen Capital
Sector Insurance
Buyer(s) PartnerRe
Sellers(s) EdgeStone Capital Partners
Pine Brook Partners
Bregal Investments
Deal Type Add-on Acquisition
Deal Value 375M CAD
Advisor(s) Evercore Group (Financial)

Target

Aurigen Capital

Hamilton, Bermuda
Aurigen Capital is a Bermuda-domiciled life reinsurer focused primarily on providing reinsurance to Canadian and U.S. primary life insurers.

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Buyer(S) 1

Buyer

PartnerRe

Pembroke, Bermuda

Category Company
Founded 1993
Sector Insurance
Employees1,281
Revenue 5.4B USD (2015)
DESCRIPTION

PartnerRe Ltd. is a provider of risk-assumption solutions for the global insurance and capital markets. It provides insurance companies with multiple lines of reinsurance property & casualty, catastrophe, specialty lines, life, and alternative risk transfer through our offices around the world.


DEAL STATS #
Overall 5 of 5
Sector (Insurance) 4 of 4
Type (Add-on Acquisition) 3 of 3
Country (Bermuda) 1 of 1
Year (2016) 2 of 2
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-03-24 Almacantar

London, United Kingdom

Almacantar specializes in the commercial property markets in London and Paris.

Buy -

Seller(S) 3

SELLER

EdgeStone Capital Partners

Toronto, Ontario, Canada

Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 2.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

EdgeStone Capital Partners, Inc. is a private equity firm that targets middle market companies located in the Canada. The Firm targets to invest in companies with an EBITDA range $10 - $50 million and Enterprise value of $50 - $250 million. It seeks to invest in equity and equity related instruments and seeks to hold majority position and board seat in portfolio companies. Specific areas of interest include light manufacturing, business services, and consumer services. Type of transaction includes MBO, recapitalizations, growth capital, divestiture or non-core business and succession planning. EdgeStone Capital Partners, Inc. is based in Toronto, Ontario.


DEAL STATS #
Overall 24 of 25
Sector (Insurance) 1 of 1
Type (Add-on Acquisition) 17 of 17
Country (Bermuda) 1 of 1
Year (2016) 2 of 2
Size (of disclosed) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-04-06 Solace Systems

Ottawa, Ontario, Canada

Solace Systems provides market-leading technology for real-time, event-based movement of data. Solace’s proprietary ‘event mesh’ platform securely and reliably moves event data into, out of, and across enterprise applications. Solace Systems was founded in 2001 and is based in Ottawa, Ontario.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-04-03 EZShield

Nottingham, Maryland, United States

EZShield, Inc. is a provider of fraud protection to consumers and small business customers through trusted partners in the financial services, benefits/payroll, insurance, telecommunications and warranty markets. EZShield full range of identity theft and fraud services are offered on a secure, flexible platform and backed by best-in-class customer support. EZShield was founded in 2001 and is based in Nottingham, Maryland.

Sell -
SELLER

Pine Brook Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2006
PE ASSETS 6.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Pine Brook Road Partners is a private equity group focused on growth capital investments in the energy and financial services sectors. Specific areas of interest within the energy sector include exploration, oilfield services, transportation/storage, power generation/distribution/transmission, and biofuel/renewable resources. Specific areas of interest within financial services include insurance, banks, asset management, specialty finance, and servicing/distribution/origination. Pine Brook generally acts as the lead/control investor in newly-formed or established businesses. The Firm has a special interest in 'underappreciated or overlooked' opportunities. Pine Brook Road Partners was formed in 2006 and is based in New York City.


DEAL STATS #
Overall 8 of 25
Sector (Insurance) 2 of 6
Type (Add-on Acquisition) 3 of 11
Country (Bermuda) 3 of 4
Year (2016) 1 of 2
Size (of disclosed) 6 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-05-17 Accelerate Resources

Dallas, Texas, United States

Accelerate Resources is a Dallas, TX-based exploration and production company focused on acquiring non-operated working interest positions in the U.S. Eagle Ford shale and Permian Basin.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-11-22 Stonegate Production

Houston, Texas, United States

Stonegate Production Co. is an oil and gas company focused exploration and production (E&P) opportunities in mature onshore fields in the US.

Sell -
SELLER

Bregal Investments

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2002
PE ASSETS 7.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Bregal Investments LLP is a private equity firm focused on buyouts and growth capital financings of middle-market companies. Bregal Investments targets equity investments between €30 and €150 million in companies valued in excess of €75 million. Bregal is based in London.


DEAL STATS #
Overall 9 of 15
Sector (Insurance) 4 of 4
Type (Add-on Acquisition) 5 of 7
Country (Bermuda) 1 of 1
Year (2016) 2 of 2
Size (of disclosed) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-07-21 M Group Services

Stevenage, United Kingdom

M Group Services is a service provider to the regulated infrastructure markets in the UK and Ireland through its utilities, transport, telecom, and data divisions. The Company operates through its subsidiaries that include Morrison Utility Services, Morrison Data Services, Dyer & Butler, Magdalene, PMP Utilities and M Group Services Plant & Fleet Solutions. M Group Services was formed in 1847 and is based in Hertfordshire, England.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-03 The Danwood Group

Lincoln, United Kingdom

The Danwood Group Ltd. is a provider of office technology to SMEs, and the corporate and public sectors. The business has matured from a traditional copier and printer business into one of the document solutions providers in the UK and Ireland, offering customers a one stop solution to their print, fax and copy requirements.

Sell -