M&A Deal Summary

TJC and TPG Angelo Gordon Acquire Olympus Re Insurance Co.

On January 1, 2006, private equity firms TJC and TPG Angelo Gordon acquired insurance company Olympus Re Insurance Co. from Gilbert Global Equity Partners

Acquisition Highlights
  • This is TJC’s 1st and TPG Angelo Gordon’s 1st transaction in the Insurance sector.
  • This is TJC’s 1st and TPG Angelo Gordon’s 1st transaction in Bermuda.

M&A Deal Summary

Date 2006-01-01
Target Olympus Re Insurance Co.
Sector Insurance
Buyer(s) TJC
TPG Angelo Gordon
Sellers(s) Gilbert Global Equity Partners
Deal Type Secondary Buyout

Target

Olympus Re Insurance Co.

Hamilton, Bermuda
Olympus Re Insurance Co. Ltd. is a provider of catastrophe reinsurance along side of White Mountain Insurance GroupPartnered with experienced underwriting team and co-investor to realize benefits of off-balance sheet assets

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Buyer(S) 2

Buyer

TJC

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1982
PE ASSETS 14.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TJC is a private investment firm that specializes in acquiring North American middle-market businesses operating in basic industries. TJC specifically looks to provide liquidity for shareholders, raise capital for corporate growth and 'create significant equity opportunities for key management'. TJC will consider opportunities valued from $100 million to $2 billion in a wide variety of industries. Sectors of interest include aerospace/defense, automotive, building products, chemicals, consumer products, distribution, energy, financial services, healthcare, industrial products, insurance, metals, packaging, retail, transportation/logistics, and telecom. TJC was formerly known as The Jordan Company. The Firm was formed in 1982 and is based in New York City.


DEAL STATS #
Overall 16 of 96
Sector: Insurance M&A 1 of 1
Type: Secondary Buyout M&A Deals 2 of 36
Country: Bermuda M&A 1 of 1
Year: 2006 M&A 3 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-01 International Mining Machinery

Jixi, China

International Mining Machinery Ltd. was formed in 2006 to acquire Jixi Coal Mining Machinery Co., Ltd. (Jixi Machinery) and Jiamusi Coal Mining Machinery Co., Ltd. (Jiamusi Machinery). Jixi Machinery is headquartered in Jixi, Heilongjiang Province, China and is the leading manufacturer of shearers in China. The shearer is the ?workhorse? of mine equipment that does the actual cutting of the coal from the coal face in underground longwall mining. Jiamusi Machinery is headquartered in Jiamusi, Heilongjiang Province, China and is the leading manufacturer of roadheaders in China.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-02-03 Glazed Investments

West Chicago, Colorado, United States

Glazed Investments is a franchisee of Krispy Kreme Dougnut Company.

Sell -
Buyer

TPG Angelo Gordon

New York, New York, United States

Category Private Equity Firm
Founded 1988
PE ASSETS 78.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Angelo, Gordon's Private Equity Group is the private equity arm of asset manager Angele, Gordon & Co. AG's private equity group focuses on acquiring assets from financially distressed sellers or from larger corporations. Prospective transactions include forced sales, management-led buyouts, private company recapitalizations, corporate carve-outs, asset pool purchases, and other complex situations. The Group prefers control when considering opportunities and generally looks to commit $25 to $125 million of capital in transactions valued up to $500 million. Broad sectors of interest include specialty finance, retail, consumer, healthcare services/facilities, real estate, and business services. Angelo, Gordon's Private Equity group is based in New York City.


DEAL STATS #
Overall 9 of 22
Sector: Insurance M&A 1 of 1
Type: Secondary Buyout M&A Deals 1 of 1
Country: Bermuda M&A 1 of 1
Year: 2006 M&A 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-01 KEE Action Sports

Sewell, New Jersey, United States

KEE Action Sports is a manufacturer and distributor of paintball products. The company offers goggles, markers, air systems, and paintballs.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-04-03 Kings Food Markets

Parsippany, New Jersey, United States

Kings Food Markets is a gourmet food retailer with an established reputation for high quality products and servicesPartnered with industry veteran and fundless sponsor to acquire chain of 24 stores from a UK parent. An upscale grocery store serving customers throughout New Jersey, New York and Connecticut, Kings provides a unique shopping experience paired with the highest quality foods. From locally sourced, organically grown produce, to fresh fruit, delicious meats to hand-selected cheeses from over 20 countries.

Buy $62M

Seller(S) 1

SELLER

Gilbert Global Equity Partners

New York, New York, United States

Category Private Equity Firm
Founded 1997
PE ASSETS 1.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Gilbert Global is an institutional investment firm that makes private equity and equity-related investments in both public and private companies around the world. The firm invests in a broad range of transaction types, including: (a) growth companies formed with unique products and/or services; (b) privatizations of franchises; (c) strategic alliances with entities that can be used as acquisition and/or consolidation vehicles; (d) mature businesses that produce high levels of cash flow; and (e) operational turnarounds of under-performing companies with overleveraged capital structures. The firm typically commits between $20 million to $150 million of capital per transaction. Gilbert Global was formed in 1997 and has offices in New York, New York and New Canaan, Connecticut.


DEAL STATS #
Overall 3 of 4
Sector: Insurance M&A 2 of 2
Type: Secondary Buyout M&A Deals 1 of 1
Country: Bermuda M&A 2 of 2
Year: 2006 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-02-02 TRUE Sports

Memphis, Tennessee, United States

TRUE Sports is a designer, manufacturer, and supplier of golf club shafts as well as performance sports products including hockey sticks, lacrosse stick handles and other equipment. TRUE Sports manufactures both steel and graphite shafts and its brands include Dynamic Gold, Dynalite, Project X, Rifle, and Alloy Blue. TRUE Sports was founded in 1902 and is based in Memphis, Tennessee.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-12-10 TRUE Sports

Memphis, Tennessee, United States

TRUE Sports is a designer, manufacturer, and supplier of golf club shafts as well as performance sports products including hockey sticks, lacrosse stick handles and other equipment. TRUE Sports manufactures both steel and graphite shafts and its brands include Dynamic Gold, Dynalite, Project X, Rifle, and Alloy Blue. TRUE Sports was founded in 1902 and is based in Memphis, Tennessee.

Sell -