Mill Point Capital has closed its previously announced acquisition of Stamford, Connecticut-based Affinion Group‘s insurance division, Affinion Insurance Solutions. No financial terms were disclosed.
STAMFORD, Conn., Aug. 15, 2018 /PRNewswire/ — Affinion Group, LLC, a subsidiary of Affinion Group Holdings, Inc. (together with its consolidated subsidiaries, “Affinion Group”), today announced that it has closed the previously announced sale of its insurance division, Affinion Insurance Solutions, to an affiliate of Mill Point Capital.
“The successful completion of the sale of our insurance business to Mill Point Capital allows us to focus on our core business of providing leading loyalty and engagement solutions to our clients and their customers and to pay down debt,” said Todd Siegel, CEO of Affinion Group. “Not only does the sale mark our next step in becoming a pure-play loyalty solutions company, but it also provides us with greater financial flexibility.”
As a result of the sale, Affinion Group will operate as a pure-play loyalty solutions company that uses leading technology and data-driven analytics to design, administer and fulfill loyalty and engagement programs that strengthen and enhance relationships for its clients around the globe.
About Affinion Group
Affinion Group is one of the world’s leading loyalty and customer engagement solutions companies servicing over 250 million consumers with almost 6,150 client partner relationships and over 40 years of experience. We design, administer and fulfill loyalty and customer engagement programs that strengthen and expand the value of relationships for our leading clients around the globe, including many of the largest and most respected companies in the financial services, retail, travel, and internet commerce sectors. Based in Stamford, Conn., the Company has over 3,860 employees located in 20 countries across the globe. For more information, visit www.affinion.com.
About Affinion Insurance Solutions
An industry pioneer with over 45 years of experience, Affinion Benefits Group (now AIS) is a leading provider of marketing and insurance administration expertise to financial institutions and other partners. Affinion Benefits Group founded the customer appreciation program in 1979, which is widely marketed today, to provide a “thank you” benefit that enhances loyalty with financial institutions and provides valuable coverage for their consumers. Today, AIS is committed to delivering optimal marketing and industry-leading response rates with strong insurance carrier partnerships and a robust product suite. AIS is the brand behind their clients’ brands, enhancing partners’ customer affinity through relevant products and creative direct marketing strategies. These solutions work together to strengthen consumer engagement, increase brand loyalty and generate predictable and sustainable non-interest income for their clients. Products include Accidental Death & Dismemberment, Simplified Issue Term Life, Graded Whole Life, Hospital Accident Plan, and Recuperative Care Plans. For more information, visit www.affinioninsurancesolutions.com.
About Mill Point Capital
Mill Point Capital is a middle-market private equity firm focused on control-oriented investments in the business services and industrial sectors. The firm works with executive partners to leverage its investment professionals’ experience, while providing strategic and operational guidance designed to drive long-term value creation in its portfolio companies. Mill Point is based in New York, N.Y. For more information, visit www.millpoint.com.