M&A Deal Summary

PartnerRe Acquires Paris Re Holdings

On July 5, 2009, PartnerRe acquired insurance company Paris Re Holdings from GCP Capital Partners, Stone Point Capital, Vestar Capital Partners, Crestview Partners, Hellman & Friedman, Ridgemont Equity Partners and New Mountain Capital for 2.0B USD

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

M&A Deal Summary

Date 2009-07-05
Target Paris Re Holdings
Sector Insurance
Buyer(s) PartnerRe
Sellers(s) GCP Capital Partners
Stone Point Capital
Vestar Capital Partners
Crestview Partners
Hellman & Friedman
Ridgemont Equity Partners
New Mountain Capital
Deal Type Add-on Acquisition
Deal Value 2.0B USD

Target

Paris Re Holdings

Zug, Switzerland
Paris Re Holdings Ltd. is a property and casualty reinsurer with a global market presence.

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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 2 of 5
Sector (Insurance) 2 of 4
Type (Add-on Acquisition) 1 of 3
Country (Switzerland) 1 of 1
Year (2009) 1 of 1
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-05-23 Mutuelle Centrale de Reassurance - Renewal Rights

France

Mutuelle Centrale de Reassurance - Renewal Rights is a provider of insurance services in France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-12-19 Presidio Reinsurance Group

San Francisco, California, United States

Presidio Reinsurance Group, a U.S. specialty accident and health reinsurance and insurance writer.

Buy $72M

Seller(S) 7

SELLER

GCP Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Merchant Bank
Founded 2000
PE ASSETS 1.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

GCP Capital Partners consists of GCP US, GCP Europe, and GCP Venture. GCP US targets North American acquisitions. The unit looks to invest $10 to $50 million in businesses valued up to $500 million. GCP Europe targets businesses in the UK and Europe. The European team looks to invest up to £40 million in companies valued up to £100 million. Sectors of interest include business services, education, energy, financial services, insurance and telecommunications.


DEAL STATS #
Overall 11 of 24
Sector (Insurance) 3 of 4
Type (Add-on Acquisition) 5 of 10
Country (Switzerland) 1 of 1
Year (2009) 1 of 1
Size (of disclosed) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-08-01 Pacific Coast Energy Company

Los Angeles, California, United States

Pacific Coast Energy Company is an independent company engaged in the development and production of long-lived onshore crude oil reserves located in Los Angeles, Orange and Santa Barbara counties in Southern California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-06-29 Acrisure

Grand Rapids, Michigan, United States

Acrisure is a retail insurance brokerage offering comprehensive risk management and consulting solutions, including property & casualty, employee benefits, human resource outsourcing, loss & claims management, surety bonding and personal lines coverage. Acrisure was founded in 2005 and is based in Grand Rapids, Michigan.

Buy -
SELLER

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 8 of 55
Sector (Insurance) 6 of 16
Type (Add-on Acquisition) 3 of 28
Country (Switzerland) 1 of 1
Year (2009) 1 of 1
Size (of disclosed) 3 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-07-05 PartnerRe

Pembroke, Bermuda

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.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-12-01 Higginbotham

Fort Worth, Texas, United States

Higginbotham is an insurance, risk management, and financial services firm that provides its clients with access to commercial and personal property & casualty coverage, employee benefits, retirement plans, life insurance, and executive compensation solutions through more than 250 regional and national insurance carriers. Higginbotham was founded in 1948 and is based in Fort Worth, Texas.

Buy -
SELLER

Vestar Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1988
PE ASSETS 11.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Vestar Capital Partners is a private equity firm that targets management buyouts and growth capital investments across North America and Europe in the consumer, business services, and healthcare sectors. The Firm looks to invest $50 to $150 million in transactions valued up to $1 billion. Specific areas of interest include food, apparel, household goods, retail, consumer services, industrial services, information services, manufacturing, distribution, transportation, financial services, media/communications, digital health media, and medical technology. Vestar Capital Partners was formed in 1988 and is based in New York City.


DEAL STATS #
Overall 37 of 66
Sector (Insurance) 3 of 5
Type (Add-on Acquisition) 14 of 28
Country (Switzerland) 2 of 2
Year (2009) 1 of 2
Size (of disclosed) 4 of 21
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-07-05 PartnerRe

Pembroke, Bermuda

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.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-12-01 Birds Eye Foods

Rochester, New York, United States

Birds Eye Foods, Inc. is a food marketing company. Its familiar brands in the frozen aisle include Birds Eye, Birds Eye Voila!, C&W, Freshlike and McKenzie's.

Sell $1.3B
SELLER

Crestview Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 10.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Crestview Partners is a private equity firm focused on challenging investment situations. Crestview targets opportunities across a broad range of industries, with a special interest in asset management, media, healthcare and financial service companies. The Firm looks to commit $100 to $250 million of equity capital in transactions valued between $500 million and $3 billion. Crestview Partners was formed in 2004 and is based in New York, New York.


DEAL STATS #
Overall 2 of 27
Sector (Insurance) 1 of 3
Type (Add-on Acquisition) 1 of 12
Country (Switzerland) 1 of 1
Year (2009) 1 of 1
Size (of disclosed) 3 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-07-05 PartnerRe

Pembroke, Bermuda

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.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-12-17 Capital Bank Financial

Charlotte, North Carolina, United States

Capital Bank Financial Corp. is a provider of various commercial and consumer banking, and ancillary financial services.

Buy $900M
SELLER

Hellman & Friedman

San Francisco, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1984
PE ASSETS 50.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Hellman & Friedman (H&F) is a large private equity firm on the West Coast of the US. H&F focuses on control and minority investments in a variety of transaction structures and will consider opportunities across the US and Europe. H&F seeks buyouts and business in need of restructurings that operate in defensible markets with predictable revenue and earnings growth. Target sectors include financial services, healthcare, indusrial, energy, insurance, media, marketing, professional services, software, and information services. H&F's target equity investment size is $300 million to $1 billion. Hellman & Friedman was formed in 1984 and has offices in San Francisco, New York City, and London.


DEAL STATS #
Overall 16 of 59
Sector (Insurance) 2 of 4
Type (Add-on Acquisition) 4 of 13
Country (Switzerland) 1 of 1
Year (2009) 1 of 2
Size (of disclosed) 12 of 19
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-07-05 PartnerRe

Pembroke, Bermuda

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.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-08-12 Emdeon Business Services

Nashville, Tennessee, United States

Emdeon Business Services is a provider of revenue cycle management and clinical communication solutions that enables payers, providers and patients to improve healthcare business processes. Emdeon Business Services is based in Nashville, Tennessee.

Sell -
SELLER

Ridgemont Equity Partners

Charlotte, North Carolina, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1993
PE ASSETS 7.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ridgemont Equity Partners is an independent private equity firm specializing in middle-market buy-outs, corporate divestitures, recapitalizations and growth capital investments. The Firm targets to invest in companies located in North America, preferably in US and Canada. REP looks to invest up to $500 million in companies with EBIDTA of $5 - $50 million. The Firm seeks to hold both majority and minority equity interest in portfolio companies. Specific areas of interest include basin industries and services, energy, healthcare, telecommunications, media and technology. Ridgemont Equity Partners is a spun-off of Banc of America Capital Investors (BACI). Ridgemont Equity Partners was formed in August 2010 and is based in Charlotte, North Carolina.


DEAL STATS #
Overall 40 of 91
Sector (Insurance) 4 of 7
Type (Add-on Acquisition) 19 of 36
Country (Switzerland) 1 of 1
Year (2009) 2 of 3
Size (of disclosed) 6 of 23
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-07-05 PartnerRe

Pembroke, Bermuda

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.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-11-03 NuVox Communications

Greenville, South Carolina, United States

NuVox Communications, Inc. is an integrated communications provider. NuVox is a competitive local exchange carrier (CLEC) offering comprehensive voice and data communications products and services to customers. NuVox delivers services via its industry MPLS-based wide area private IP network.

Sell $643M
SELLER

New Mountain Capital

New York, New York, United States

Category Private Equity Firm
Founded 2000
PE ASSETS 35.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

New Mountain Capital is a private investment firm focused on investment in public and private companies in a variety of industries. New Mountain generally invests $100 to $500 million per transaction and looks for businesses with strong market positions and high barriers to entry. New Mountain also prefers businesses that succeed in both good and bad economies. Sectors of interest include education, healthcare, business services, federal IT services, media, software, consumer products, logistics, financial services and technologies, and energy. New Mountain Capital was formed in 2000 and is based in New York City.


DEAL STATS #
Overall 5 of 45
Sector (Insurance) 2 of 3
Type (Add-on Acquisition) 3 of 22
Country (Switzerland) 1 of 1
Year (2009) 1 of 1
Size (of disclosed) 7 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-07-05 PartnerRe

Pembroke, Bermuda

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.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-02-22 RedPrairie

Alpharetta, Georgia, United States

RedPrairie Corp. is a developer and marketer of software for managing warehousing and transportation logistics.

Buy -