Stone Point Capital has led a majority recapitalization of Black Mountain Systems, a provider of data and process management solutions for financial firm and asset managers. No financial terms were disclosed. SunTrust Robinson Humphrey advised Black Mountain Systems on the transaction.
SAN DIEGO, CA, March 31, 2015: Black Mountain Systems, a software company that develops innovative data and process management solutions for asset managers and financial institutions, announced today that it has completed a majority recapitalization. The transaction was led by Black Mountain’s management and funds managed by Stone Point Capital, which is a leading private equity firm focused on investing in the global financial services industry.
By combining Black Mountain’s highly customizable Everest platform with Stone Point’s relationships and expertise in financial services, Black Mountain is well positioned to advance its mission of bringing growth and innovation to investment professionals. Additionally, this transaction will enable Black Mountain to hasten its pace of expansion and allow its management team to deploy additional resources for a broader roll-out of its product- and service-based solution offerings.
“We see tremendous strategic value in Everest’s highly configurable design, broad functionality and capacity to empower decision makers with complete and accurate information,” said Charles A. Davis, Chief Executive Officer of Stone Point. “We also recognize the technical and client-based expertise that the Black Mountain team brings to its clients, and we look forward to working with the management team to help Black Mountain reach its full potential.”
“We are very excited about this transaction. This is the right move for Black Mountain’s long-term strategy and will enable us to better serve our customers and employees,” said Kevin MacDonald, co-Chief Executive Officer of Black Mountain Systems. “I look forward to working with Stone Point as Black Mountain enters its next phase of innovation, growth and leadership.”
“We were very careful about making this decision, and I firmly believe that Stone Point is the best partner we could have chosen to position Black Mountain for its next chapter. I am extremely proud of the great team we have assembled and the culture we have cultivated at Black Mountain, and I am truly excited about the opportunity to take our success to a new level,” said Andy Horwitz, Black Mountain’s co-Chief Executive Officer.
SunTrust Robinson Humphrey acted as financial advisor to Black Mountain Systems.
About Black Mountain Systems
Black Mountain is a software company that develops innovative, tailored solutions for data aggregation, process management, and business reporting. Global investment firms use Black Mountain’s proven Everest platform to add operating efficiency and reduce risk by eliminating the boundaries between systems, information, and people, allowing employees to focus on high-value activities that drive investment performance. Clients consist of many of the world’s leading managers of fixed income and alternative assets, including CLO/bank loans, municipal finance, real estate, private equity, hedge funds, and commercial finance and banking. Everest’s front-office solutions include portfolio management, trading, compliance, reporting, investment origination, research management, performance attribution, and enterprise data warehousing and offer flexibility to conform, adapt, and grow with changing company, market, and regulatory needs. Unlike custom-built or competitor software, Everest offers low-risk and rapid deployment of fully supported solutions and a scalable implementation methodology with a formal validation process to ensure client satisfaction.
About Stone Point Capital
Stone Point Capital LLC is a financial services-focused private equity firm based in Greenwich, CT. The firm has raised six private equity funds – the Trident Funds – with aggregate committed capital of approximately $13 billion. In addition to the capital invested by the Trident Funds, Stone Point has secured approximately $7 billion of equity co-investments since 2001. Stone Point targets investments in the global financial services industry, including investments in companies that provide solutions and outsourced services to financial institutions, banks and depository institutions, asset management firms, insurance and reinsurance companies, insurance distribution and other insurance-related businesses, specialty lending and other credit opportunities, mortgage services companies and employee benefits and healthcare companies. For further information about Stone Point Capital, see www.stonepoint.com.