Capital One buys TripleTree healthcare investment bank

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Capital One Financial buys healthcare investment bank TripleTree to capitalize on the industry’s ongoing merger boom.

The acquisition is part of Capital One’s efforts to continue the growth of its corporate bank, which acquired General Electric’s healthcare lending business in 2015.

Darren Alcus, who heads corporate banking at Capital One, based in McLean, Virginia, said the acquisition was a “natural opportunity” for the $ 423 billion wealth bank. The deal will give TripleTree customers access to Capital One’s midsize business services and help Capital One build its relationships in the healthcare industry, he said.

Capital One’s deal for healthcare investment bank TripleTree is expected to close this year.

Bloomberg

“It’s an area that we believe is dynamic and complex,” said Alcus, who joined Capital One from GE Capital, in an interview. “Here we believe that we can offer this customer base valuable financial solutions.”

The two companies did not disclose the terms of the transaction, for which customary closing conditions are pending. TripleTree, based in Minneapolis but also with offices in New York, will continue to be led by its current investment banking boss, Justin Roth.

TT Capital Partners, a TripleTree sister company that invests in healthcare companies, remains a separate company and is not part of the acquisition.

The deal is expected to close this year. Arnold & Porter Kaye Scholer law firm advised Capital One on the transaction, Kirkland & Ellis advised TripleTree on legal matters, and Broadhaven Capital Partners was their financial advisor.


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