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    Banking, Finance & Insurance Q2 2022

    Q2 2022 Banking Finance Insurance

    Largest Transactions Closed

    • Target
    • Buyer
    • Value($mm)
    • People's United Financial, Inc.
    • M&T Bank Corporation
    • $7,604.92
    • American National Group, Inc.
    • Brookfield Asset Management Reinsurance Partners Ltd.
    • $5,110.51
    • Investors Bancorp, Inc.
    • Citizens Financial Group, Inc.
    • $3,727.65
    • Full Service Retirement Business of Prudential Financial, Inc.
    • Empower Retirement, LLC
    • $3,550.00
    • Prudential Annuities Life Assurance Corporation
    • Fortitude Group Holdings, LLC
    • $1,500.00
    • TriState Capital Holdings, Inc.
    • Raymond James Financial, Inc.
    • $1,142.53
    • Bank Leumi Le-Israel Corporation
    • Valley National Bancorp
    • $1,137.67
    • Happy Bancshares, Inc.
    • Home Bancshares, Inc. (Conway, AR)
    • $895.20
    • Spirit of Texas Bancshares, Inc.
    • Simmons First National Corporation
    • $565.94
    • Level One Bancorp, Inc.
    • First Merchants Corporation
    • $353.48
    • Westwood Insurance Agency, Inc.
    • BRP Group, Inc.
    • $274.36
    • Columbian Mutual Life Insurance Company
    • Constellation Insurance Holdings, Inc.
    • $100.00

    Other Financial Buyer Transactions Closed

    • Target
    • Buyer
    • Value($mm)
    • GoAuto LLC / Adaptive Information Technologies, LLC
    • Milestone Partners Management Co., L.P.
    • n/a
    • Celtic Capital Corporation
    • Fourshore Partners
    • n/a
    • Medical Reimbursements of America, Inc.
    • Growthcurve Capital, LP
    • n/a

    Other Strategic Buyer Transactions Closed

    • Target
    • Buyer
    • Value($mm)
    • Legacy Bank
    • InBank
    • $56.02
    • Iowa First Bancshares Corp.
    • MidWestOne Financial Group, Inc.
    • $47.03
    • First Community Bancorp, Inc.
    • Eagle Bancorp Montana, Inc.
    • $41.30
    • FCB Financial Services, Inc
    • Southern Bancorp, Inc
    • $28.00
    • Tempo Bank
    • Scott Credit Union
    • $14.25
    • Assets of Barra & Associates, LLC
    • Reliance Global Group, Inc.
    • $7.50

     

    Source S&P Capital IQ as of 7/8/2022 and PCE Proprietary Data

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    PCE Transactions

    Contacts

    David Jasmund

    Orlando Office

    407-621-2111

    Michael Poole

    Orlando Office

    407-621-2112

    Data Assumptions

    This report represents transaction activity as mergers & acquisitions, consolidations, restructurings and spin-offs. Targets are defined as U.S. Based companies with either foreign or U.S. based buyers. Transaction information provided is based on closed dates only.

    Glossary

    EBIT - Earnings Before Interest and Taxes
    EBITDA - Earnings Before Interest, Taxes, Depreciation, Amortization
    LTM - Last Twelve Months
    TEV - Total Enterprise Value

    Sources:

    1. Timiraos, Nick. “Fed Raises Rates by 0.75 Percentage Point, Largest Increase Since 1994.” The Wall Street Journal, 15 June, 2022.
    2. Beltran, Luisa. “Failure to Launch: IPOs Are on Hold Until Markets Stabilize.” Barron’s, 20 June, 2022.
    3. Johnson, Katanga & Mccrank, John. “U.S. SEC chief unveils plan to overhaul Wall Street stock trading.” Reuters, 8 June, 2022.
    4. “Insurance: Deals 2022 midyear outlook.” PwC, 23 June, 2022.

     

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