M&A · Financials · State Commercial Banks
HPS Investment Partners, LLC to acquire Marlin Business Services Corp
Announced Apr 19, 2021 · Closed Jan 20, 2022
Deal value$282M
Premium65.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$23.50 per share
Transaction
- Acquirer
- HPS Investment Partners, LLC
- Target
- Marlin Business Services Corp
- Buyer type
- Private equity
- Offer price per share
- $23.50
- Enterprise value
- —
- Status
- Closed Jan 20, 2022
Deal protections
- Break fee (target pays)
- $10.3M · 3.7%
- Reverse fee (buyer pays)
- $21.7M · 7.7%
- Go-shop
- No-shop
- Financing
- Committed · BofA Securities, BNP Paribas
Advisors
- To the acquirer
- Not disclosed
- To the target
- JPMorgan
- JPMorgan fee
- $8.7M
Sector context · Financials
- Comparable deals
- 21 in the prior 24 months
- Premium
- 65.0% vs. 45.7% sector median
- EV / Adj. EBITDA
- Sector median 21.5x
- Break fee
- 3.7% vs. 3.7% sector median
Timeline
- AnnouncedApr 19, 2021
- Proxy filedJun 16, 2021
- Definitive proxyJun 30, 2021
- Shareholder voteAug 4, 2021
- ClosedJan 20, 2022
Valuation · fairness opinions
Discounted cash flow$21.30$25.11
Offer $23.50
Implied value per Marlin Business Services Corp share by analysis, from JPMorgan.