M&A Deal Summary

Warburg Pincus Acquires K2 Insurance

On December 1, 2022, private equity firm Warburg Pincus acquired insurance company K2 Insurance from Lee Equity Partners

Acquisition Highlights
  • This is Warburg Pincus’ 17th transaction in the Insurance sector.
  • This is Warburg Pincus’ 231st transaction in the United States.
  • This is Warburg Pincus’ 46th transaction in California.

M&A Deal Summary
Date 2022-12-01
Target K2 Insurance
Sector Insurance
Buyer(s) Warburg Pincus
Sellers(s) Lee Equity Partners
Deal Type Secondary Buyout
Advisor(s) Morgan Stanley (Financial)
Ropes & Gray (Legal)

Target

K2 Insurance

San Diego, California, United States
K2 Insurance is an insurance services holding company, which owns a diverse group of MGAs that underwrite and distribute specialty property and casualty insurance products. K2 Insurance was founded in 2011 and is based in San Diego, California.

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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 467 of 482
Sector (Insurance) 17 of 17
Type (Secondary Buyout) 61 of 63
State (California) 46 of 46
Country (United States) 231 of 237
Year (2022) 16 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-15 Fusion Microfinance

New Delhi, India

Fusion Microfinance is a microfinance institution that provides small-ticket unsecured loans to women in rural and semi-urban parts of India largely towards income generation activities. Fusion Microfinance was founded in 1994 and is based in New Delhi, India.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-01-01 DriveCentric

St. Louis, Missouri, United States

DriveCentric is a disruptor of customer relationship management (CRM) software targeting the automotive dealership industry. DriveCentric provides a core system of record and workflow for customer information, leads, interactions, and data; tools to communicate with customers remotely via video and text; and innovative automated solutions for lead generation and sales execution. DriveCentric was founded in 2010 and is based in St. Louis, Missouri.

Buy -

Seller(S) 1

SELLER

Lee Equity Partners

New York, New York, United States
Category Private Equity Firm
Founded 2006
PE ASSETS 4.4B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Lee Equity Partners is a private investment firm that looks for buyout and growth capital investments across a range of industries. Lee Equity Partners seeks investments requiring $50 to $150 million of equity capital. Lee Equity Partners was formed in 2006 by Thomas H. Lee, formerly of Thomas H. Lee Partners, LP.

DEAL STATS #
Overall 14 of 17
Sector (Insurance) 1 of 1
Type (Secondary Buyout) 7 of 9
State (California) 2 of 2
Country (United States) 13 of 16
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-28 Bradford Health Services

Birmingham, Alabama, United States

Bradford Health Services is a provider of substance abuse treatment and recovery services. Bradford offers early intervention services, crisis response, intensive outpatient care, partial hospitalization, and residential care, inpatient detox, and transitional living and life skills programming. Bradford Health Services was formed in 1977 and is based in Birmingham, Alabama.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-02-01 Cardiovascular Logistics

Houma, Louisiana, United States

Cardiovascular Logistics is a cardiovascular-focused physician practice management platform with a mission to provide patients with highest quality cardiovascular care available. Cardiovascular Logistics is based in Houma, Louisiana.

Buy -
Mergr

Product

Company

Legal