NEW YORK--(BUSINESS WIRE)--DLJ Merchant Banking Partners ("DLJMB") today announced that its affiliate Orchard Acquisition Company has completed its acquisition of Peach Holdings, Inc. (AIM: PSF), the parent company of Peachtree Settlement Funding ("Peachtree"), in a cash merger at £3.85 per share. Orchard Acquisition Company is a newly formed company owned by an investor group led by DLJMB, which also includes the senior management of Peach Holdings, Credit Suisse, LLR Partners and Greenhill Capital Partners.
Peachtree is a diversified US specialty finance and factoring company that purchases high-quality deferred payment obligations from individual holders. Obligations purchased by Peachtree include structured settlements, life settlements, lottery winnings, select insurance products, and litigation related receivables. With over 300 employees headquartered in Boynton Beach, Florida, Peachtree has originated over US$3.25 billion in assets since it was founded in 1996. The acquisition price represents a transaction value of approximately £402 million (US$763 million).
DLJ Merchant Banking Partners is a leading private equity investor that has a 21-year record of investing in leveraged buyouts and related transactions across a broad range of industries. DLJMB has been among the most active private equity investors in financial services companies, having committed over $1.3 billion dollars of equity over the past 5 years. DLJMB, with offices in New York, London and Los Angeles, is part of Credit Suisse’s Alternative Investments group, one of the largest alternative asset managers in the world with more than $108 billion of assets under management comprised of a diverse portfolio of private equity investments across the globe.
Credit Suisse’s Fixed Income Division (“CS FID”), operates a highly innovative structured finance business that includes the Life Finance Group, established in 2005 as a strategic growth initiative to trade and finance life insurance policies, annuities, and other life contingent instruments. CS FID expects to work closely with DLJMB and Peachtree to provide product development and financing expertise.
About LLR Partners
LLR Partners (LLR) is a $620 million private equity firm that provides capital to middle market growth companies with proven business models in a broad range of industries, including financial, healthcare, software and business services. LLR is flexible in its approach, investing up to $50 million, taking minority or control positions and leading transactions ranging from expansion and growth capital to recapitalizations and buyouts. LLR creates value beyond its capital contribution by partnering with existing management and providing advice and access to its extensive business network. For more information about LLR, please visit www.llrpartners.com.
About Greenhill Capital Partners
Greenhill Capital Partners manages several private equity funds with an aggregate of $1.3 billion in committed capital, focusing on the financial services, energy and telecommunications industries. Its publicly traded portfolio companies include: Global Signal Inc., Heartland Payment Systems, Inc. and Hercules Offshore, Inc. Greenhill Capital Partners is an affiliate of Greenhill & Co., Inc. (NYSE: GHL), an independent global investment banking firm with offices in New York, London, Frankfurt, Toronto and Dallas. For more information please visit www.greenhillcapitalpartners.com.
Bear Stearns acted as financial advisor and Davis Polk & Wardwell acted as legal advisor to DLJ Merchant Banking and Credit Suisse.