Capital One Closes Acquisition of TripleTree, LLC
Together Capital One and TripleTree are extending their healthcare expertise and investment banking suite of services.
November 29, 2021
Capital One announced today it has successfully completed its acquisition of TripleTree, LLC (TripleTree), a leading investment banking advisory platform serving market-leading healthcare technology and services companies.
TripleTree has joined the Capital Markets group of Capital One Commercial Bank as a wholly owned subsidiary, operating under the current TripleTree brand and maintaining its offices in Minneapolis and New York. Capital One has extended offers to the entire TripleTree team (approximately 70 associates), who will continue to be based in Minneapolis and New York. In bringing these two teams together, Capital One and TripleTree will create a differentiated healthcare platform that extends Capital One’s full-service capital markets and corporate banking capabilities to include TripleTree’s M&A advisory and investment banking capabilities.
“By incorporating TripleTree’s M&A advisory and investment banking capabilities, we are very well-positioned to provide our healthcare clients with a broad array of financial and advisory solutions," said Darren Alcus, Head of Capital One’s Corporate Bank.
“We are thrilled about the opportunity this combination creates for TripleTree and Capital One to serve our clients in even more meaningful ways, supporting the unique and important impact they make on this evolving healthcare industry,” said Justin Roth, Head of Investment Banking at TripleTree. He will continue to lead TripleTree as part of Capital One.
TripleTree has completed hundreds of transactions and has a long track record of successfully executing on some of the most transformational deals in healthcare, ranging from upper middle market to multi-billion-dollar transactions. Since 2019, TripleTree has advised on more than 80 healthcare transactions representing over $55 billion of total enterprise value and completed transactions with an average enterprise value of more than $700 million.
With this transaction’s close, the two businesses comprising TripleTree Holdings, LLC have become separate organizations. TTCP Management Services, LLC (TT Capital Partners) will continue as an independent, Minneapolis-based principal investor focused on healthcare technology and services, while TripleTree is joining the Capital Markets group of Capital One.
Arnold & Porter Kaye Scholer LLP acted as legal advisor to Capital One in connection with the transaction. Broadhaven Capital Partners acted as financial advisor to TripleTree, and Kirkland & Ellis LLP acted as its legal advisor.
For more information, please reach out to Mary Kate Kim (Mary.Kim@CapitalOne.com) or Sie Soheili (Sie.Soheili@CapitalOne.com).
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $305.9 billion in deposits and $425.4 billion in total assets as of September 30, 2021. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, Louisiana, Texas, Maryland, Virginia, New Jersey and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index.
Certain statements in this release may constitute forward-looking statements, which involve a number of risks and uncertainties. Such forward-looking statements include, but are not limited to, statements about the projected impact and benefits of the acquisition by Capital One of TripleTree, including Capital One’s plans, objectives, expectations and intentions and other statements that are not historical facts. Capital One cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information due to a number of factors, including among others those listed from time to time in reports that Capital One files with the Securities and Exchange Commission, including, but not limited to, the Annual Report on Form 10-K for the year ended December 31, 2020, and the following factors: the possibility that Capital One may not fully realize the projected benefits of the transaction; changes in the anticipated timing for closing the transaction; business disruption during the pendency of or following the transaction; diversion of management time on transaction-related issues; and the reaction of customers and other parties to the transaction. Forward-looking statements speak only as of the date they are made, and Capital One assumes no duty to update forward-looking statements.