New Mountain has agreed to invest in specialty insurance provider AmWINS through a $1.3 billion growth-oriented recapitalization. When the recap is completed, employee shareholders will continue to collectively own more than 30% of AmWINS equity, a share valued at over $160 million. Parthenon, which acquired a controlling stake in AmWINS in 2005, is making a full exit. In 2006, AmWINS registered for an IPO on the NYSE, but withdrew the filing the following year.
Since the beginning of 2009, PE investors have completed 73 deals valued at a billion dollars or more. Activity for billion dollar deals was big and bold last year, with 34 deals completed, including 11 that were each at least $2.5 billion. It's nothing close to the wild highs of 2007 (when 84 billion dollar deals closed), but it is undeniably a robust increase after 2009's low. No transactions over $2.5 billion have closed yet this year, but two have been announced—TransUnion and El Paso Exploration and Production.
*2012 to date
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