M&A Deal Summary

TorQuest and Warburg Pincus Acquire SCM Insurance Services

On August 2, 2010, private equity firms TorQuest and Warburg Pincus acquired insurance company SCM Insurance Services from TriWest Capital Partners

Acquisition Highlights
  • This is TorQuest’s 2nd and Warburg Pincus’ 8th transaction in the Insurance sector.
  • This is TorQuest’s 9th and Warburg Pincus’ 4th transaction in Canada.
  • This is TorQuest’s 1st and Warburg Pincus’ 4th transaction in Alberta.

M&A Deal Summary
Date 2010-08-02
Target SCM Insurance Services
Sector Insurance
Buyer(s) TorQuest
Warburg Pincus
Sellers(s) TriWest Capital Partners
Deal Type Secondary Buyout

Target

SCM Insurance Services

Edmonton, Alberta, Canada
SCM Insurance Services is a provider of claims adjusting, third-party adjusting (TPA), risk management, investigative, surveillance, risk mitigation, medical services, forensic engineering services, and risk intelligence. SCM Insurance Services was formed in 1986 and is based in Edmonton, Alberta.

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Buyer(S) 2

Buyer

TorQuest

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2002
PE ASSETS 3.0B CAD
Size Large
Type Sector Agnostic
DESCRIPTION

TorQuest Partners is a Canadian mid-market private equity firm. TorQuest invests in established companies that deal in manufacturing, business services, financial services, industrial products, food, consumer products, and chemicals. Prospective transaction situations include family successions, recapitalizations, corporate carve-outs, and buyouts. Torquest targets businesses valued from C$40 to C$250 million where the firm can commit C$20 to C$100 million. TorQuest Partners was formed in 2002 and is based in Toronto.

DEAL STATS #
Overall 13 of 41
Sector (Insurance) 2 of 2
Type (Secondary Buyout) 3 of 7
State (Alberta) 1 of 3
Country (Canada) 9 of 33
Year (2010) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-07-05 4Refuel Canada

Langley, British Columbia, Canada

4Refuel Canada LP is a provider of mobile on-site refueling and fuel management services. 4Refuel pioneered the mobile on-site refueling industry in Canada and has built an unmatched market presence in Canada and the US. Headquartered in Toronto, 4Refuel provides service to a range of large and small clients in construction, transportation, oil & gas, power generation, and other industries. As the Canadian market leader, 4Refuel is the only national on-site fuel provider whose core business is direct-to-equipment on-site refueling. 4Refuel Canada was formed in 1995 and is based in Langley, British Columbia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-10-04 DayMen Photo Marketing

Sebastopol, California, United States

DayMen Photo Marketing is a brand of protective carrying bags and packs for imaging and electronic equipment. DayMen and its subsidiaries oversee the design, manufacturing, marketing and merchandising of Lowepro products, which are distributed through DayMen's wholly-owned operations in Canada, US, UK and Germany as well as through third party distributors in over 90 countries.

Sell -
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 169 of 482
Sector (Insurance) 8 of 17
Type (Secondary Buyout) 20 of 64
State (Alberta) 4 of 10
Country (Canada) 4 of 17
Year (2010) 18 of 32
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-07-12 Cobalt Group

Seattle, Washington, United States

Cobalt Group, Inc. is a provider of automotive digital marketing technology and services.

Sell $400M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-08-26 Sterling Financial

Lancaster, Pennsylvania, United States

Sterling Financial Corp. a bank holding company for Sterling Savings Bank, a state-chartered and federally insured commercial bank. Sterling offers banking products and services, mortgage lending, construction financing and investment products to individuals, small businesses, commercial organizations and corporations. Sterling operates 178 deposit-taking branches in Washington, Oregon, Idaho, Montana and California.

Buy $730M

Seller(S) 1

SELLER

TriWest Capital Partners

Calgary, Alberta, Canada

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1998
PE ASSETS 1.6B CAD
Size Large
Type Sector Agnostic
DESCRIPTION

TriWest Capital Partners is a Canadian private equity firm focused on investments in established companies operating in a variety of industries. Broad areas of interest include the distribution, manufacturing, and service sectors. TriWest targets mid-sized, profitable companies with EBITDA of $10 to $100 million. Prospective transaction types include management buyouts, growth capital financings, generational transfers, corporate divestitures, and special situations. TriWest will not invest in real estate, technology and primary resource development. TriWest Capital Partners was formed in 1998 and is based in Calgary.

DEAL STATS #
Overall 11 of 29
Sector (Insurance) 1 of 1
Type (Secondary Buyout) 2 of 5
State (Alberta) 3 of 15
Country (Canada) 11 of 27
Year (2010) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-01-01 TerraLink Horticulture

Abbotsford, British Columbia, Canada

TerraLink Horticulture is a manufacturer and distributor of crop input products for professional growers of specialty crops in Western Canada. Primary product lines include fertilizer, crop protection, forage and turf seeds, greenhouse vegetable seed, agricultural use plastics, as well as other supplies used by commercial growers. TerraLink Horticulture was founded in 1973 and is based in Abbotsford, British Columbia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-10-28 The Driving Force

Edmonton, Alberta, Canada

The Driving Force, Inc. is a provider of new and used vehicle rentals, sales, and leasing services for business, commercial.

Buy -
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