Private Equity
ALS Resolvion, which is backed by Spanos Barber Jesse & Co and Del Mar Recovery Solutions, a portfolio company of TZP Group, have merged. The combined company will operate under the Resolvion name and form a automotive collateral recovery solutions provider. No financial terms were disclosed. Michael Levison, CEO of ALSR, will remain CEO while Del Mar CEO Josh Elias, will become president. Both SBJ and TZP have rolled all of their ownership in the merger.
4 min read · 19 November 2019
The Hilb Group, a portfolio company of Abry Partners, has acquired North Carolina-based Employee Benefit Advisors of the Carolinas LLC, a employee benefits agency for small to mid-market businesses in the Southeast region. No financial terms were disclosed.
2 min read · 19 November 2019
Aquiline Capital Partners is buying CoAdvantage. Financial terms were not announced. Morgan Stanley Capital Partners is the seller. CoAdvantage, of Tampa, Florida, provides HR outsourcing for small and medium sized businesses.
4 min read · 19 November 2019
Wealth Enhancement Group, a portfolio company of Lightyear Capital, said July 25 that it closed its buy of Planning Solutions Group LLC. Financial terms weren’t announced. Planning Solutions, of Fulton, Maryland, is an independent financial advisory business with more than $1.3 billion in combined client assets as of June 30.
2 min read · 19 November 2019
Toast said July 24 that it acquired StratEx. Financial terms weren’t announced. StratEx provides HR and payroll software for restaurants. In April, Toast raised $250 million in VC funding. Bill Mone, Amanda Holt and Aaron Harsh of Ropes & Gray advised Toast.
2 min read · 19 November 2019
The Charles Schwab Corporation has agreed to acquire acquire assets of USAA’s Investment Management Company, including brokerage and managed portfolio accounts. The purchase price is $1.8 billion. Credit Suisse Securities (USA) LLC was financial adviser to Charles Schwab with Davis Polk & Wardwell LLP providing legal advice. And, Goldman Sachs was financial adviser to USAA while Simpson Thacher & Bartlett LLP acted as legal adviser.
5 min read · 19 November 2019
The London Stock Exchange is in talks to merge with Refinitiv, the provider of financial markets data that’s owned by Blackstone and Reuters, the Financial Times reported July 26. Financial terms weren’t disclosed. Blackstone acquired a 55 percent stake in Thomson Reuters’ Financial & Risk business in 2018. The deal valued the total F&R business at $20 billion, Reuters said.
1 min read · 19 November 2019
Thomson Reuters confirmed July 26 that it and Blackstone are in talks to sell Refinitiv to the London Stock Exchange Group plc for about $27 billion. The deal would result in Thomson Reuters holding a roughly 15 percent stake in Refinitiv, a producer of financial data. Blackstone acquired a 55 percent stake in Refinitiv in 2018.
2 min read · 19 November 2019
Oaktree Capital Management LP has agreed to acquire a minority stake in Singular, a Chilean-based asset management firm and placement agent. No financial terms were disclosed.
2 min read · 19 November 2019
TA Associates is buying a majority of Wealth Enhancement Group from Lightyear Capital. Financial terms weren’t announced. Wealth Enhancement, of Plymouth, Minnesota, is a wealth management firm that oversees $11.8 billion in client assets. Raymond James provided financial advice to Wealth Enhancement Group.
5 min read · 19 November 2019
