M&A Deal Summary

Lightyear Capital and Trilantic Europe Acquire Flagstone Reinsurance Holdings

On February 27, 2006, private equity firms Lightyear Capital and Trilantic Europe acquired insurance company Flagstone Reinsurance Holdings for 715M USD

Acquisition Highlights
  • This is Lightyear Capital’s 3rd and Trilantic Europe’s 1st transaction in the Insurance sector.
  • This is Lightyear Capital’s and Trilantic Europe’s largest (disclosed) transaction.
  • This is Lightyear Capital’s 1st and Trilantic Europe’s 1st transaction in Luxembourg.
Investment Fate
  • Flagstone Reinsurance Holdings was sold to a strategic buyer in 2012 for 623M USD.

M&A Deal Summary

Date 2006-02-27
Target Flagstone Reinsurance Holdings
Sector Insurance
Buyer(s) Lightyear Capital
Trilantic Europe
Deal Type Buyout (LBO, MBO, MBI)
Deal Value 715M USD

Target

Flagstone Reinsurance Holdings

Luxembourg,, Luxembourg
Flagstone Reinsurance Holdings is a reinsurance company that provides coverage for property catastrophe risks and other selected short-tail property casualty risks.

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Buyer(S) 2

Buyer

Lightyear Capital

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2000
PE ASSETS 4.1B USD
Size Large
Type Sector Focused
DESCRIPTION

Lightyear Capital is a specialist private equity firm that pursues brand-name businesses in the financial services sector. Lightyear looks for companies with stable, recurring revenues that operate in growing markets. Transaction strategies include leveraged buyouts, recapitalizations, restructurings and consolidations. Lightyear Capital was formed in 2000 and is based in New York City.


DEAL STATS #
Overall 10 of 45
Sector (Insurance) 3 of 7
Type (Buyout (LBO, MBO, MBI)) 6 of 10
Country (Luxembourg) 1 of 1
Year (2006) 2 of 3
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-01 Skyward Specialty Insurance Group

Houston, Texas, United States

Skyward Specialty is a property and casualty insurance holding company with nearly a billion dollars in premium and $2BN in assets. The company has highly respected businesses in specialty lines including management and professional liability, medical stop-loss, surety, E&S property and liability, and large commercial property, programs, as well as multi-line solutions for the energy, trucking, and construction industries. Skyward Specialty was formed in 2006 and is based in Houston, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-03-01 Collegiate Funding Services

Fredericksburg, Virginia, United States

Collegiate Funding Services, Inc., an integrated education finance company, engages in originating, financing, marketing, and servicing education loans in the United States. It assists consumers in financing and refinancing in the areas of undergraduate, graduate, professional, career, and continuing education training.

Sell $663M
DESCRIPTION

Trilantic Europe is a private equity firm focused on buyouts and consolidation opportunities of mid-market companies across Western Europe. The Firm focuses on control or co-control situations where it can act as a hands-on investor pursuing growth opportunities and strategies. Sectors of interest include consumer, leisure, industrials, technology, media, communications, business services, and healthcare. The Firm is associated with Trilantic North America and originated from Lehman Brother's merchant banking division in 2009. Trilantic Europe is headquartered in London, England.


DEAL STATS #
Overall 3 of 24
Sector (Insurance) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 3 of 11
Country (Luxembourg) 1 of 1
Year (2006) 1 of 2
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-12-22 Talgo

Madrid, Spain

Talgo is a train manufacturer focused on designing and manufacturing of high-speed (350km/h) and intercity trains (250km/h), and offers maintenance, repair, and overhaul services for those trains. Talgo was founded in 1942 and is based in Madrid, Spain.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-03-01 MW Brands

Paris, France

MW Brands is a vertically integrated manufacturer and distributor of ambient seafood, principally canned tuna. It operates the leading French and UK brands: Petit Navire and John West as well as four production facilities located in Seychelles, Ghana, Portugal and France.

Buy -