M&A Deal Summary

TowerBrook Capital Partners and Further Global Acquire Coaction

On January 15, 2021, private equity firms TowerBrook Capital Partners and Further Global acquired insurance company Coaction for 586M USD

Acquisition Highlights
  • This is TowerBrook Capital Partners’ 5th and Further Global’s 4th transaction in the Insurance sector.
  • This is TowerBrook Capital Partners’ 7th and Further Global’s 2nd largest (disclosed) transaction.
  • This is TowerBrook Capital Partners’ 32nd and Further Global’s 7th transaction in the United States.
  • This is TowerBrook Capital Partners’ 1st and Further Global’s 3rd transaction in New Jersey.

M&A Deal Summary
Date 2021-01-15
Target Coaction
Sector Insurance
Buyer(s) TowerBrook Capital Partners
Further Global
Deal Type Going Private
Deal Value 586M USD
Advisor(s) Barclays Investment Bank
Goldman Sachs (Financial)
Ropes & Gray
Sullivan & Cromwell (Legal)

Target

Coaction

Morristown, New Jersey, United States
Coaction is a property and casualty insurance company that designs unique insurance solutions to help customers improve their business and realize value from their insurance purchasing decision. Coaction was founded in 2009 and is based in Morristown, New Jersey.

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Buyer(S) 2

Buyer

TowerBrook Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2001
PE ASSETS 17.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TowerBrook Capital Partners is a private equity firm focused on leveraged buyouts, leveraged build-ups and distressed situation investments throughout North America and Europe. TowerBrook prefers control-oriented investments and actively pursues complex situations that other firms may avoid. Target sectors include consumer services, distribution, beverages, pharmaceuticals, media, technology, communications, software, and healthcare. TowerBrook Capital Partners was established in 2001 and is headquartered in New York City.

DEAL STATS #
Overall 74 of 99
Sector (Insurance) 5 of 5
Type (Going Private) 3 of 4
State (New Jersey) 1 of 2
Country (United States) 32 of 44
Year (2021) 1 of 11
Size (of disclosed) 7 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-09 AA

Basingstoke, United Kingdom

AA is an UK insurance broker with over 2.3 million insurance policies that has a competitive advantage through sophisticated customer analysis ratings and tailored pricing capabilities based on proprietary member data. These capabilities combined with the AA brand and web presence (with over 190 million visits per annum) create a very strong offering in the insurance market. Building on these strengths the AA can provide more competitive and distinctive offers for members in the future. The company remains focused on actions to improve performance in our Motor insurance business by targeting rate reductions from the panel, improving retention performance in call centers, and improving online customer experience. Further, as part of the evolution of the insurance business model, the company will relaunch Financial Services offering to increase its footprint. AA was founded in 1905 and is based in Basingstoke, United Kingdom.

Buy £3.8B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-09 US Acute Care Solutions

Canton, Ohio, United States

US Acute Care Solutions is a physician-owned integrated acute care platform in the United States, providing physician staffing and management services primarily focused on the emergency department. US Acute Care Solutions serves over 9 million patients annually through over 500 programs across 29 states. US Acute Care Solutions was founded in 2015 and is based in Canton, Ohio.

Buy -
Buyer

Further Global

Category Private Equity Firm
Founded 2017
Size Large
Type Sector Focused
DESCRIPTION

Further Global Capital Management is a private equity firm firm focused on the financial services sector. The Firm looks to commit $75 to $200 million to support a variety of investment situations including growth capital needs, management led buyouts, ownership transitions, divestitures, sponsor sales, distress recapitalizations, and buy-and-builds. Further Global Capital Management was established in 2017 and is headquartered in New York City.

DEAL STATS #
Overall 8 of 12
Sector (Insurance) 4 of 5
Type (Going Private) 1 of 1
State (New Jersey) 3 of 3
Country (United States) 7 of 8
Year (2021) 1 of 3
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-01 AA Insurance

Dublin, Ireland

AA Insurance is a roadside assistance provider and insurance intermediary. It provides roadside repair and Rescue, and Motor, Home, Travel & Life insurance. It also provides technical and audit services notably for the Road Safety Authority. AA Insurance was founded in 2016 and is based in Dublin, Ireland.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-06 PAI

Louisville, Kentucky, United States

PAI is a provider of independent ATM deployments and portfolio management services. PAI delivers tools and services for ATM portfolio owners & operators, retailers, financial institutions, and independent operators/ISOs. PAI was founded in 2005 and is based in Louisville, Kentucky.

Sell $213M
Mergr

Product

Company

Legal