M&A Deal Summary

Reverence Capital Partners and NB Private Equity Partners Acquire Advisor Group

On May 9, 2019, private equity firm Reverence Capital Partners and asset manager NB Private Equity Partners acquired financial services company Advisor Group from Lightyear Capital

Acquisition Highlights
  • This is Reverence Capital Partners’ 5th and NB Private Equity Partners’ 1st transaction in the Financial Services sector.
  • This is Reverence Capital Partners’ 7th and NB Private Equity Partners’ 13th transaction in the United States.
  • This is Reverence Capital Partners’ 2nd and NB Private Equity Partners’ 1st transaction in Arizona.

M&A Deal Summary
Date 2019-05-09
Target Advisor Group
Sector Financial Services
Buyer(s) Reverence Capital Partners
NB Private Equity Partners
Sellers(s) Lightyear Capital
Deal Type Secondary Buyout
Advisor(s) Barclays Investment Bank
RBC Capital Markets
SunTrust Robinson Humphrey, Inc. (Financial)

Target

Advisor Group

Phoenix, Arizona, United States
Advisor Group is an independent wealth management platform supporting over 10,100 independent financial advisors and overseeing more than $410bn in client assets. Advisor Group provides comprehensive broker-dealer services, technology, and advisory programs through its four registered broker-dealers and Registered Investment Advisors. Advisor Group was founded in 1999 and is based in Phoenix, Arizona.

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Buyer(S) 2

Buyer

Reverence Capital Partners

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2013
Size Small
Type Sector Focused
DESCRIPTION

Reverence Capital Partners is a specialist private investment firm focused on investing in global, middle-market financial services businesses. Specific areas of interest include insurance, asset/wealth management, depositories, finance, financial technology/payments, and capital markets. The Firm targets control and influence-oriented minority investments and typically collaborates with management to drive long-term success. Reverence Capital Partners was formed in 2013 and is based in New York City.

DEAL STATS #
Overall 7 of 13
Sector (Financial Services) 5 of 7
Type (Secondary Buyout) 1 of 4
State (Arizona) 2 of 3
Country (United States) 7 of 13
Year (2019) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-07 Transact

Scottsdale, Arizona, United States

Transact is a provider of campus engagement and payments solutions and a first-mover innovator in NFC mobile credentials, Transact enables institutions to identify and engage students, elevating the student experience through mission-critical transactions. Transact is based in Scottsdale, Arizona.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-15 Vida Capital

Austin, Texas, United States

Vida Capital is an alternative asset management platform specializing in non-correlated investment strategies. Vida specializes in structuring, servicing, financing, and management of life settlements, asset-backed loans, annuities, and structured settlements. Vida Capital was founded in 2009 and is based in Austin, Texas.

Buy -
Buyer

NB Private Equity Partners

Investor Investor Investor Investor Investor

Category Asset Manager
Size Large
Type Sector Agnostic
DESCRIPTION

NB Private Equity Partners is a publicly traded asset manager focused on acquiring direct investments in privately held companies. The Firm principally targets businesses in the US and looks to invest alongside other private equity managers when considering opportunities. NB Private Equity Partners is headquartered in the UK, with an additional office in the US.

DEAL STATS #
Overall 20 of 27
Sector (Financial Services) 1 of 2
Type (Secondary Buyout) 10 of 14
State (Arizona) 1 of 1
Country (United States) 13 of 15
Year (2019) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-18 Hydro Holding

Modena, Italy

Hydro Holding SpA is an independent European manufacturer of fittings for hydraulic hoses. Hydro Holding is based in Modena, Italy.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-19 AutoStore

Nedre Vats, Norway

AutoStore is an automated robotic storage and retrieval system equipment and software manufacturer for the warehouse & distribution end-market. The Company has developed proprietary software and robotics technology for collection of warehouse-stored goods, providing significant improvements in warehouse capacity and packing / picking performance. AutoStore was founded in 1996 and is based in Nedre Vats , Norway.

Buy -

Seller(S) 1

SELLER

Lightyear Capital

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2000
PE ASSETS 4.1B USD
Size Large
Type Sector Focused
DESCRIPTION

Lightyear Capital is a specialist private equity firm that pursues brand-name businesses in the financial services sector. Lightyear looks for companies with stable, recurring revenues that operate in growing markets. Transaction strategies include leveraged buyouts, recapitalizations, restructurings and consolidations. Lightyear Capital was formed in 2000 and is based in New York City.

DEAL STATS #
Overall 25 of 30
Sector (Financial Services) 10 of 13
Type (Secondary Buyout) 5 of 7
State (Arizona) 1 of 1
Country (United States) 19 of 24
Year (2019) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-01 Lighthouse

Seattle, Washington, United States

Lighthouse provides software and services to manage the increasingly complex landscape of enterprise data for compliance and legal teams, whether they’re reacting to incidents like litigation, government, or internal investigations, or designing programs to proactively uncover the potential for future incidents. Lighthouse was formed in 1995 and is based in Seattle, Washington.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-27 Lendmark Financial Services

Lawrenceville, Georgia, United States

Lendmark Financial Services is a consumer finance company specializing in providing a variety of personal loans, automobile loans, and retail merchant sales finance services. Lendmark Financial Services was founded in 1996 and is based in Lawrenceville, Georgia.

Buy -
Mergr

Product

Company

Legal