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Stone Point, CD&R agree Truist Insurance deal; OEP’s Greg Belinfanti: ‘Through adversity to the stars’

Morning Hubsters, Craig McGlashan here with the Tuesday Wire.

We’re going to start with a look at the biggest deal of the day. Stone Point Capital and Clayton, Dubilier & Rice have agreed to buy Truist Financial’s remaining stake in Truist Insurance Holdings in a deal that values the insurance broker at $15.5 billion. 

We then feature the latest in our Dealmakers to Watch series, as One Equity Partners’ newly promoted president Greg Belinfanti tells PE Hub about how he came to the private equity world and why the motto of the Royal Air Force can be applied to investing.

Building Truist

An investor group led by Stone Point Capital and Clayton, Dubilier & Rice has agreed to buy Truist Financial’s remaining stake in Truist Insurance Holdings. Thedeal gives the insurance broker an enterprise value of $15.5 billion.

Subscribe to the full version of the Wire to learn more about the deal, including the EBITDA multiple and why the insurance sector is proving so popular for private equity firms.

Per ardua ad astra

Triumph over adversity was very much the theme in the latest installment of PE Hub’s new Dealmakers to Watch series, as Obey Martin Manayiti spoke to Greg Belinfanti, the newly promoted president of private equity firm One Equity Partners.

Find out why, as well as Belinfanti's approach to investing and how he came to private equity, in the subscriber version of the Wire.

Editor’s note: PE Hub  has recently launched a new series of profiles called Dealmakers to Watch. We’re featuring private equity professionals as they pivot to new challenges, such as moving to a new firm, launching a new firm, getting promoted to partner, launching an investment strategy, closing a significant deal or some other new endeavor.

Is there someone you’d like to see profiled by PE Hub? Send suggestions to editor-in-chief MK Flynn at mk.flynn@pei.group

For another profile in the series, read: Matt Leeds seeks proven brands with potential to grow for new firm.

OK that’s all from me today. Chris Witkowsky will be with you tomorrow.

Cheers,

Craig

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

Japanese buyout shop seeks to nearly quadruple next flagship. Tokyo-based Basic Capital Management is back in the market for its latest strategy after a nearly four-year hiatus since its last flagship. (Private Equity International) 

CPP Investments discloses portion of €1bn Hayfin strip sale it backed. Secondaries Investor reported in December that the Canadian pension giant had teamed up with Lexington Partners to lead the transaction.

Desperate not to be ‘left behind’, Canada enters renewables subsidy race. The US’s northern neighbour is introducing investment tax credits for clean energy, hoping replicability can be the answer to attracting investment. (Infrastructure Investor)

Hodes Weill’s Hodes: 10% fund reserves are now ‘insufficient’. Most assets need an additional 15% to 20% in reserves to address refinancing issues, according to the advisory firm’s co-founder. (PERE) 

QIC makes agtech investment with commitment to Mandalay Fund I. Mandalay Venture Partners hopes a commitment from Queensland Investment Corporation will help to attract more investors ahead of a final close. (Agri Investor)

They said it

“The motto for the Royal Air Force, per ardua ad astra, meaning ‘through adversity to the stars,’ is something I take with me everywhere I go. It’s a lot of what investing is.”

— Greg Belinfanti, president, One Equity Partners, on his private equity approach