M&A Deal Summary

TA Associates and Reverence Capital Partners Acquire Russell Investments

On October 8, 2015, private equity firms TA Associates and Reverence Capital Partners acquired financial services company Russell Investments from London Stock Exchange Group for 1.2B USD

Acquisition Highlights
  • This is TA Associates’ 36th and Reverence Capital Partners’ 1st transaction in the Financial Services sector.
  • This is TA Associates’ 4th and Reverence Capital Partners’ 2nd largest (disclosed) transaction.
  • This is TA Associates’ 191st and Reverence Capital Partners’ 1st transaction in the United States.
  • This is TA Associates’ 8th and Reverence Capital Partners’ 1st transaction in Washington.

M&A Deal Summary
Date 2015-10-08
Target Russell Investments
Sector Financial Services
Buyer(s) TA Associates
Reverence Capital Partners
Sellers(s) London Stock Exchange Group
Deal Type Divestiture
Deal Value 1.2B USD
Advisor(s) Goldman Sachs (Financial)

Target

Russell Investments

Seattle, Washington, United States
Russell Investments is a global investment solutions partner, dedicated to improving people's financial security in a variety of ways. Russell Investments was founded in 1936 and is based in Seattle, Washington.

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Buyer(S) 2

Buyer

TA Associates

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1968
PE ASSETS 65.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TA Associates is a private equity firm that targets investments in middle-market and large companies around the world. TA will consider control or minority investments in profitable companies and looks to commit between $70 and $500 million per transaction. TA proactively reaches out to companies directly in sourcing potential investment opportunities. Prospective businesses are generally valued between $100 million and $3 billion. Areas of interest include technology, software, communications, financial services, healthcare, business services, semiconductors/electronics, and consumer products/services. In addition to investing equity capital, TA also makes subordinated debt investments. TA's geographic preference is North America, Asia/Pacific, and Europe. TA Associates was formed in 1968 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 233 of 364
Sector (Financial Services) 36 of 51
Type (Divestiture) 6 of 9
State (Washington) 8 of 11
Country (United States) 191 of 263
Year (2015) 12 of 13
Size (of disclosed) 4 of 22
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-25 NSE India

Mumbai, India

NSE is the dominant equities exchange in India and is one of the leading equity derivatives exchanges in the world. Its market-leading position is driven by its advanced trading platform, corporate structure, top-tier management, and product offerings. NSE India is based in Mumbai, India.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-11-20 CMOSIS NV

Antwerp, Belgium

CMOSIS is a pure-play supplier of standard off-the-shelf and application-specific CMOS image sensors for the industrial and professional market covering applications such as machine vision, high-end DSC markets, scientific, medical, automatic data capture and space.

Sell -
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 1 of 13
Sector (Financial Services) 1 of 7
Type (Divestiture) 1 of 5
State (Washington) 1 of 1
Country (United States) 1 of 13
Year (2015) 1 of 2
Size (of disclosed) 2 of 2
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-10-14 Kabbage

Atlanta, Georgia, United States

Kabbage, Inc. is a provider of short-term financing to small, underbanked businesses and merchants who primarily sell their products and services online.

Buy -

Seller(S) 1

SELLER

London Stock Exchange Group

London, United Kingdom
Category Company
Founded 1698
Sector Financial Services
Employees25,608
Revenue 8.4B GBP (2023)
DESCRIPTION

London Stock Exchange Group is a diversified international exchange Group. The Group operates a broad range of international equity, bond and derivatives markets, including London Stock Exchange; Borsa Italiana; MTS, Europe's fixed income market; and the pan-European equities platform, Turquoise. Through its markets, the Group offers international business, and investors, unrivalled access to Europe's capital markets. London Stock Exchange Group was founded in 1698 and is based in London, United Kingdom.

DEAL STATS #
Overall 1 of 4
Sector (Financial Services) 1 of 2
Type (Divestiture) 1 of 4
State (Washington) 1 of 1
Country (United States) 1 of 2
Year (2015) 1 of 2
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-12-03 Russell Investments

Seattle, Washington, United States

Russell Investments is a global investment solutions partner, dedicated to improving people's financial security in a variety of ways. Russell Investments was founded in 1936 and is based in Seattle, Washington.

Buy $2.7B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-10-30 Proquote

London, United Kingdom

Proquote Ltd. is a provider of trading, market data and connectivity solutions. Proquote's coverage includes information on futures, options, commodities, metals and OTC derivatives and features comprehensive fundamentals, charting analytical tools. Proquote was established in 1999 and is headquartered in London, England.

Sell -
Mergr

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