Financial Services Recapitalizations in 2023

Tracked deals

5

5 tracked deals across 2023.

Buyer mix

PE-led

9 pe · 1 investor

Top trend

Volume peaked in 2026

10 tracked deals announced in 2026.

Buyer Snapshot

Top Buyers

Illustrative buyers pulled from tracked transactions on this page. This table is capped and intentionally non-exhaustive.

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Buyer # Deals Focus Type
Genstar Capital 2 Private equity firm focused on investments in financial s... PE
Amwins employee shareholders 1 Group of Amwins employees retaining and expanding equity ... Investor
Audax Private Equity 1 Middle‑market private equity firm focused on buy‑and‑buil... PE
Dragoneer Investment Group 1 Growth-oriented investment firm investing in public and p... PE
Estancia Capital Partners 1 Specialist lower-middle market private equity firm invest... PE
GTCR 1 Leading private equity firm focused on growth and transfo... PE
Kohlberg & Company 1 U.S. middle-market private equity firm investing across c... PE
SkyKnight Capital, L.P. 1 Private equity firm that partners with companies in acycl... PE
The Vistria Group 1 Middle-market private equity firm focused on healthcare, ... PE

Acquisition Volume in Financial Services Recapitalizations in 2023 by Year

Last 8 years

Acquisition volume by year Annual acquisition counts for the last 8 years for Financial Services Recapitalizations in 2023. 4 2019 4 2020 3 2021 8 2022 5 2023 10 2024 8 2025 ~12 est. 10 2026
Actual Full-year estimate

Supporting Data

Recent Transactions

  • Genstar Capital Reinvests in Cetera Financial Group
    December 21, 2023
    Buyer
    Genstar Capital
    Target
    Cetera Financial Group
    Industry
    Financial Services
    Location
    California, United States
    Type
    Recapitalization

    Genstar Capital has completed an equity reinvestment in Cetera Financial Group, reaffirming its position as Cetera's majority investor and providing fresh capital to support the company's next phase of growth. The transaction enables Cetera to pursue its Wealth Hub strategy, continue strategic M&A and recruiting, and expand advisor and management ownership programs.

  • Amwins Recapitalizes with Dragoneer, Genstar and SkyKnight in $1.0B Equity Transaction
    November 14, 2023
    Buyer
    Dragoneer Investment Group, Genstar Capital, SkyKnight Capital, L.P., Amwins employee shareholders
    Target
    Amwins Group, Inc.
    Seller
    More than 375 Amwins employee shareholders, Public Sector Pension Investment Board (PSP)
    Industry
    Financial Services
    Location
    North Carolina, United States
    Type
    Recapitalization

    Amwins Group completed a $1.0 billion recapitalization in which Dragoneer Investment Group, Genstar Capital, SkyKnight Capital and participating employee shareholders purchased equity from more than 375 employee shareholders and the Public Sector Pension Investment Board (PSP). PSP rolled roughly 80% of its position forward and the Amwins employee shareholder group will remain the largest single owner with approximately 40% ownership, providing liquidity while preserving long-term employee ownership.

  • GTCR Invests in R&T Deposit Solutions; Susan Cosgrove Named Executive Chair
    September 7, 2023
    Buyer
    GTCR, Estancia Capital Partners
    Target
    R&T Deposit Solutions
    Seller
    R&T existing shareholders (founding team and employees)
    Industry
    Financial Services
    Location
    New York, United States
    Type
    Recapitalization

    GTCR has made a strategic investment in R&T Deposit Solutions, acquiring a 50% stake while existing shareholders (including Estancia Capital Partners and R&T’s founders and employees) retain the remaining 50%. As part of the transaction, Susan Cosgrove will join R&T as Executive Chair to support growth, product expansion, and technology and infrastructure enhancements.

  • The Vistria Group Partners with Kohlberg & Company to Invest in U.S. Retirement & Benefits Partners
    June 21, 2023
    Buyer
    The Vistria Group, Kohlberg & Company
    Target
    U.S. Retirement & Benefits Partners
    Industry
    Financial Services
    Location
    New Jersey, United States
    Type
    Recapitalization

    The Vistria Group has entered a strategic partnership to acquire a majority stake in U.S. Retirement & Benefits Partners (USRBP), with Kohlberg & Company remaining as a minority investor. The investment is intended to accelerate USRBP’s growth, expand its capabilities and continue M&A momentum to better serve K-12, government, corporate and non-profit clients.

  • Audax Private Equity Recapitalizes Congress Wealth Management
    April 28, 2023
    Buyer
    Audax Private Equity
    Target
    Congress Wealth Management
    Seller
    CI Financial
    Industry
    Financial Services
    Location
    Massachusetts, United States
    Type
    Recapitalization

    Audax Private Equity completed a strategic recapitalization of Congress Wealth Management, partnering with management as CI Financial sold its stake. Bain Capital Credit provided a senior credit facility to support Audax's investment; the transaction will support Congress' organic growth and buy‑and‑build expansion of its wealth management platform, which manages over $5 billion in client assets and serves roughly 2,300 HNW and family office clients.

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