M&A Deal Summary

Warburg Pincus and Temasek Holdings Acquire Specialist Risk Group

On May 21, 2024, private equity firm Warburg Pincus and sovereign wealth fund Temasek Holdings acquired insurance company Specialist Risk Group from HGGC

Acquisition Highlights
  • This is Warburg Pincus’ 18th and Temasek Holdings’ 2nd transaction in the Insurance sector.
  • This is Warburg Pincus’ 27th and Temasek Holdings’ 4th transaction in the United Kingdom.

M&A Deal Summary

Date 2024-05-21
Target Specialist Risk Group
Sector Insurance
Buyer(s) Warburg Pincus
Temasek Holdings
Sellers(s) HGGC
Deal Type Secondary Buyout
Advisor(s) Evercore Group (Financial)
Kirkland & Ellis (Legal)

Target

Specialist Risk Group

London, United Kingdom
Specialist Risk Group is an integrated group of insurance intermediaries arranging specialist insurance for corporates and individuals operating in the U.K. and internationally. The group serves policyholders across multiple lines of business and specializes in creating solutions to challenging risk transfer questions. Specialist Risk Group is based in London, United Kingdom.

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Buyer(S) 2

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 478 of 492
Sector: Insurance M&A 18 of 19
Type: Secondary Buyout M&A Deals 63 of 70
Country: United Kingdom M&A 27 of 27
Year: 2024 M&A 4 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-04-15 Xuyen A

Ho Chi Minh, Vietnam

Xuyen A is a private hospital group operating four large-format general hospitals in Southern Vietnam, offering tertiary care across more than 20 specialties. Xuyen A is based in Ho Chi Minh, Vietnam.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-06-27 Duetto

San Francisco, California, United States

Duetto provides hotel professionals with cutting-edge solutions to optimize demand, maximize rate, and minimize cost. Duetto delivers software-as-a-service to hotels and casinos that leverage dynamic data sources and actionable insights into pricing and demand across the enterprise, enabling a holistic and more profitable Revenue Strategy. Duetto was founded in 2012 and is based in San Francisco, California.

Sell -
Buyer

Temasek Holdings

Investor Investor Investor Investor Investor


Category Sovereign Wealth Fund
Founded 1974
PE ASSETS 434.0B SGD
Size Mega
Type Sector Agnostic
DESCRIPTION

Temasek Holdings is a state-owned investment holding company. Temasek is owned by the government of Singapore and invests directly and indirectly in a broad range of assets and sectors. Target sectors include financial services, telecommunications, media, technology, transportation, industrials, life science, consumer, real estate, energy, and resources. Temasek was formed in 1974 and is based in Singapore.


DEAL STATS #
Overall 47 of 50
Sector: Insurance M&A 2 of 2
Type: Secondary Buyout M&A Deals 8 of 9
Country: United Kingdom M&A 4 of 4
Year: 2024 M&A 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-04-29 Medica Superspecialty Hospital

Kolkata, India

Medica Superspecialty Hospital provides health care at an affordable cost, in a safe and comfortable environment, in a transparent and ethical manner. Medica Superspecialty Hospital was founded in 2010 and is based in Kolkata, West Bengal.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-05-30 Neoen

Paris, France

Neoen develops, finances, builds and operates green power facilities in France, enabling farmers, local authorities and companies to realize their renewable energy potential. Neoen offers a range of technologies capable of providing a rapid, large-scale response to the objectives drawn up by France's "Grenelle Environnement" think-tank and to France's energy ambitions, by generating power from various sources: solar photovoltaic, on- and offshore wind, biomass, and methane recovery. Neoen was founded in 2008 and is based in Paris, France.

Buy -

Seller(S) 1

SELLER

HGGC

Palo Alto, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2007
PE ASSETS 8.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HGGC focuses on middle-market leveraged buyouts, growth equity financings, recapitalizations, take privates, and corporate divestitures. The Firm primarily targets North American companies, but will consider international opportunities as well. HGGC looks for companies with at least $100 million in revenue. HGGC primarily targets enterprise software companies, however, the Firm will also consider opportunities in business services, consumer services, financial services, healthcare, industrial services, and information services. HGGC was formed in 2007 and is based in Palo Alto, California.


DEAL STATS #
Overall 24 of 27
Sector: Insurance M&A 2 of 2
Type: Secondary Buyout M&A Deals 5 of 7
Country: United Kingdom M&A 1 of 1
Year: 2024 M&A 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-31 Mi9 Retail

Fort Lauderdale, Florida, United States

Mi9 Retail is a provider of an enterprise retail merchandising, business intelligence, and store operations software. Mi9’s solutions enabled retailers to automate and optimize their entire Plan-to-Sell process, from planning to executing, influencing, and selling merchandise in-store, online, and on any device. Mi9 Retail was founded in 2001 and is based in Fort Lauderdale, Florida.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-05-22 Dynata

Shelton, Connecticut, United States

Dynata is a global provider of data solutions and technology for consumer and B2B survey research. Dynata reaches participants in 90+ sample countries via internet, telephone, mobile/wireless and mixed-access offerings. Dynata was founded in 1977 and is based in Shelton, Connecticut.

Sell -