Current Investments in Financial Services
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Interboro Insurance Company, Mineola, NY, is a personal lines property and casualty insurer offering automobile and homeowners insurance to residents of New York City, Long Island and the state of New York. The company provides insurance to consumers through over one hundred independent brokers. In 2011, Interboro entered into an agreement to acquire AutoOne and AutoOne Select, two high risk personal auto insurance companies, from OneBeacon Insurance Group, and the transaction is expected to close in 2012. Northwood co-led the recapitalization of Interboro out of rehabilitation from the Liquidation Bureau of the New York State Insurance Department in 2007 and co-led a follow-on financing in 2008. www.interboroinsurance.com |
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TriState Capital Bank, Inc., Pittsburgh, PA, is one of the nation’s fastest growing banks, with a focus on middle market businesses, executives and high net worth individuals. The bank, which was established in 2007, has a pristine balance sheet with assets in excess of $1.8 billion. We participated in a $50 million equity financing in 2008 and in a follow-on offering in 2010 in support of the bank’s continued growth. www.tscbank.com |
Realized Investments in Financial Services
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Argencard S.A., Buenos Aires, Argentina, is an electronic transaction processing company and a merchant network administrator. The company also holds the license of MasterCard International for issuing, processing and acquiring MasterCard cards both in Argentina and Uruguay. Through one of its subsidiaries, Posnet, S.A., the company also operates the largest POS devices network of Argentina, which captures credit card and other types of transactions. We participated in the leveraged recapitalization of Argencard in 1995 and sold our position for cash in 2006 to First Data Corporation. www.argencard.com |
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Eldorado Bancshares, Inc., Laguna Hills, CA, was a leading community bank located in Southern California. The bank, with assets of $1.3 billion, grew through a consolidation strategy led by the management of a previous Northwood portfolio company. We invested in 1995, prior to identifying the first acquisition, as well as in all subsequent rounds of financing. Eldorado completed a $25 million initial public offering in April 1999. The bank was sold for stock in 2001 to the California Bank & Trust division of publicly traded Zions Bancorporation. www.calbanktrust.com |
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MECC, Inc. (formerly Midwest Employers Casualty Co.), Cincinnati, OH, was formed in 1988. Northwood participated in the first round of financing for this start-up insurance company providing excess worker's compensation for self-insured employers. MECC became a leader in its field and was sold to W.R. Berkley Corp. in 1995 and a final escrow distribution was received in 1999. www.wrberkley.com |
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New Dartmouth Bank, Inc., Manchester, NH, the second largest thrift in New Hampshire, was created in 1991 through the acquisition, and merger, of three failed savings and loans from the FDIC. Northwood participated in the equity funding at inception. In 1994, New Dartmouth was acquired for stock by Shawmut National Corp., which was subsequently acquired by FleetBoston Financial Corporation, which was later acquired by Bank of America Corporation. Our position was liquidated through open market sales. www.bankofamerica.com |