Secondary Buyout • Insurance

PNC Riverarch Capital Acquires itel

On September 1, 2017, private equity firm PNC Riverarch Capital acquired insurance company itel from Windjammer Capital

Acquisition Context
  • This is PNC Riverarch Capital’s 1st transaction in the Insurance sector.
  • This is PNC Riverarch Capital’s 15th transaction in the United States.
  • This is PNC Riverarch Capital’s 1st transaction in Florida.
Investment Fate
  • itel was sold to a consortium of financial buyers in 2021.

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M&A Deal Summary

Date September 1, 2017
Target itel
Sector Insurance
Buyer(s) PNC Riverarch Capital
Sellers(s) Windjammer Capital
Deal Type Secondary Buyout

Target Company

itel

Jacksonville, Florida, United States
itel is an insurance service provider that helps property insurance companies effectively settle claims worldwide. itel is committed to custom-fitting its service offering to meet the unique needs of each international insurance market. itel was founded in 1993 and is based in Jacksonville, Florida.
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Buyer Overview 1

Buyer

PNC Riverarch Capital

Pittsburgh, Pennsylvania, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2011
PE ASSETS 250M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

PNC Riverarch Capital is a middle-market private equity group that invests in privately-held companies headquartered throughout North America. The Group looks to commit $10 to $50 million to help fund recapitalizations, leveraged and management buyouts, corporate divestitures and growth financings. Target sectors include business and industrial services, specialized manufacturing, and value-added distribution. PNC Riverarch was formed in 2011 and is an affiliate of PNC Financial Services Group.


Deal Context for Buyer #
Overall 17 of 37
Sector: Insurance 1 of 1
Type: Secondary Buyout 5 of 13
State: Florida 1 of 2
Country: United States 15 of 31
Year: 2017 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-07-17 T.S.S.

Warren, Michigan, United States

T.S.S. LLC is a designer and manufacturer of light-equipment, fixtures, and specialty signage for the car wash industry. TSS serves more than 2,000 car wash operators, distributors, and OEMs across all 50 states, offering 1,300+ active SKUs in a broad range of "must-have" functional product categories that drive meaningful incremental volume and returns for car washes. T.S.S. was established in 1990 and is based in Warren, Michigan.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-27 Tranzonic Companies

Knoxville, Tennessee, United States

Tranzonic Companies is a manufacturer and distributor of consumable personal care, cleaning, and MRO products sold to over 30,000 industrial, commercial, institutional, and medical customers. Primary products include wipers, adult incontinence, personal hygiene, and related products with generic and private label brands. Tranzonic Companies was established in 1933 and is based in Knoxville, Tennessee.

Buy -

Seller Profile 1

SELLER

Windjammer Capital

Newport Beach, California, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1990
PE ASSETS 2.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Windjammer Capital is a private investment firm that invests control equity, minority equity, and/or subordinated debt in growing middle-market businesses. The Firm seeks to invest between $50 and $200 million of equity or subordinated debt in companies that generate at least $8 million of EBITDA. Windjammer focuses on North American-based opportunities and prefers companies with scalable business models, differentiated products/services, and that operate in defensible markets. Broad sectors of interest include manufacturing, business services and value-added distribution. Windjammer does not invest in high technology, real estate, and financial services companies. Windjammer Capital was formed in 1990 and has offices in Waltham, Massachusetts and Newport Beach, California.


Deal Context for Seller #
Overall 22 of 27
Sector: Insurance 1 of 1
Type: Secondary Buyout 11 of 12
State: Florida 1 of 1
Country: United States 22 of 27
Year: 2017 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-04-26 Vital Records Control

Memphis, Tennessee, United States

Vital Records Control provides a suite of information governance services and solutions. The Company offers offsite records storage, climate-controlled storage, the release of information services, vaulting services for media backups, and destruction, services including mobile shredding, imaging services, records indexing services, and medical workflow solutions. Vital Records Control is based in Memphis, Tennessee.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-21 JWC Environmental

Costa Mesa, California, United States

JWC Environmental LLC is a manufacturer of 200 highly engineered variations of grinding and solids separation equipment used primarily in wastewater treatment applications. JWC Environmental was founded in 1979 and is based in Costa Mesa, California.

Sell $215M