M&A Deal Summary

Specialty Program Group Acquires Avant

On July 7, 2020, Specialty Program Group acquired insurance company Avant from General Atlantic and Victory Park Capital Advisors

Acquisition Highlights
  • This is Specialty Program Group’s 7th transaction in the Insurance sector.
  • This is Specialty Program Group’s 7th transaction in the United States.
  • This is Specialty Program Group’s 1st transaction in Illinois.

M&A Deal Summary
Date 2020-07-07
Target Avant
Sector Insurance
Buyer(s) Specialty Program Group
Sellers(s) General Atlantic
Victory Park Capital Advisors
Deal Type Add-on Acquisition

Target

Avant

Chicago, Illinois, United States
Avant is a provider of insurance solutions to Transportation, Supermarket, and Cannabis industries. Avant was founded in 1973 and is based in Chicago, Illinois.

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Buyer(S) 1

Buyer

Specialty Program Group

Summit, New Jersey, United States
Category Company
Sector Insurance
DESCRIPTION

Specialty Program Group is a provider of underwriting and specialty businesses.

DEAL STATS #
Overall 7 of 19
Sector (Insurance) 7 of 19
Type (Add-on Acquisition) 6 of 18
State (Illinois) 1 of 2
Country (United States) 7 of 19
Year (2020) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-12 The Mechanic Group

Pearl River, New York, United States

The Mechanic Group is a specialty insurance program manager. TMG specializes in delivering innovative risk management, insurance products, and programs to the Security Guard, Private Investigation, Intelligence, Electronic Security, Alarm Installation, Central Station Monitoring and Security Consulting marketplace. The Mechanic Group was founded in 1989 and is based in Pearl River, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-07-08 Beacon Hill Associates

Charlottesville, Virginia, United States

Beacon Hill Associates, Inc. is a provider of environmental liability insurance to insurance agents & brokers. Beacon Hill Associates was founded in 1990 and is based in Charlottesville, Virginia.

Buy -

Seller(S) 2

SELLER

General Atlantic

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 1980
PE ASSETS 73.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

General Atlantic is a large private equity firm that invests globally in growth-oriented public and private companies. Broad areas of interest include financial services, media and consumer, healthcare, enterprise solutions, communications and electronics, and energy. General Atlantic looks to invest $40 to $400 million in transactions that support growth, expansions, buy-outs, consolidations and build-ups. General Atlantic seeks to make 8 to 12 investments per year with an investment horizon of five to ten years. The Firm's geographic coverage spans North America; Europe; Asia/Pacific; and India. General Atlantic was formed in 1980 and is based in Greenwich, Connecticut.

DEAL STATS #
Overall 111 of 147
Sector (Insurance) 3 of 3
Type (Add-on Acquisition) 39 of 44
State (Illinois) 6 of 7
Country (United States) 58 of 75
Year (2020) 5 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-25 Conexa

Rio de Janeiro, Brazil

Conexa is a telemedicine provider in Brazil with the mission of revolutionizing access to healthcare and making the patient experience more humane, easier and safer. Conexa was founded in 2017 and is based in Rio de Janeiro, Brazil.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-07-10 Ocumension

Suzhou, China

Ocumension is a clinical-stage biotechnology platform company focused on developing and commercializing innovative ophthalmology therapeutics. Ocumension was founded in 2017 and is based in Suzhou, China.

Sell -
SELLER

Victory Park Capital Advisors

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 2007
Size Large
Type Sector Agnostic
DESCRIPTION

Victory Park Capital Advisors is an alternative investment firm focused on providing debt and equity capital to small and middle-market companies in a variety of sectors of situations. The Firm generally looks to provide funding to 'sound' companies in need of liquidity and/or restructuring. Victor Park's target investment size range is $5 to $100 million. Victory Park Capital Advisors was formed in 2007 and is headquartered in Chicago, Illinois.

DEAL STATS #
Overall 8 of 11
Sector (Insurance) 1 of 1
Type (Add-on Acquisition) 3 of 4
State (Illinois) 1 of 1
Country (United States) 6 of 9
Year (2020) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-13 Borro

New York, New York, United States

Borro Ltd. is a powerful alternative to selling luxury assets or traditional channels of financing that are often either too slow, invasive & burdensome or, in some cases, unavailable. Borro was formed in 2008 adn is based in New York.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-15 Upstart

San Mateo, California, United States

Upstart is an AI lending marketplace, connecting millions of consumers to 100+ banks and credit unions that leverage Upstart’s AI models and cloud applications to deliver superior credit products. With Upstart AI, lenders can approve more borrowers at lower rates across races, ages, and genders, while delivering the exceptional digital-first experience customers demand. Upstart was founded in 2012 and is based in San Mateo, California.

Sell -
Mergr

Product

Company

Legal