M&A Deal Summary

Warburg Pincus Acquires Exeter Finance

On June 28, 2021, private equity firm Warburg Pincus acquired financial services company Exeter Finance from The Blackstone Group and Navigation Capital Partners

Acquisition Highlights
  • This is Warburg Pincus’ 44th transaction in the Financial Services sector.
  • This is Warburg Pincus’ 215th transaction in the United States.
  • This is Warburg Pincus’ 37th transaction in Texas.

M&A Deal Summary

Date 2021-06-28
Target Exeter Finance
Sector Financial Services
Buyer(s) Warburg Pincus
Sellers(s) The Blackstone Group
Navigation Capital Partners
Deal Type Secondary Buyout
Advisor(s) Citi
Barclays Investment Bank
Deutsche Bank Corporate & Investment Banking
Wells Fargo Securities (Financial)
Skadden, Arps, Slate, Meagher & Flom (Legal)

Target

Exeter Finance

Austin, Texas, United States
Exeter Finance is an indirect auto finance company. The company underwrites, purchases, services, and securitizes retail installment contracts from U.S. automobile dealers. It works with more than 11,000 dealers and 475,000 customers nationwide providing indirect financing for both new and used vehicles. The company has a serviced finance portfolio of more than $7 billion. Exeter Finance was formed in 2006 and is based in Irving, Texas.

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Buyer(S) 1

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 443 of 492
Sector: Financial Services M&A 44 of 48
Type: Secondary Buyout M&A Deals 58 of 70
State: Texas M&A 37 of 40
Country: United States M&A 215 of 241
Year: 2021 M&A 10 of 18
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-11 Black Swan Energy

Calgary, Alberta, Canada

Black Swan Energy is an energy company that is actively developing its significant land position in the Montney play in northeast British Columbia. Black Swan Energy was founded in 2010 and is based in Calgary, Alberta.

Sell CA$1.1B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-08 Hawkwood Energy

Denver, Colorado, United States

Hawkwood Energy is an independent exploration and production company focused on economically developing oil and natural gas resources in East Texas. Hawkwood Energy was founded in 2012 and is based in Denver, Colorado.

Sell -

Seller(S) 2

SELLER

The Blackstone Group

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1987
PE ASSETS 394.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

The Blackstone Group is a global alternative investment management firm. The Firm's investment activities span real estate, secondary investments, hedge funds, credit, infrastructure, and private equity. Blackstone's private equity group targets opportunities globally including buyout acquisitions of established companies, development projects, growth equity financings, and industry consolidations. Sectors of interest include automotive, healthcare, chemicals, industrial, commercial property, lodging, communications, media/publishing, consumer & retail, packaging, consumer products, pharmaceuticals, energy, technology, entertainment, telecommunications, financial services, theme parks, food & beverage, and transportation. Blackstone's private equity real estate group looks for opportunities across North/South America, Asia, Australia/New Zealand, and Europe. The real estate group will consider both equity and debt investments. Areas of interest include healthcare, hotel, industrial, office, residential, and retail. The Blackstone Group was formed in 1987 and is based in New York, New York.


DEAL STATS #
Overall 157 of 193
Sector: Financial Services M&A 6 of 12
Type: Secondary Buyout M&A Deals 18 of 28
State: Texas M&A 17 of 24
Country: United States M&A 96 of 117
Year: 2021 M&A 10 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-14 Ellucian

Reston, Virginia, United States

Ellucian is a higher education technology solutions provider. Ellucian’s products help colleges and universities manage their core administrative functions including enrollment, budget and financial planning, student information, human resources, strategic planning, and fundraising. Ellucian was founded in 1968 and is based in Reston, Virginia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-01 CCG

Sarasota, Florida, United States

CCG is a global provider of expert, impartial and tech-enabled services that add value and liquidity to collectibles. CCG was founded in 1987 and is based in Sarasota, Florida.

Buy -
SELLER

Navigation Capital Partners

Atlanta, Georgia, United States

Investor


Category Private Equity Firm
Founded 2006
PE ASSETS 340M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Navigation Capital Partners (NCP) is a private equity firm that makes growth and buyout investments in established mid-market companies with longstanding customer relationships, proprietary manufacturing processes, and mission-critical services. Target companies typically have annual sales up to $150 million and the firm can commit between $10 and $40 million of equity capital per transaction. Sectors of interest include engineered industrial products, automotive & recreational vehicle components, building & construction products, packaging products & services, specialty chemicals, value-added distribution, business services, financial services, healthcare services, and transportation/logistics. Navigation Capital Partners is based in Atlanta, Georgia.


DEAL STATS #
Overall 25 of 26
Sector: Financial Services M&A 2 of 2
Type: Secondary Buyout M&A Deals 8 of 8
State: Texas M&A 5 of 5
Country: United States M&A 25 of 26
Year: 2021 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-04-27 Computex Technology Solutions

Houston, Texas, United States

Computex Technology Solutions is an IT solution provider focused on helping customers transform their businesses through technology. Computex Technology Solutions was founded in 1987 and is based in Houston, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-15 Definition 6

Atlanta, Georgia, United States

Definition 6 is a unified marketing agency that creates brand experiences that unite brands and people in motion. Definition 6 was founded in 1997 and is based in Atlanta, Georgia.

Sell -