M&A Deal Summary

Stone Point Capital, Warburg Pincus, Reverence Capital Partners and Sixth Street Partners Acquire EverBank

On August 1, 2023, private equity firm Stone Point Capital, private equity firm Warburg Pincus, private equity firm Reverence Capital Partners and asset manager Sixth Street Partners acquired financial services company EverBank from Teachers Insurance and Annuity Association of America

Acquisition Highlights
  • This is Stone Point Capital’s 36th, Warburg Pincus’ 47th, Reverence Capital Partners’ 7th and Sixth Street Partners’ 1st transaction in the Financial Services sector.
  • This is Stone Point Capital’s 96th, Warburg Pincus’ 234th, Reverence Capital Partners’ 12th and Sixth Street Partners’ 19th transaction in the United States.
  • This is Stone Point Capital’s 7th, Warburg Pincus’ 12th, Reverence Capital Partners’ 1st and Sixth Street Partners’ 2nd transaction in Florida.

M&A Deal Summary
Date 2023-08-01
Target EverBank
Sector Financial Services
Buyer(s) Stone Point Capital
Warburg Pincus
Reverence Capital Partners
Sixth Street Partners
Sellers(s) Teachers Insurance and Annuity Association of America
Deal Type Divestiture

Target

EverBank

Jacksonville, Florida, United States
EverBank provides full-service, nationwide banking and lending services to consumer, commercial and institutional clients through a variety of channels, including online, its Florida-based financial centers and at other business offices throughout the country. EverBank is based in Jacksonville, Florida.

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Buyer(S) 4

Buyer

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 109 of 114
Sector (Financial Services) 36 of 36
Type (Divestiture) 6 of 7
State (Florida) 7 of 7
Country (United States) 96 of 101
Year (2023) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-02-27 Focus Financial Partners

New York, New York, United States

Focus Financial Partners is a partnership of independent, fiduciary wealth management firms. Focus provides superior access to best practices, resources, and continuity planning for its partner firms that serve individuals, families, employers, and institutions with wealth management, benefits consulting, and investment consulting services. Focus Financial Partners is based in New York City.

Buy $7.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-08 ClearPoint Health

Columbia, South Carolina, United States

ClearPoint Health is a full-service medical stop-loss captive platform for small and mid-sized employers. ClearPoint is a provider-sponsored medical stop-loss captive, an innovative new insurance program. ClearPoint Health is based in Columbia, South Carolina.

Buy -
Buyer

Warburg Pincus

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1966
PE ASSETS 83.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Warburg Pincus is a mega-sized, global private equity firm focused on investment opportunities across North America, Asia, and Europe. Warburg will consider investing at various company stages, from early-stage opportunities to distressed situations. Warburg Pincus is organized by industry groups. Verticals include financial services, healthcare, technology, media & telecommunications, energy, consumer & industrial, and real estate. Within financial services, Warburg will consider asset/wealth managers, banks, exchanges, financial technology, insurance, transaction processing, private banking, and specialty/consumer finance. Within healthcare, specific areas of interest include medical devices, healthcare services, and biotech/pharmaceuticals. Within technology/media/communications, Warburg targets software, media/internet/information, financial technology, telecom, business services, and systems/semiconductors. Within energy, specific areas of interest include oil/gas exploration, power generation/transmission, and alternative energy. Warburg Pincus raised its first fund in 1966 and is based in New York City.

DEAL STATS #
Overall 473 of 482
Sector (Financial Services) 47 of 47
Type (Divestiture) 20 of 20
State (Florida) 12 of 12
Country (United States) 234 of 237
Year (2023) 6 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-07-24 Once For All

Paris, France

Once For All is a provider of supply chain risk management solutions for the construction industry. The company helps its customers source and track sales opportunities, manage risk and compliance, and provide tools to increase efficiency in their supply chains. Once For All has over 150,000 customers that use its single codebase SaaS solution to search, find and assess future business relationships based on skills, trades, and ESG credentials. Once For All is based in Paris, France.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-09 epassi

Espoo, Finland

epassi is a provider of mobile payments and offers a comprehensive, high-quality service for managing non-taxable employee benefits. epassi was founded in 2007 and is based in Espoo, Finland.

Buy -
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 12 of 13
Sector (Financial Services) 7 of 7
Type (Divestiture) 5 of 5
State (Florida) 1 of 1
Country (United States) 12 of 13
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-08-17 Signature Estate & Investment Advisors

Los Angeles, California, United States

Signature Estate & Investment Advisors is a Registered Investment Advisory Firm and wealth management platform that offers Investment Management and Financial Planning Services tailored to meet the unique needs of affluent investors and corporations. SEIA's mission is to provide clients with a partnership that complements and exceeds their long-term goals and objectives. Signature Estate & Investment Advisors is based in Los Angeles, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-01 Sunstar Insurance Group

Memphis, Tennessee, United States

Sunstar Insurance Group is a regional insurance brokerage firm, focused on servicing the insurance needs of businesses and individuals in the Southeast and lower Midwest. Sunstar operates through 10 hub offices, with 18 branch offices in Arkansas, Kansas, Missouri, and Tennessee. Sunstar Insurance Group was formed in 2012 and is based in Memphis, Tennessee.

Buy -
Buyer

Sixth Street Partners

Category Asset Manager
Founded 2009
PE ASSETS 65.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Sixth Street is a global alternative asset manager and lender that offers a wide range of capital solutions to small, medium, and large companies. The Firm maintains a variety of investment vehicles focused on growth companies, infrastructure, insurance, agriculture as well as other strategies. Sixth Street was established in 2009 and is headquartered in San Francisco, California.

DEAL STATS #
Overall 21 of 26
Sector (Financial Services) 1 of 1
Type (Divestiture) 2 of 3
State (Florida) 2 of 2
Country (United States) 19 of 23
Year (2023) 3 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-04-04 National Women’s Soccer League

New York City, New York, United States

National Women’s Soccer League is an operator of professional women's soccer league at the top of the United States league system. National Women’s Soccer League was founded 2012 and is based in New York City.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-09 Avid

Burlington, Massachusetts, United States

Avid is a provider of audio and video technology for media organizations and independent professionals. Company customers use Avid solutions to create, distribute, and monetize the most prestigious and award-winning films, videos, music recordings, TV shows, live concerts, and news broadcasts. Avid was founded in 1987 and is based in Burlington, Massachusetts.

Buy $1.4B

Seller(S) 1

SELLER

Teachers Insurance and Annuity Association of America

Charlotte, North Carolina, United States
Category Company
Sector Financial Services
DESCRIPTION

Teachers Insurance and Annuity Association of America (TIAA) is a provider of financial services in the academic, research, medical, cultural and government fields. TIAA has $861 billion in assets under management and offers a wide range of financial solutions, including investing, banking, advice and guidance, and retirement services.

DEAL STATS #
Overall 1 of 1
Sector (Financial Services) 1 of 1
Type (Divestiture) 1 of 1
State (Florida) 1 of 1
Country (United States) 1 of 1
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-27 Vantage Data Centers

Santa Clara, California, United States

Vantage Data Centers is a scalable, flexible and efficient data center offering unique value through its commitment to exceptional customer service. Vantage offers data center design solutions engineered to meet the unique requirements of enterprises, technology companies and service providers. Vantage is based in Santa Clara, California.

Buy -
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