M&A Deal Summary

Raymond James Financial Acquires SumRidge Partners

On March 28, 2022, Raymond James Financial acquired financial services company SumRidge Partners from Stone Point Capital

Acquisition Highlights
  • This is Raymond James Financial’s 8th transaction in the Financial Services sector.
  • This is Raymond James Financial’s 8th transaction in the United States.
  • This is Raymond James Financial’s 1st transaction in New Jersey.

M&A Deal Summary
Date 2022-03-28
Target SumRidge Partners
Sector Financial Services
Buyer(s) Raymond James Financial
Sellers(s) Stone Point Capital
Deal Type Add-on Acquisition
Advisor(s) Piper Sandler & Co. (Financial)
Gunderson Dettmer (Legal)

Target

SumRidge Partners

Jersey City, New Jersey, United States
SumRidge Partners is a principal-based fixed income market maker, specializing in high yield and investment-grade corporate bonds, municipal bonds, institutional preferred securities, emerging market bonds, and non-agency mortgage-backed securities. SumRidge uses its own balance sheet to facilitate flow trading, ensuring instantaneous execution for its diverse client base. SumRidge also offers actionable fixed income trade ideas and trading desk commentary to a dynamic distribution platform of institutional, middle-market, and wealth management clients worldwide. SumRidge Partners was founded in 2010 and is based in Jersey City.

Search 201,157 Deals Now

SEARCH BY

  • Buyer Type (PE or Strategic)
  • Deal Size ($10M to $10B+)
  • Sector (60 Sectors)
  • Deal Type
  • Geography
  • & More

Try For Free 7-Day Free Trial

Buyer(S) 1

Buyer

Raymond James Financial

St. Petersburg, Florida, United States
Category Company
Founded 1962
Sector Financial Services
Employees18,000
Revenue 11.5B USD (2023)
DESCRIPTION
Raymond James' corporate headquarters located in St. Petersburg, Florida.
Raymond James' corporate headquarters located in St. Petersburg, Florida.

Raymond James Financial is a financial holding company, through its subsidiaries, that is engaged in the underwriting, distribution, trading, and brokerage of equity and debt securities, as well as the sale of mutual funds and other investment products in the United States, Canada, and Europe. Raymond James Financial was founded in 1962 and is based in St. Petersburg, Florida.

DEAL STATS #
Overall 10 of 10
Sector (Financial Services) 8 of 8
Type (Add-on Acquisition) 8 of 8
State (New Jersey) 1 of 1
Country (United States) 8 of 8
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-20 TriState Capital Bank

Pittsburgh, Pennsylvania, United States

TriState Capital Bank is a commercial bank dedicated to providing customized banking solutions for middle-market businesses, professionals. TriState Capital Bank was founded in 2006 and is based in Pittsburgh, Pennsylvania.

Buy $1.1B

Seller(S) 1

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 53 of 55
Sector (Financial Services) 20 of 20
Type (Add-on Acquisition) 28 of 28
State (New Jersey) 1 of 2
Country (United States) 47 of 49
Year (2022) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-24 LTCG

Eden Prairie, Minnesota, United States

LTCG is a provider of administrative solutions and clinical services to the long-term care and life insurance industry, with over two decades of experience in this space. LTCG was founded in 1996 and is based in Eden Prairie, Minnesota.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-05 Tivity Health

Franklin, Tennessee, United States

Tivity Health is a provider of well-being improvement solutions. The Company uses the science of behavior change to produce and measure positive change in well-being for customers, which include employers, integrated health systems, hospitals, physicians, health plans, communities and government entities. Tivity Health was founded in 1981 and is based in Franklin, Tennessee.

Buy $2.0B
Mergr

Product

Company

Legal