M&A Deal Summary

WL Ross Acquires Option One Mortgage

On March 17, 2008, private equity firm WL Ross acquired financial services company Option One Mortgage from H&R Block for 1.1B USD

Acquisition Highlights
  • This is WL Ross’ 1st transaction in the Financial Services sector.
  • This is WL Ross’ largest (disclosed) transaction.
  • This is WL Ross’ 2nd transaction in the United States.
  • This is WL Ross’ 1st transaction in California.

M&A Deal Summary
Date 2008-03-17
Target Option One Mortgage
Sector Financial Services
Buyer(s) WL Ross
Sellers(s) H&R Block
Deal Type Divestiture
Deal Value 1.1B USD

Target

Option One Mortgage

Santa Ana, California, United States
Option One Mortgage is a high-risk mortgage lender. The Company was formed in 1992 and is based in Santa Ana, California.

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Buyer(S) 1

Buyer

WL Ross

New York, New York, United States
Category Private Equity Firm
Founded 2000
PE ASSETS 11.9B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

WL Ross is a mega-sized alternative group focused on turnaround investments. WL Ross looks to invest in and restructure financially distressed companies and create new enterprises. The Firm will consider opportunities throughout the world, including North America, Asia, South America, Western Europe, and Central Asia. WL Ross typically targets businesses operating in traditional industries, including the steel, textile, coal, automotive, and financial services sectors. In 2006 asset manager Amvescap (now Invesco) purchased WL Ross from its founder. WL Ross was originally formed in 2000 and is based in New York City.

DEAL STATS #
Overall 2 of 4
Sector (Financial Services) 1 of 2
Type (Divestiture) 1 of 1
State (California) 1 of 1
Country (United States) 2 of 3
Year (2008) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-10-01 Diamond S Shipping

Greenwich, Connecticut, United States

Diamond S Shipping owns and operates 64 vessels on the water, including 13 Suezmaxes, 1 Aframax, and 50 MR tankers. DSSI is one of the largest energy shipping companies providing seaborne transportation of crude oil, refined petroleum, and other petroleum products. Diamond S Shipping is headquartered in Greenwich, Connecticut.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-11-16 Cascade Bancorp.

Bend, Oregon, United States

Cascade Bancorp. is a community bank in the Pacific Northwest operating under the name of Bank of the Cascades. Cascade offers full-service community banking through over 30 branches in Central Oregon, Southern Oregon, Portland/Salem and Boise/Treasure Valley.

Buy $177M

Seller(S) 1

SELLER

H&R Block

Kansas City, Missouri, United States
Category Company
Founded 1955
Sector Consumer Services
Employees3,800
Revenue 3.5B USD (2023)
DESCRIPTION
H&R Block's corporate headquarters in Kansas City, Missouri.
H&R Block's corporate headquarters in Kansas City, Missouri.

H&R Block is a provider of income tax return preparation and related services and products via a network of approximately 13,000 company-owned and franchised offices and through TaxCut online and software solutions. H&R Block was formed in 1955 and is based in Kansas City, Missouri.

DEAL STATS #
Overall 2 of 4
Sector (Financial Services) 1 of 2
Type (Divestiture) 2 of 4
State (California) 1 of 1
Country (United States) 2 of 4
Year (2008) 1 of 2
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-08-01 American Express Tax & Business Services

Minneapolis, Minnesota, United States

American Express' Tax and Business Services Division is an accounting practice serving mid-sized businesses.

Buy $220M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-11-03 H&R Block Financial Advisors

United States

H&R Block Financial Advisors is a network of more than 950 advisors that work in 135 office locations across the US.

Sell $315M
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