Capstone Partners Provided Transaction Advisory Services to Vanguard Title Insurance During Sale to Fidelity National Financial

Capstone Partners’ Financial Advisory Services (FAS) group provided transaction advisory services to Vanguard Title Insurance Agency LLC (Vanguard or the Company) during its acquisition by Fidelity National Financial (FNF or the Buyer).

Vanguard Title Insurance LLC is one of the top independent title insurance companies in the State of Utah, closing over 13,000 real estate transactions in 2021.

The Company engaged Capstone’s investment banking team to provide sell-side advisory services, and who reached out to the Capstone FAS group to assist in providing the Company with transaction advisory services, as well as additional deal execution support.

In addition to providing a sell-side QofE analysis, Capstone’s FAS professionals also acted as an additional resource to the Company’s finance and accounting team which had limited capacity to research and respond to requests from potential buyers. As a result of the up-front groundwork provided by Capstone’s banking and FAS teams, the buyer, FNF, was able to complete its due diligence process expeditiously and efficiently, without needing to submit any clarification requests on the data provided by Capstone’s team. FAS contributors included Associate Jeremy Putka as well as Director Adam Brissette, who led the advisory assignment.

Adam Brissette, a Director in the Capstone FAS group, said 

“A timely process is always in the seller’s best interests. With our understanding of the overarching issues in this industry, as well as the questions that a potential buyer was likely to raise during their due diligence process, we were able to perform a comprehensive sell-side quality of earnings (QofE) analysis that supported the highest defensible EBITDA for the client, and an assessment of the impact of a cash-to-GAAP conversion,” . “Having this information available when banking team went to market helped to eliminate a lot of the back and forth with a prospective buyer that can delay, or sometimes even prevent, a deal from successfully closing.”

 

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