CD&R to buy Tranzact
Clayton, Dubilier & Rice said June 9 it agreed to buy Tranzact. Financial terms weren’t announced. White Mountains Insurance Group, the seller, said in an SEC filing that the transaction is expected to increase its book value by about $85 million or 17 cents a share. Fort Lee, New Jersey-based Transact provides software and services for insurance marketing sales. The company employs about 1,100 people. SunTrust Robinson Humphrey Inc, SunTrust Bank, ING Capital LLC, Citizens Bank NA and Natixis, New York Branch are providing debt financing. Debevoise & Plimpton LLP acted as legal advisor to CD&R. Evercore Group LLC and Petsky Prunier LLC provided financial advice to Tranzact. Cravath, Swaine & Moore LLP acted as legal advisor to selling equity holders and Tranzact, while Lowenstein Sandler LLP acted as legal advisor to Tranzact management.
