Category Archives: News

18Dec/14

NewStar Leads Financing for Integro

BOSTON, Dec. 10, 2014 (GLOBE NEWSWIRE) — NewStar Financial, Inc. (Nasdaq:NEWS), a specialized commercial finance company, announced today that it served as Lead Arranger and Administrative Agent for Senior Credit Facilities provided to Integro Ltd. (“Integro” or the “Company”), a leading specialty insurance brokerage and risk management firm. The credit facilities were comprised of a revolving line of credit, which was undrawn at closing, and a combination of funded and delayed draw term loans. The transaction also included an accordion feature, which could significantly increase the size of the facilities at the Company’s request subject to lender approval.

The initial proceeds from the financing were used to refinance existing debt with significant undrawn borrowing capacity remaining available to support the Company’s future funding needs related to its growth strategy.

“As we approach our tenth anniversary, Integro is poised for exceptional growth both organic and through continued acquisition of specialty businesses,” said President William Goldstein. “The relationship with NewStar ensures that we have ready access to the resources to deliver on a growth strategy that includes an expanded geographic footprint and the addition of new products and specialties to Integro.”

Launched in 2005, Integro has grown to become one of the top 25 brokers in the U.S., providing insurance products and services to a wide range of clients – from Fortune 500 companies to high net worth individuals. The Company’s core product offerings include traditional property and casualty, marine, personal, employee benefits and aviation insurance lines, as well as reinsurance products. Integro is organized into client-centric divisions focused on companies with activities in key markets and a variety of industries in which it specializes, including healthcare, media/entertainment, hospitality, technology, construction, food and consumer products, real estate, aviation, professional services and waste management.

Headquartered in New York City, the company operates from offices across the United States, Canada, Bermuda and the United Kingdom.

“We are very excited by the opportunity to back one of the leading independent insurance brokerag firms in the world as it continues to execute its strategic growth plan.  With the ability to provide financing solutions up to $300 million, we believe that we will be able to partner with Integro for many years to come as they continue to grow the business organically and through acquisitions,” said Jason Wendorf, a senior banker at NewStar. The deal team for the transaction included Robert Milordi, Kevin Mulcahy and Marty Loew.

About NewStar Financial, Inc.:

NewStar Financial (Nasdaq:NEWS) is a specialized commercial finance company focused on meeting the complex financing needs of companies and private investors in the middle market. The Company specializes in providing senior secured debt financing options to mid-sized companies to fund working capital, growth strategies, acquisition and recapitalization, as well as, equipment purchases. NewStar originates loans and leases directly through a team of experienced, senior bankers and marketing officers organized around key industry and market segments. The Company targets ‘hold’ positions of up to $50 million and selectively underwrites or arranges larger transactions for syndication to other lenders.

NewStar is headquartered in Boston MA and has regional offices in Darien CT, Atlanta GA, Chicago IL, Dallas TX, Los Angeles CA, New York, NY, San Francisco CA, and Portland OR. For more detailed information, please visit our website at www.newstarfin.com.

Source: Nasdaq
18Nov/14

Dominium Becomes National Employee Benefit Consulting Practice For Global Risk Management Firm Integro

New York, NY & Atlanta, GA (November 10, 2014) – Integro Ltd., one of the world’s largest and fastest growing privately held insurance brokerage and risk management firms, has acquired Atlanta-based Dominium to lead its national employee benefit consulting practice. Joining Integro positions Dominium for rapid growth and complements Integro’s Property and Casualty success in the large complex risk market. The Dominium management team, led by CEO Scott Schanen and COO Jimmy Mills, will guide this large complex risk practice and will play a key role in formulating future growth plans for the combined companies.

“The employee benefits sector is crucial to our suite of corporate solutions, especially as we look to further enhance and leverage Integro’s leadership position in the management of risk. The combined knowledge and expertise of Dominium and Integro will ensure we deliver unique and sustainable solutions to managing the burgeoning cost of health care,” said William Goldstein, President of Integro. “The strategic approach, technical abilities and proven record of success of Dominium are a perfect fit with Integro’s vision and plans for future growth.”

Schanen and Mills will remain in their respective leadership positions, reporting directly to Goldstein. Each will also serve on Integro Ltd.’s Operations committee. According to Schanen, “Combining the Integro and Dominium brand further differentiates our employee benefits practice and facilitates the development of innovative strategies to rethink the management of healthcare, pharmacy, disability and workers’ compensation programs.”

Dominium was launched in 2007 under the belief that innovation in employee health and well-being programs can help companies maximize the power of their own performance. “Becoming part of the Integro organization enables us to leverage the resources and expertise of a large international firm while providing the client focused service of a boutique benefits consultancy; we continuously punch above our weight,” notes Mills. “Our combined expertise and talent will bring innovation and profit-oriented outcomes to the clients we serve.”

Dominium will maintain its successful brand and remain headquartered in Atlanta where it will support branch office growth into other major U.S. markets.

Source: Integro

15Jun/14

Integro Insurance acquires California-based employee benefits broker

Integro Ltd. on Thursday announced that it has acquired the Newport Beach, California-based employee benefits broker and consultant Lugo & Associates Insurance Services Inc.

Terms of the sale were not disclosed.

“Lugo & Associates focuses on group health and 401(k) and pension plan clients in the small to medium size markets, a great complement to Integro’s larger company client base,” Integro North America’s San Francisco-based president, Marc Kunney, said in a statement released Thursday. “With his vast experience in this market, Mike (Lugo) will lead the small to mid-size group division serving clients with fewer than 250 employees.”

Lugo & Associates will be rebranded as a unit of Integro, and continue operating from its offices in Newport Beach.

Source: Business Insurance

15May/14

Integro Announces New Management Team

May 6, 2014 – Integro Ltd., a leading risk management and insurance broking company, announced today that John Clements has been appointed Chairman of the Board of Directors and Rocco J. Nittoli has been appointed Vice Chairman of the Board. The Company also announced the formation of an Executive Committee, consisting of Marc Kunney (President, North America Operations), John Sutton (President, International Operations), William Goldstein (President and Chief Operating Officer), Toby Humphreys (Chairman of Integro Insurance Brokers Limited) and William P. Costantini (Managing Principal & General Counsel), to assume management responsibilities, including those of Peter Garvey, who has left the Company. The Company wishes Mr. Garvey well in his future endeavors.

“We are pleased to have elevated a team of proven Integro executives to lead the Company’s continued organic and acquisitive growth,” said Mr. Clements. “We are confident that this team possesses the experience, enthusiasm and vision to propel Integro to the next level, providing quality insurance broking and risk-management services to our expanding roster of top-notch commercial and private clients across a wide range of industries and businesses.”

___

Founded in 2005, Integro is headquartered in New York City and has offices in Atlanta, Bermuda, Boston, Chicago, London, Montreal, Nashville, San Francisco, Toronto and Vancouver.

 

Source: Integro

01May/14

Finalists announced for Arizona Deal of the Year

The Association for Corporate Growth-Arizona Chapter has announced the finalists for its prestigious “Deal of the Year” Award, which will be presented at the organization’s Southwest Mergers & Acquisitions Conference on May 14-15.

The three finalists are:

— The merger of E.B. Lane and Terralever into LaneTerralever, which was nominated by JDB Capital Partners, LLC.

— Recapitalization of QK, Inc. by Cave Creek Capital, Stewart Capital and Seacoast Capital, nominated by Greene Holcomb Fisher.

— Sale of Pinto Valley Copper mining and milling operations and related railroad company, nominated by Polsinelli.

The Southwest Mergers & Acquisitions Conference will conclude with the presentation of the ACG-Arizona 2014 Deal of the Year Award, a coveted honor given annually to a company or private equity firm in recognition of their accomplishments in Arizona’s mergers and acquisitions or capital markets marketplace. The award will recognize a deal/transaction in the Arizona marketplace involving established businesses with between $10 and $750 million of revenue that closed in the 2013 calendar year.

Additionally, the conference program will include exceptional speakers and content for the business community, including:

— Breakfast Keynote with Jim Huntinger of BOK Financial

— Breakfast Keynote with Anthony LeBlanc of the Phoenix Coyotes

— CEO Panel Discussion in Morning Breakout Session

— Lunch Keynote with Douglas Holtz-Eakin, economic policy expert

— Afternoon breakout sessions featuring Private Equity and Credit Market updates

“We are pleased to be able to recognize these three exceptional transactions which have had a positive effect on Arizona’s economy,” said Sanat Patel, President of the ACG-Arizona Chapter Board of Directors. “These are perfect examples of how middle-market transactions are helping create economic growth and job development in our state and the country as a whole.”

Endeavour Capital’s purchase of Arizona Nutritional Supplements was recognized as the 2013 Deal of the Year last year.

The conference will be held at the Fairmont Scottsdale Princess Resort, where a room block for attendees is available. Registration is $310
for ACG members who sign up in advance and $410 for non-members. At-the-door registration is $365 for members and $465 for non-members.

The conference will kick off on May 14 at 1 p.m. with a Golf Event at the Tournament Players Club of Scottsdale. The golf event is open to all registrants for the conference and is $195.

Conference sessions will take place on May 15, and will begin with an 8 a.m. breakfast featuring Huntzinger and LeBlanc as breakfast keynote speakers. After the morning CEO panel, lunch will be served and the Keynote Luncheon Speaker will be Holtz-Eakin.

A distinguished policy advisor, academic, and strategist, Dr. Doug Holtz-Eakin is skilled at forecasting policy changes on the horizon and recommending sound strategies for mitigating risk to your industry. He has served at the highest levels of government concerned with economics and is well-known on Capitol Hill and in Washington’s top think tanks. Having been involved in policy, politics, campaigns, and elections, he addresses economics from all points of view with his well-rounded expertise.

For more information or to register for the conference, visit www.acg.org/arizona, e-mail the chapter atacgarizona@acg.org, or call 602.448.3981.

Source: azbigmedia.com

13Nov/13

Integro Canada Acquires Winnipeg’s Multimedia Risk Inc.

November 5, 2013 – Integro (Canada) Ltd. today announced its acquisition of Winnipeg-based Multimedia Risk Inc., a leading specialized insurance brokerage serving the national and international film and television production industry from offices in Canada and the United States.

Financial considerations were not disclosed.

Established in 1998, Multimedia Risk has brokered coverage for hundreds of film productions, including “The Expendables,” “The Mechanic,” “Midnight’s Children” and “Getaway” as well as television productions, ranging from “Heartland” and “Cracked” to “Corner Gas,” “Little Mosque on the Prairie,” “Cashing In” and “Todd and the Book of Pure Evil.”

“Multimedia Risk adds to our geographic presence and enhances our expertise in entertainment,” noted Mark Rankin, president of Integro Canada. “With Integro offices in Montreal, Toronto and Vancouver, Multimedia gives us a physical presence in a fourth Canadian city and province, Winnipeg, Manitoba, and its diversified, flourishing economy. We are excited to welcome Claude Forest and his accomplished team, and to leverage their success across the Integro organization.”

Forest, who founded and leads Multimedia Risk, said, “We are proud of what we’ve accomplished over the past 15 years and excited at the prospect of helping Integro assume a leadership role on the international entertainment risk management stage.”

Multimedia Risk is the latest of several international entertainment sector acquisitions by Integro Canada’s parent company – New York-based Integro Insurance Brokers — in recent years:

  • Doodson Broking Group, a UK-based entertainment and sports specialist (October 2013);
  • Allan Chapman & James, leading UK-based media insurance broker (August 2012);
  • Frost Specialty, Nashville, TN-based entertainment specialist (August 2010).

About Multimedia Risk Inc.

Since 1998, Multimedia Risk has provided insurance-related services to the national and international film and television industries — covering the spectrum from micro budget to blockbuster productions. Multimedia Risk understands the complexities of motion picture and television production in all its forms, and tailors comprehensive, cost effective solutions delivered on time from offices in Canada and the United States.

About Integro (Canada) Ltd.

Established in 2005, Integro Canada provides commercial clients, from coast to coast, with solutions to complex risk challenges from its offices in Montreal, Toronto and Vancouver. The firm offers a broad array of brokerage services with specialties in Mining, Manufacturing, Construction, Marine, Real Estate and Recreational. Integro Canada is a division of Integro Insurance Brokers, an international insurance brokerage and risk management firm based in New York.

About Integro

Integro is an insurance brokerage and risk management firm focused primarily on serving organizations with complex risks. Clients credit Integro’s superior technical abilities and creative, collaborative work style for securing superior program results and pricing. The firm’s acknowledged capabilities in brokerage, risk analytics and claims are rewriting industry standards for service and quality. Launched in 2005, Integro and its family of specialty insurance and reinsurance companies, some having served clients for more than 100 years, operate from offices in the United States, Canada, Bermuda and London.

Source: Mediacaster

28Oct/13

Integro Acquires UK-Based Broker Doodson

October 22, 2013 – International insurance brokerage and risk management firm Integro announced it has acquired Doodson Broking Group, a UK-based entertainment and sports specialist that also provides full service commercial and private client broking services.

Doodson was established in 1964 in Manchester. It also has UK offices in London and Halifax, and Austin, Texas in the US. Integro’s bulletin notes that it has “has achieved significant success with clients in the entertainment, live event and sports sectors in the UK and US, and also large corporate entities and high net worth private clients in the UK.”

Integro President and CEO Peter Garvey said: “Joining forces with Doodson enhances our reach and existing strengths in sports and entertainment, as well as our presence in UK retail broking.” With the addition of Doodson as well as the firm’s strong organic growth, Garvey noted, Integro’s annualized revenue surpasses $150 million.

“Strategically Doodson, along with earlier acquisitions Frost Specialty, a significant presence in entertainment coverage in the United States; and Allan, Chapman & James, a leading film and media insurance broker in the United Kingdom, solidifies Integro as a leader in entertainment and live event risk,” Garvey said.”

Integro said the “current Doodson management team, led by Neil Clayton with the support of James Dodds and David Leech in the UK, and Roger Sandau in the US, will remain in place.”

Managing Director Clayton said: “Partnering with Integro is great for Doodson clients and staff. The combined forces of the group will give us a great platform to continue to grow the business in the UK and internationally, especially in our key sectors. Integro has a culture and ethos completely aligned with Doodson’s, further strengthening the strategic fit.”

Source: Integro

31Aug/13

Cave Creek Capital Management Leads Recapitalization of Denny’s and DelTaco Franchisee

PHOENIX, AZ ( 4 September 2013) Cave Creek Capital Management is pleased to announce its investment in QK Holdings LLC, the largest Denny’s franchisee in the United States.  QK operates 84 Denny’s and DelTaco restaurants in Arizona, Colorado, New Mexico, Oregon, Texas and Utah generating over $100 million in annual revenues.

Doug Koch, President of QK Holdings, said, “We are looking forward to growing even faster with the strategic guidance and additional capital from our new partners.  They structured a deal which met our needs perfectly”.  CCCM’s transaction funded both growth capital and personal liquidity for the Founders who maintain a majority interest in the Company.  Robbie Qualls, Doug Koch and Dennis Ekstrom will continue as Chairman, CEO and COO of the Company.  Kevin Fechtmeyer, Managing Partner of CCCM, noted “QK is a classic example of our investment approach; pick strong operators who don’t necessarily need to sell but would like an institutional partner to fund growth,  cash out some of the shareholders and leave the management team with an even larger equity upside in the future.”

Co-investors included Stewart Capital of Stilwell, Kansas and Seacoast Capital, an SBIC based in San Francisco and Boston.  The senior lenders in the transaction included lead agent, GE Capital, National Bank of Arizona and Alliance Bank of Arizona.

Dennys Corp.

Denny’s Corp  (NASDAQ: DENN) is a leading national franchised chain of family restaurants with nearly 1,700 locations worldwide.  Founded in 1953, Denny’s has built a strong brand with its America’s Diner theme and its Grand Slam ™ and $2-$4-$6-$8 Breakfast, lunch and dinner specials.

DelTaco Corp.

DelTaco is a national quick service restaurant (“QSR”) chain offering freshly prepared, value for the money Mexican and American favorites.  The Company, founded in 1964, is based in Lake Forest, CA and has grown rapidly to over 500 locations in 16 states becoming the second largest Mexican QSR concept in the U.S.

Cave Creek Capital Management LLC

Cave Creek Capital, based in Phoenix, AZ, is a growth investor with the flexibility of a family office, the talent of a major firm and a much wider range of capital solutions than traditional private equity funds.  Cave Creek Capital does not require control and can invest in both equity and debt.  With no structural deadlines, we can be patient investors and focus on long term goals.  This enables Cave Creek Capital’s management partners to achieve leadership in their markets and generate exceptional growth and returns.

For more information, please contact:

G. Kevin Fechtmeyer
Managing Partner
Cave Creek Capital Management LLC
2355 E Camelback Rd Suite 510
Phoenix, AZ 85016
480-478-6960
kfechtmeyer@cavecreekcapital.com

04Dec/12

Kenexa Acquired by IBM for $1.3 Billion

Accelerates Social Business for Workforce Transformation

ARMONK, N.Y. – 4 December 2012 . . . IBM (NYSE: IBM) today announced the closing of its acquisition of Kenexa. Kenexa bolsters IBM’s leadership in helping clients embrace social business capabilities while gaining actionable insights from the enormous streams of information generated from social networks every day. The net purchase price is approximately $1.3 billion.

Kenexa, a leading provider of recruiting and talent management solutions, brings a unique combination of Cloud-based technology and consulting services that integrates both people and processes, providing solutions to engage a smarter, more effective workforce across their most critical business functions.

Kenexa complements IBM’s strategy of bringing relevant data and expertise into the hands of business leaders within every functional department, from sales and marketing to product development and human resources.

The adoption of social business technology is further accelerating the growth of big data and the need for analytics in the enterprise. A recent global IBM study revealed that 57 percent of surveyed CEOs identified becoming a social business as a top priority and more than 73 percent are making significant investments to capture and draw insights from available data.

The survey also reveals that 70 percent of CEOs cite human capital as the single biggest contributor to sustained economic value. The combined strengths of IBM and Kenexa provide organizations with unique capabilities that allow them to increase workforce efficiencies and gain insight from their business information.

“By creating a smarter workforce, employees can drive innovation to bring products and services to market faster, resolve problems before they arise to improve customer service, and increase sales by building new skills — linking the right experts to the right clients,” said Alistair Rennie, general manager, social business, IBM. “The combination of Kenexa’s world-class human capital management solutions and IBM’s social business and analytics leadership uniquely positions IBM to help clients generate real returns from their social business investments, while helping them to be more competitive in their markets.”

Today, Kenexa is an industry leader in cloud-based software and recruiting process outsourcing (RPO.)  Kenexa supports more than 8,900 customers across a variety of industries, including financial services, pharmaceuticals, retail and consumer, including more than half of the Fortune 500.

Since IBM announced its intent to acquire Kenexa in August, Kenexa has seen continued momentum with customers around the globe. Kenexa has signed sizeable, multiyear contracts with several major companies, and recently announced that Cargill, an international producer and marketer of food, agricultural, financial and industrial products and services, has signed a three-year agreement to use Kenexa to implement, develop and oversee an employee engagement survey to its entire workforce of 140,000 employees around the world.

The Kenexa acquisition complements IBM’s social business and HR business services leadership. For three consecutive years, IDC ranked IBM number one in enterprise social software. Today, more than 60 percent of Fortune 100 companies have licensed IBM’s solutions for social business.

Through its combination of social software, analytics, content management, IBM’s maturity and strength in business process services and deep industry expertise, IBM is uniquely positioned to help organizations capture information, create insights and generate interactions that translate into real business value.

At IBM’s Connect conference, the premier social business client event in January 2013, IBM will detail how it will help clients use social technology, analytics, talent management, and human insights to attract and retain the right talent, to enable employee skills for the greatest impact, and to align activities to improve company performance – leading to real, positive business outcomes and competitive advantage. Register to attend Connect 2013 at www.ibm.com/connect.

With the closing of this acquisition approximately 2,800 Kenexa employees in 21 countries join IBM.  Consistent with its strategy, IBM will continue to support Kenexa clients and enhance Kenexa technologies while allowing these organizations to take advantage of the broader IBM portfolio.

About IBM
For more information visit www.ibm.com/social-business.

Contact:
Karen Lilla
IBM Communications
1-617-693-8115
karen_lilla@us.ibm.com

 

SOURCE

 

23Jul/12

Leading Snack Food Distributor Liberty Distribution Completes Sale to Vistar

(Chandler, AZ) In June 2012, Liberty Distribution completed its sale to Vistar, a division of Performance Food Group.  Founded in 1998 by Jim Schweikert, Liberty Distribution grew to become the leading snack food distributor to non-food retailers.  G. Kevin Fechtmeyer, Managing Partner of Cave Creek Capital, noted, “This was a tremendously successful investment due to the energy and teamwork of Liberty’s management which helped grow its revenues by nearly 400% since our investment in 2008.  This Transaction generated a return of 5.5 times our initial investment.

Patrick Hagerty, President and CEO of Vistar noted, “We have long admired Liberty, they pioneered the availability of candy and snacks to nonperishable retailers. This category is now common place in retail industries where it was virtually unknown just 15 years ago. We are excited to be adding the entrepreneurial spirit of Liberty’s management team and we are confident that they will be instrumental in helping Vistar meet its long term growth strategy.”

Cave Creek Capital Contact:
Jourdin Lambright, Marketing Associate
Phone: (480) 478-6960
jlambright@cavecreekcapital.com