M&A · Financials · National Commercial Banks
Seacoast Banking Corp of Florida to acquire Professional Holding Corp.
Announced Aug 8, 2022 · Closed Jan 31, 2023
Deal value$489M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock
Transaction
- Acquirer
- Seacoast Banking Corp of Florida (SBCF)
- Target
- Professional Holding Corp. (PFHD)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Jan 31, 2023
Deal protections
- Break fee (target pays)
- $21.8M · 4.5%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Piper Sandler
- To the target
- Stephens
- Piper Sandler fee
- $3.4M
Sector context · Financials
- Comparable deals
- 82 in the prior 24 months
- Premium
- Sector median 35.7%
- EV / Adj. EBITDA
- Sector median 23.7x
- Break fee
- 4.5% vs. 3.6% sector median
Timeline
- AnnouncedAug 8, 2022
- Proxy filedNov 14, 2022
- Definitive proxyNov 14, 2022
- Shareholder voteDec 15, 2022
- ClosedJan 31, 2023
Valuation · fairness opinions
Precedent transactionsPiper Sandler$19.50$38.27
Precedent transactionsPiper Sandler$24.30$41.74
Precedent transactionsPiper Sandler$11.71$22.58
Precedent transactionsPiper Sandler$18.31$30.41
Precedent transactionsPiper Sandler$22.15$42.71
Other analysis$20.03$23.96
Other analysis$12.57$15.61
Other analysis$15.69$21.07
Discounted cash flow$23.03$27.71
Discounted cash flow$19.80$28.87
Implied value per Professional Holding Corp. share by analysis, from Piper Sandler · DCF discount rate 8%–12%.