M&A Deal Summary

Windjammer Capital Acquires itel

On June 1, 2012, mezzanine finance firm Windjammer Capital acquired insurance company itel from Riverside

Acquisition Highlights
  • This is Windjammer Capital’s 1st transaction in the Insurance sector.
  • This is Windjammer Capital’s 33rd transaction in the United States.
  • This is Windjammer Capital’s 2nd transaction in Florida.
Investment Fate
  • itel was sold to a consortium of financial buyers in 2017.
  • itel was sold to a consortium of financial buyers in 2021.

M&A Deal Summary

Date 2012-06-01
Target itel
Sector Insurance
Buyer(s) Windjammer Capital
Sellers(s) Riverside
Deal Type Secondary Buyout

Target

itel

Jacksonville, Florida, United States
itel is an insurance service provider that helps property insurance companies effectively settle claims worldwide. itel is committed to custom-fitting its service offering to meet the unique needs of each international insurance market. itel was founded in 1993 and is based in Jacksonville, Florida.

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Buyer(S) 1

Buyer

Windjammer Capital

Newport Beach, California, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1990
PE ASSETS 2.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Windjammer Capital is a private investment firm that invests control equity, minority equity, and/or subordinated debt in growing middle-market businesses. The Firm seeks to invest between $50 and $200 million of equity or subordinated debt in companies that generate at least $8 million of EBITDA. Windjammer focuses on North American-based opportunities and prefers companies with scalable business models, differentiated products/services, and that operate in defensible markets. Broad sectors of interest include manufacturing, business services and value-added distribution. Windjammer does not invest in high technology, real estate, and financial services companies. Windjammer Capital was formed in 1990 and has offices in Waltham, Massachusetts and Newport Beach, California.


DEAL STATS #
Overall 33 of 52
Sector: Insurance M&A 1 of 1
Type: Secondary Buyout M&A Deals 7 of 18
State: Florida M&A 2 of 2
Country: United States M&A 33 of 52
Year: 2012 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-04-02 McKenzie Taxidermy Supply

Granite Quarry, North Carolina, United States

McKenzie Taxidermy Supply is a manufacturer, sculptor, designer, and catalog retailer of taxidermy forms and supplies. McKenzie Taxidermy Supply was founded in 1973 and is based in Granite Quarry, North Carolina.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-07-11 Component Hardware Group

Matawan, New Jersey, United States

Component Hardware Group is a designer and supplier of specialty hardware components and plumbing products for use in commercial and institutional environments, including restaurants, cafeterias, hospitals, nursing homes, cruise ships, and schools. Component Hardware Group was founded in 1981 and is based in Matawan, New Jersey.

Buy -

Seller(S) 1

SELLER

Riverside

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1988
PE ASSETS 5.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

The Riverside Company is a global private equity firm that seeks investments in profitable lower middle-market companies valued under $400 million. Riverside looks to invest in growth businesses headquartered in North America, Europe, and Asia (primarily Japan and South Korea), that have been in operation for at least five years. Riverside targets investments in a wide array of industries including distribution, automotive, healthcare, education, manufacturing, software, consumer services, plastics, publishing, food, communications, marine, and business services. Riverside was formed in 1988 and is based in New York City.


DEAL STATS #
Overall 63 of 209
Sector: Insurance M&A 1 of 2
Type: Secondary Buyout M&A Deals 28 of 84
State: Florida M&A 5 of 11
Country: United States M&A 46 of 147
Year: 2012 M&A 7 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-05-18 MK Chimney Systems

Zary, Poland

MK Chimney Systems produces chimney systems and chimney liners and is a significant exporter to Western Europe. In addition to chimney systems, which account for over 90% of the company?s sales, MK offers chimney accessories and heating-systems products.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-06-21 Employment Law Training

San Francisco, California, United States

ELT, based in San Francisco, serves employers in virtually every industry, and counts many global and Fortune 500 firms in its rapidly growing client roster. Founded in 1997 by the preeminent employment and labor law firm Littler Mendelson (Littler), ELT specializes in providing employee training on key state and federal employment laws that mandate broad-scale, repetitive workplace education.

Sell -