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    Banking, Finance & Insurance Q3 2021

    Q3-2021-Banking-Finance-Insurance (1)

    Largest Transactions Closed

    • Target
    • Buyer
    • Value($mm)
    • Talcott Resolution Life Insurance Company
    • Sixth Street Partners
    • $2,000.00
    • Prearranged Funeral Insurance and Final Expense Business of Assurant, Inc.
    • CMFG Life Insurance Company
    • $1,350.00
    • Boston Private Financial Holdings, Inc.
    • SVB Financial Group
    • $941.42
    • ProSight Global, Inc.
    • TowerBrook Capital Partners L.P.; Further Global Capital Management, L.P.
    • $585.89
    • First Choice Bancorp
    • Enterprise Financial Services Corp
    • $397.09
    • Premier Financial Bancorp, Inc.
    • Peoples Bancorp Inc.
    • $292.88
    • Bank of Commerce Holdings
    • Columbia Banking System, Inc.
    • $268.84
    • Mackinac Financial Corporation
    • Nicolet Bankshares, Inc.
    • $248.30
    • Apostrophe, Inc.
    • Hims & Hers Health, Inc.
    • $200.00
    • American River Bankshares
    • Bank of Marin Bancorp
    • $135.64

    Other Financial Buyer Transactions Closed

    • Target
    • Buyer
    • Value($mm)
    • Pavonia Life Insurance Company of Michigan
    • Aspida Financial
    • $75.00

    Other Strategic Buyer Transactions Closed

    • Target
    • Buyer
    • Value($mm)
    • LoanMe, Inc.
    • NextPoint Financial, Inc.
    • $101.50
    • Legacy Bank of Florida
    • Seacoast Banking Corporation of Florida
    • $90.66
    • SouthCrest Financial Group, Inc.
    • Colony Bankcorp, Inc.
    • $83.23
    • LINKBANCORP, Inc.
    • LINKBANCORP, Inc.
    • $75.00
    • Health Savings Account Business of Fifth Third Bancorp
    • HealthEquity, Inc.
    • $62.56

     

    Source S&P Capital IQ as of 10/13/2021 and PCE Proprietary Data

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    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. Ross, Hailey, and Kris Elaine Figuracion. "High Demand for Life Insurance Continues in Q2 as Total Premiums Rise YOY." Capitaliq.spglobal.com, 21 Sept. 2021.
    2. McCaffrey, Orla. "Bank Mergers Are on Track to Hit Their Highest Level since the Financial Crisis." The Wall Street Journal, Dow Jones & Company, 28 Sept. 2021.
    3. "Best's Market Segment Report: Robust Housing Market Drives Historic Title Insurance Performance." Yahoo!, Yahoo!, 6 Oct. 2021.
    4. "US Title Insurer Outsized Returns Supported by Robust Housing Market." Fitch Ratings: Credit Ratings & Analysis for Financial Markets, 25 Aug. 2021.
    5. “Mergers & Acquisitions Archives.” Acrisure, 22 Aug. 2021.
    6. "Stewart Continues Expansion with the Acquisition of Title First Agency." Stewart, 27 July 2021.
    7. "Compass Acquires Another Title Company." HousingWire, 14 Sept. 2021.
    8. Hethcock, Bill. "CEO: LegacyTexas Title Looking for Growth after Acquisition by Compass." Bizjournals.com, 4 Oct. 2021.
    9. Naqvi, Ali, and Annie Sabater. "More than $19B in PE Insurance Sector M&A Already at Record High." S&P Global Market Intelligence, S&P, 27 Aug. 2021.
    10. Raimonde, Olivia. "Why Unitranche Loans Grew From Niche to Billions." Bloomberg.com, Bloomberg, 7 Aug. 2021.
    11. "(NY) Calypso's US$2.3bn Unitranche Sets US Private Debt Market Record." Refinitiv Loan Connector, 30 Apr. 2021.
    12. Demos, Telis. "Banks Strike Back, but Returns Remain Strong with Fintech." The Wall Street Journal, Dow Jones & Company, 18 Sept. 2021.
    13. Hoffman, Liz, and Peter Rudegeair. "Goldman Is Buying Greensky in a $2.2 Billion Bid to Expand in Main Street Banking." The Wall Street Journal, Dow Jones & Company, 15 Sept. 2021.
    14. Farman, Madeleine. “Apollo's Merger with Athene Highlights PE's Rush for Permanent Capital.” S&P Global Market Intelligence, 25 Mar. 2021.

     

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