M&A · Financials · Fire, Marine & Casualty Insurance
Altaris Capital Partners to acquire Trean Insurance Group, Inc.
Announced Dec 16, 2022 · Closed Apr 21, 2023
Deal value$316M
Premium97.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$6.15 per share
Transaction
- Acquirer
- Altaris Capital Partners
- Target
- Trean Insurance Group, Inc. (TIG)
- Buyer type
- Private equity
- Offer price per share
- $6.15
- Enterprise value
- —
- Status
- Closed Apr 21, 2023
Deal protections
- Break fee (target pays)
- $9.4M · 3.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Houlihan Lokey
Sector context · Financials
- Comparable deals
- 88 in the prior 24 months
- Premium
- 97.0% vs. 30.0% sector median
- EV / Adj. EBITDA
- Sector median 23.7x
- Break fee
- 3.0% vs. 3.7% sector median
Timeline
- AnnouncedDec 16, 2022
- Proxy filedJan 19, 2023
- Definitive proxyMar 16, 2023
- Shareholder voteApr 18, 2023
- ClosedApr 21, 2023
Valuation · fairness opinions
Trading comparables$4.89$7.11
Trading comparables$4.69$7.30
Trading comparables$3.88$7.32
Precedent transactions$4.31$7.75
Discounted cash flow$4.97$7.98
Offer $6.15
Implied value per Trean Insurance Group, Inc. share by analysis, from Houlihan Lokey · DCF discount rate 13%–15%.