M&A · Financials · State Commercial Banks
Enterprise Financial Services Corp to acquire First Choice Bancorp
Announced Apr 26, 2021 · Closed Jul 21, 2021
Deal value$398M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$33.40 per share
Transaction
- Acquirer
- Enterprise Financial Services Corp (EFSC)
- Target
- First Choice Bancorp (FCBP)
- Buyer type
- Strategic
- Offer price per share
- $33.40
- Enterprise value
- —
- Status
- Closed Jul 21, 2021
Deal protections
- Break fee (target pays)
- $16.8M · 4.2%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Boenning & Scattergood
- To the target
- Stifel
Sector context · Financials
- Comparable deals
- 23 in the prior 24 months
- Premium
- Sector median 48.0%
- EV / Adj. EBITDA
- Sector median 21.5x
- Break fee
- 4.2% vs. 3.7% sector median
Timeline
- AnnouncedApr 26, 2021
- Proxy filedJun 4, 2021
- Definitive proxyJun 4, 2021
- Shareholder voteJul 19, 2021
- ClosedJul 21, 2021
Valuation · fairness opinions
Discounted cash flow$24.99$35.42
Discounted cash flow$39.17$56.17
Offer $33.40
Implied value per First Choice Bancorp share by analysis, from Stifel · DCF discount rate 12%–16%.