M&A Deal Summary

State Bank Financial Acquires Cadence Business Finance

On September 1, 2017, State Bank Financial acquired financial services company Cadence Business Finance from Pine Brook Partners and Stone Point Capital for 198M USD

Acquisition Highlights
  • This is State Bank Financial’s 11th transaction in the Financial Services sector.
  • This is State Bank Financial’s largest (disclosed) transaction.
  • This is State Bank Financial’s 13th transaction in the United States.
  • This is State Bank Financial’s 1st transaction in Texas.

M&A Deal Summary
Date 2017-09-01
Target Cadence Business Finance
Sector Financial Services
Buyer(s) State Bank Financial
Sellers(s) Pine Brook Partners
Stone Point Capital
Deal Type Add-on Acquisition
Deal Value 198M USD

Target

Cadence Business Finance

Houston, Texas, United States
Cadence Business Finance provides customized solutions to specialty finance companies. Flexible covenant structures in industries such as equipment financing, insurance premium financing, specialty asset-based lending and factoring, as well as merchant cash advance, foster the long-term success of asset-based lenders, and that of their clients.

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Buyer(S) 1

Buyer

State Bank Financial

Atlanta, Georgia, United States
Category Company
Founded 2005
Sector Financial Services
Revenue 179M USD (2015)
DESCRIPTION

State Bank Financial Corp. is a provider of financial services. State Bank Financial was founded in 2005 and is based in Atlanta, Georgia.

DEAL STATS #
Overall 13 of 13
Sector (Financial Services) 11 of 11
Type (Add-on Acquisition) 6 of 6
State (Texas) 1 of 1
Country (United States) 13 of 13
Year (2017) 1 of 1
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-05-19 S Bankshares

Glennville, Georgia, United States

S Bankshares, Inc. is a provider of financial services it had total assets of approximately $109 million, total loans of approximately $79 million, total deposits of approximately $95 million, and total shareholder’s equity of approximately $11 million.

Buy $11M

Seller(S) 2

SELLER

Pine Brook Partners

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2006
PE ASSETS 6.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Pine Brook Road Partners is a private equity group focused on growth capital investments in the energy and financial services sectors. Specific areas of interest within the energy sector include exploration, oilfield services, transportation/storage, power generation/distribution/transmission, and biofuel/renewable resources. Specific areas of interest within financial services include insurance, banks, asset management, specialty finance, and servicing/distribution/origination. Pine Brook generally acts as the lead/control investor in newly-formed or established businesses. The Firm has a special interest in 'underappreciated or overlooked' opportunities. Pine Brook Road Partners was formed in 2006 and is based in New York City.

DEAL STATS #
Overall 11 of 25
Sector (Financial Services) 3 of 8
Type (Add-on Acquisition) 5 of 11
State (Texas) 7 of 13
Country (United States) 8 of 19
Year (2017) 2 of 3
Size (of disclosed) 9 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-08 Narragansett Bay Insurance

Pawtucket, Rhode Island, United States

Narragansett Bay Insurance Co. is an underwriter of homeowners insurance products and services. It offers specialty insurance services and products to homeowners through an extensive network of independent agents along the Eastern Seaboard and actively seeks to insure coastal homeowners. Narragansett Bay Insurance was founded in 1848 and is based in Pawtucket, Rhode Island.

Sell $250M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-11 Forge Energy

San Antonio, Texas, United States

Forge Energy is an oil and gas exploration and production company. Forge focuses on developing domestic onshore oil and gas resources, both conventional and unconventional.

Sell $946M
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 30 of 55
Sector (Financial Services) 8 of 20
Type (Add-on Acquisition) 14 of 28
State (Texas) 3 of 4
Country (United States) 25 of 49
Year (2017) 6 of 9
Size (of disclosed) 15 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-07 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.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-12 Lancaster Pollard

Columbus, Ohio, United States

Lancaster Pollard is a commercial real estate mortgage and investment banking firm focused on the senior-living and healthcare sectors. Lancaster Pollard originates mortgage loans for senior living, community healthcare, and affordable housing properties. The Company underwrites and places debt with institutional buyers through its broker-dealer subsidiary and has established an investment management platform to invest in senior living properties. Lancaster Pollard is based in Columbus, Ohio.

Sell -
Mergr

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