Tag Archives: Financial services

Litman Gregory, a nationally recognized US wealth and asset management firm, joins the iM Global Partner’s network

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Paris, Walnut Creek (CA), March 9, 2021, iM Global Partner today announced that it has  entered into a definitive agreement to acquire Litman Gregory, a nationally recognized  wealth and asset management boutique managing $4 billion in assets under management  and overseeing $2.2 billion of assets under advisory*.

Litman Gregory, founded by Ken Gregory and Craig Litman in 1987 and based in the San  Francisco Bay Area, is a privately-owned company, and a pioneer in providing independent  asset management services to investors. For over three decades, Litman Gregory has focused  on providing in-depth investment research and personalized wealth management to  individuals and multigenerational families to help them achieve their financial goals. The  company also supports nonprofit organizations by serving as their fiduciary partner and  outsourced chief investment officer. Since 1996, Litman Gregory has developed a broad  range of US mutual funds.

In just a few years iM Global Partner has become a premier global asset management  network. The addition of Litman Gregory in the U.S., once completed, is expected to bring  assets under management of the group to over $24 billion (from $20 billion as at end of  December 2020) and will enhance distribution capabilities in the U.S. It further demonstrates  iM Global Partner’s commitment to continued cross-border growth in serving the needs of  sophisticated investors.

Combining Litman Gregory’s capabilities with iM Global Partner creates a uniquely powerful  set of high-quality investment solutions to serve both institutional and private clients in the  U.S. and internationally. Building upon common values and strengths, which are focused on  commitment to investment excellence, innovation and client service, the group will be able  to further enhance service to clients for years to come.

iM Global Partner plans to operate Litman Gregory Wealth Management as a separate  business unit to preserve the strong recognition, independence and expertise that it has built  over many decades with its cross-generational clients.

Steve Savage, CEO of Litman Gregory, said: “We are excited to become a part of iM Global  Partner as it improves our ability to deliver on our mission to excel for our clients. iM Global  Partner brings complementary global research resources and strong alignment on total client  focus. The combination of our organizations is a natural fit because of our shared research  DNA, commitment to independent thinking, integrity and total client focus.”

Philippe Couvrecelle, CEO and founder of iM Global Partner, declares: “Litman Gregory  becoming a part of our group is a major step forward as we continue our U.S. expansion.  This strategic operation allows us to add Wealth Management as a new key activity for iM  Global Partner. Our clients will benefit from the synergies that result when like-minded  organizations leverage their talents and resources to enhance the client experience.”

Jeffrey Seeley, Deputy CEO at iM Global Partner US adds: “We are thrilled to work with our  Litman Gregory colleagues moving forward and see tremendous opportunities for the  continued development of long-term investment solutions to serve various clients in the U.S.  and internationally.”

This operation is subject to the approval of the SEC (Securities and Exchange Commission)  and is expected to close in the second quarter of 2021.

About iM Global Partner

iM Global Partner is a worldwide asset management network dedicated to asset management. It selects and builds long-term partnerships with talented and independent asset management companies through direct capital ownership.

iM Global Partner is present in 11 locations across Europe and the United States and provides its clients with access to the best management strategies of its Partners. iM Global Partner’s wide range of investment solutions thus includes the OYSTER range, a Luxembourg SICAV, but also Mutual Funds and ETFs dedicated to US investors.

iM Global Partner represents over 19 billion USD of assets under management as at December 2020.

www.imgp.com

About Litman Gregory 

Founded in 1987, Litman Gregory is a nationally recognized wealth management firm based  in the San Francisco Bay Area. Litman Gregory Asset Management provides high-touch wealth  and asset management services to individuals, multigenerational families, and nonprofits.  Litman Gregory advises the PartnerSelect Funds, provides investment strategy  implementation to third-party platforms through Litman Gregory Portfolio Strategies, and  offers portfolio guidance and investment research to professional investment advisors  through Litman Gregory AdvisorIntelligence. The firm oversees $6.2* billion in investment  assets. litmangregory.com 

*The Litman Gregory companies that manage assets include Litman Gregory Asset  Management, LLC and Litman Gregory Fund Advisors, LLC. Data are as at end December  2020.

Berkshire Global Advisors and Seward & Kissel served respectively as financial and legal  advisors to iM Global Partner.

Asset & Wealth Management Investment Banking Group of Raymond James and WilmerHale  served respectively as financial and legal advisors to Litman Gregory.

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Sambla and Advisa combine to create a leader in online comparison services with Nordic Capital as the new majority owner

Two of the leading independent online comparison sites for personal finance in the Nordic region, Sambla and Advisa, have today announced their intention to merge. The purpose is to further develop as a combined company to help more clients improve their personal finances by comparing terms on loans and insurance. Both companies have a very high level of customer satisfaction due to a modern user interface, strong and shared corporate values, and by bringing clear benefits to their clients. There is strong growth potential as the two companies support and complement each other very well. Nordic Capital becomes the majority owner and will actively support the new company in the next expansion phase. The goal is to be the best partner for customers, banks and lenders alike, and over time to become the Nordic region’s leading digital comparison site for personal finance.

The combination of Sambla and Advisa creates one of the largest players in the Nordic region within loan intermediation, as both companies have strong platforms to continue to build on. Both companies help clients to compare loan terms and consolidate their loans, and thereby improve the terms and reduce costs. A combination creates new great opportunities for increased product development, an even higher service level and access to additional competitive offers that will benefit more clients. The combined company will have an expected turnover of approximately SEK 575 million and it will be the second largest player in Sweden.

“We are very pleased to announce the combination of the two companies. In recent years, each of our companies have in different ways achieved market-leading customer satisfaction and growth. Together, we have a fantastic opportunity to drive the industry development; not least by product development based on the customer needs and technological innovation. We look forward to having even better opportunities to improve the economy for hundreds of thousands of people throughout the Nordic region,” says Jonathan Bollman, CEO, Advisa.

“I am very pleased that we have agreed to this strategic combination. Together, we gain the scale and position required to take advantage of the growth and expansion opportunities that exist in our market. We are both entrepreneurial companies that share the ambition to become industry leaders, and we have both driven the development of different areas in the industry. Now we have the opportunity to do it together, which will benefit our customers,” says Per Österström, Founder, Sambla.

As the majority owner, Nordic Capital will actively support the new company, drawing on its experience from previous acquisitions in financial services.

“We are deeply impressed by what these two companies have achieved separately and believe that the combined company will increase competition in the sector and be a strong force when it comes to improving consumers’ finances in the future. In addition to creating a strong platform for growth, the combined company will also drive positive development throughout the industry. Nordic Capital looks forward to supporting the business in its next phase,” says Christopher Ekdahl, Principal, Nordic Capital Advisors.

Advisa was founded in 2011 and helps consumers get better terms by comparing loans with up to 36 different banks and lenders in Sweden and Finland. The services are offered completely digitally. Advisa has 48 employees in Stockholm, Sweden and to date has helped over 400,000 customers compare their loans.

Since its inception in 2014, Sambla has helped consumers to save money on their loans by comparing banks’ and lenders’ interest rates in Sweden, Norway, Finland and Denmark. The services are offered through a combination of digital processes and advice over the phone. Sambla has 125 employees in Stockholm and Lund in Sweden. The company has partnerships with over 40 bank and lenders in Sweden, and to date Sambla has helped over 390,000 customers to compare their loans.

Nordic Capital has a long and extensive experience of developing companies in financial services, both through organic growth and add-on acquisitions. Today, Nordic Capital has seven portfolio companies in the sector, including Nordax, Bank Norwegian and Nordnet. Previous holdings include Resurs Bank. As an owner, Nordic Capital supports the portfolio companies’ development through extensive sector knowledge, capital for investments, operational experience with a focus on continued product development and support to further professionalisation of the organisation.

As part of the transaction, the shareholders Four Elements AB and Krasse & Co AB will sell their shareholding in Sambla. “We are proud to have contributed in making Sambla successful and to enable this new combination,” says Björn Krasse, Krasse & Co AB.

The terms of the transaction were not disclosed. The transaction is subject to customary regulatory approvals.

 

Press contact:

Nordic Capital

Katarina Janerud, Communications Manager
Nordic Capital Advisors
Tel: + 46 8 440 50 50
e-mail: katarina.janerud@nordiccapital.com

 

About Nordic Capital

Nordic Capital is a leading private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and selectively, Industrial & Business Services. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested more than EUR 16 billion in over 110 investments. The most recent fund is Nordic Capital Fund X with EUR 6.1 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Advisors have local offices in Sweden, Denmark, Finland, Norway, Germany, the UK and the US. For further information about Nordic Capital, please visit www.nordiccapital.com

Footnote: “Nordic Capital” refers to any, or all, Nordic Capital branded or associated investment vehicles and their associated management entities. Nordic Capital is advised by several non-discretionary sub-advisory entities, any or all of which is referred to as “Nordic Capital Advisors”.

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LV= Agrees Transaction with Bain Capital Credit

BainCapital

December 15, 2020

LONDON, December 15, – Liverpool Victoria Financial Services Limited (“LV=”), the savings, retirement and protection group, is pleased to announce that it has toy reached an agreement on the terms of a transaction with funds advised by Bain Capital Credit LP (“Bain Capital”), a leading global private investment firm, to acquire LV=.

Bain Capital will pay £530m to acquire LV=’s savings & retirement and protection businesses, representing a multiple of 0.9x for the Solvency II Own Funds[ ] of £606m as at September 2020 and a multiple of 1.05x for Economic Own Funds[ ] of £506m. Under the proposal LV=’s With-profits business will be ring-fenced in a separate fund and closed to new business.  The capital available for distribution is expected to increase by up to 40% as a result of the transaction and will be used to increase payments to With-profits members as their policies mature. Their long-term interests will continue to be protected by an experienced With-profits Committee.

The acquisition is subject to regulatory approval and approval from LV= members. It is expected to complete by the end of 2021, subject to the conclusion of the legal process.

Alan Cook, Chairman of LV=, commented: “As a newly standalone life and pensions business in an increasingly competitive market, the Board recognised that LV= required significant long-term investment to be sustainable. This transaction is the culmination of an extremely thorough and robust strategic review – followed by a structured sale process to secure the best long-term future for our members, employees, other stakeholders and the business. The Board is delighted to have secured an attractive price and unanimously agreed that the transaction with Bain Capital presents an excellent financial outcome for all our members, as well as offering an unrivalled commitment to LV=’s future prospects, business and people. We look forward to engaging fully with our members in advance of a member vote in the first half of 2021.”

Mark Hartigan, CEO of LV= said: “The partnership with Bain Capital recognises the opportunity to further invest to develop LV= at a time when it is well positioned, growing market share, expanding its products and trading resiliently, despite the pandemic. While our corporate structure will change, our culture and values remain the same. The Board is excited by the opportunities it creates for our people, partners and customers – enabling the LV= brand and business to further develop as a major force in the UK life insurance market.”

Matt Popoli, Global Head of Insurance, Bain Capital Credit, commented: “We are delighted by the opportunity to provide long-term support to LV=’s Board of directors and management team on this transaction, which delivers certainty and value to LV=’s members. We are investing in a unique company with an impressive management team and employee base, that is already well positioned in the market, with a clearly established product set, strong IFA relationships and a reputation for customer excellence. We have been impressed by LV=’s initiatives to further improve its market position, the benefits of which are already emerging. Our principles and values are in direct alignment with those of LV= and we firmly believe in a shared vision for the future of the business. We look forward to working collaboratively to achieve these shared goals, which include delivering profitable growth, while preserving LV=’s strong financial position, independence and rich heritage dating back to 1843.”

Transaction details

As a result of this transaction all members are expected to benefit from a cash payment to compensate for loss of mutual membership upon full completion of the transaction.

Customers will also benefit from the increased investment that Bain Capital will provide.  This will strengthen LV=’s digital capability, enhance customer experience and broaden the products and services currently offered.

For With-profits members, the transaction delivers an excellent financial outcome and will give them greater security:
•    Removing business risk for With-profits members by releasing capital required to finance future investment in new business activities;
•    Increased pay-outs at policy exit – with the transaction providing up to a 40% uplift to the total capital available for distribution to With-profits members. This uplift will be subject to market performance and regulatory approval; and
•    Fixing a schedule of administration and investment management charges.

The partnership with Bain Capital will provide LV= with the external investment needed to grow its leading brand and strong product set for the continued benefit of customers and IFAs. As a life and pensions company, LV= is a long-term investment for Bain Capital. It has identified a significant opportunity to leverage LV=’s strong brand to expand its presence in its existing markets. Innovating and refreshing the customer experience and continuing to strengthen LV=’s value proposition for financial advisors will be a core part of the future approach.

As a leading global private investment firm, Bain Capital is a compelling partner for LV= and will be able to support the business with its market expertise, investment capabilities, global perspective and scale. In addition, the Bain Capital Insurance team has a strong track record successfully growing and supporting similar businesses and is one of the most experienced demutualisation investors in the industry globally.

The transaction will be carried out in two stages with Bain Capital initially acquiring LV=’s subsidiary LVLC together with the administration and new business infrastructure.

All eligible members will be invited to vote on the transaction at a Special General Meeting which is expected to be scheduled for the first half of 2021.

Subject to progressing as currently planned, the transaction is expected to complete by the end of 2021 with a transfer of the in-force non-profit business to LVLC (which will then be owned by Bain Capital) and a transfer of the With-profits business to a ring-fenced sub-fund of LVLC which will be run-off for the benefit of With-profits members.  The transfer will be effected by way of a Part VII transfer under the Financial Services Markets Act 2000.

As part of the Part VII transfer LV=’s existing subordinated debt then in issue will transfer with the business in accordance with its terms.

Background to the transaction

The transaction marks the outcome of a comprehensive and rigorous Board-led strategic review which attracted significant interest from leading strategic partners and financial investors from the UK and overseas.

Following the sale of the general insurance business at the end of 2019, it was clear to the Board that as a newly standalone life and pensions business – in an increasingly competitive market dominated by global, well-funded, shareholder owned insurers – LV= would require significant long-term investment to be sustainable.

The Board was faced with the challenge of identifying the most effective way to address the inherent tension between balancing the requirement to invest in the savings & retirement and protection businesses for the long-term while providing enhanced returns to With-profits policyholders.

A wide range of options and proposals were carefully considered by the Board supported by independent financial and legal advice and in consultation with the independent With-profits Committee to enable it to make an informed decision about which option to pursue.
About LV=
LV= is a leading financial mutual and serves 1.3 million members (of which c340,000 are With-profits members) with a range of financial products. When we started in 1843 our goal was to give financial security to more than just a privileged few and for many decades, we were most commonly associated with providing a method of saving to people of modest means. Today we follow a similar purpose, helping people to protect and provide for the things they love, although on a much larger scale and through a wide range of financial services including insurance, investment and retirement products. We offer our services direct to consumers, as well as through IFAs.

LV= and Liverpool Victoria are registered trademarks of Liverpool Victoria Financial Services Limited and LV= and LV= Liverpool Victoria are trading styles of the Liverpool Victoria group of companies. Liverpool Victoria Financial Services Limited, registered in England with registration number 12383237 is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, register number 110035. Registered address: County Gates, Bournemouth, BH1 2NF. Phone: 01202 292333.

About Bain Capital Credit
Bain Capital Credit is a leading global credit specialist with approximately $42 billion in assets under management. Bain Capital Credit invests up and down the capital structure and across the spectrum of credit strategies. Our team of more than 200 professionals creates value through rigorous, independent analysis of thousands of corporate issuers around the world. In addition to credit, Bain Capital invests across asset classes including private equity, public equity, venture capital and real estate, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus. For more information, visit www.baincapitalcredit.com.

Media Contacts

Jon Sellors
Head of Corporate Affairs, Life & Pensions
07711 701806

Jon.sellors@lv.com

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Novacap is the first private equity firm in Canada to launch a fund dedicated to financial services.

Novacap

MONTREAL, Dec. 3, 2019 /CNW Telbec/ – Novacap, one of Canada’s leading private equity firms, announced the introduction of a new sector fund and its first closing. Novacap Financial Services I (the “Fund”) gathered initial commitments of C$260 million, a strong start toward its target of C$500 million. A second group of institutional investors is expected to close in Q1 2020.

Driven by strong demand from new and existing investors, the Fund will be managed by three seasoned executives: Marcel Larochelle, as Managing Partner, as well as Rajiv Bahl and Alain Miquelon as Senior Partners. With a dedicated investment team, they will fully leverage Novacap’s infrastructure and apply Novacap’s proven investment methodology.

Novacap Financial Services I aims to invest in mid-market companies established in North America, with a focus on Canada, with strong growth potential.  Four segments are of particular interest: 1-specialty insurance and distribution, 2-asset and wealth management, 3-alternative lending and 4-financial infrastructure. The Fund will make equity investments in order to support companies with their organic growth initiatives and to drive strategic acquisitions.

The Fund is backed by commitments from corporate and public pension funds, financial institutions, family offices and high net-worth individuals.

 

For further information: Alexandra Troubetzkoy, Communications and Marketing Director, NOVACAP, T: 450 651-5000 ext.291, atroubetzkoy@novacap.ca

« We are extremely pleased with the strong support received from our investors for this first close. This is very timely, as we are currently pursuing some very attractive investment opportunities for the Fund. »

Marcel LarochelleManaging Partner of Novacap Financial Services

« It is a historical event as we are the first private equity firm in Canada to launch a fund dedicated to financial services businesses. The Financial Services fund addresses a significant need in the Canadian market that we have observed over the past few years. I am very proud of the team that we have assembled, who made this possible. »

Pascal TremblayPresident and CEO of Novacap

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The Carlyle Group Closes Second Business Development Company

Carlyle

Raises More Than $1.9 Billion for U.S. Direct Lending Platform

New York, NY – Global alternative asset manager The Carlyle Group (NASDAQ: CG) today announced the final close of TCG BDC II, Inc., a private Business Development Company (BDC). The BDC, together with related investment vehicles, raised a total of $1.9 billion.   The BDC, part of Carlyle’s U.S. Direct Lending platform, lends to companies that are backed by U.S. middle market private equity firms. Carlyle’s first BDC (TCG BDC, Inc.) is publicly listed and trades on the NASDAQ as CGBD.

Since raising its first BDC in 2013, The Carlyle Group’s Direct Lending team has invested more than $6.9 billion in approximately 250 transactions across 30 industries as of September 30, 2018. Carlyle’s Direct Lending team includes nine Managing Directors who have an average of 19 years of industry experience and are supported by a team of 19 dedicated employees.

The direct lending team is part of The Carlyle Group’s Global Credit segment.  Carlyle’s Global Credit platform, with $37 billion in assets as of September 30, 2018, includes funds in Loans & Structured Credit, Direct Lending, Opportunistic Credit, Energy Credit and Distressed & Special Situations. These businesses have more than 100 investment professionals in New York, Washington, DC, Los Angeles, Chicago, Hong Kong and London.

* * * * *

Contact:

The Carlyle Group
Christa Zipf: +1 (212) 813-4578
christa.zipf@carlyle.com

About The Carlyle Group

The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $212 billion of assets under management across 339 investment vehicles as of September 30, 2018. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Credit and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,625 people in 31 offices across six continents.

Web: www.carlyle.com
Videos: www.youtube.com/onecarlyle
Tweets: www.twitter.com/onecarlyle
Podcasts: www.carlyle.com/about-carlyle/market-commentary

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Montagu Private Equity announces the completion of the sale of Equatex

Montagu

Montagu Private Equity (“Montagu”), a leading European private equity firm, today announced the completion of the sale of Equatex to Computershare Limited, a global market leader in transfer agency and share registration, employee equity plans, mortgage servicing, proxy solicitation and stakeholder communications.

 

Equatex  is a deferred compensation service provider, specializing in the design, implementation and administration of deferred equity plans. The business provides equity compensation administration services to over 160 clients, servicing over 1.1 million share plan participants in 168 countries and managing around US$40bn in assets.  Equatex is an expert in managing deferred equity compensation plans for global businesses, with clients across all major industries including financial services, healthcare, industrial, pharmaceuticals, energy and IT.

 

Equatex was formerly the CEFS International operation of Swiss bank UBS. Montagu acquired the business in 2013.

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Horizon Capital-backed Sabio Group acquires Bright UK

Horizon Capital

Customer experience solutions specialist Sabio Group, backed by Horizon, has acquired Bright UK Limited, the customer service data and analysis experts.

Bright offers bespoke consultancy and SaaS data solutions that deliver insights to contact centres, allowing them to operate more effectively. It does this through a unique combination of real time customer feedback analysis, comparative benchmarking and employee surveys. Customers include BNP Paribas, the Co-Op, TUI Group and South West Water which use one or more of Bright’s offerings: Bright Navigator – real time customer feedback, Bright Index – Europe’s largest contact centre benchmarking tool, and Bright Employee – bespoke staff surveys.

Mats Rennstam, Founder of Bright said, “Joining Sabio is a smart move for Bright as it gives us the opportunity to not only combine with an innovative customer experience leader, but also to share our data insights with Sabio’s broader global client base. We look forward to helping Sabio’s customers unlock further value by aligning their customer satisfaction, employee engagement and operational efficiencies.”

Commenting on the acquisition, Andy Roberts, CEO at Sabio Group said, “Sabio is focused on supporting our clients in delivering brilliant experiences across the entire customer journey and the addition of Bright’s solutions and services to our portfolio will support our customers in driving further operational and financial value from their CX programmes.”

Simon Hitchcock, Managing Partner at Horizon commented “Bright is the third acquisition we have supported Sabio make since our investment in 2016. It increases the level of own Software in the business and enhances the portfolio of non voice CX products the business offers. We have a strong pipeline of further acquisitions and look forward to supporting the management team in executing them as we build the group across Europe.”

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