Capital One to Acquire TripleTree, LLC, Growing Capital Markets Capabilities
October 14, 2021
The acquisition enables Capital One to extend its healthcare expertise and expand its investment banking suite of services
Capital One announced today it entered into a definitive agreement to acquire TripleTree, LLC (TripleTree), a leading investment banking advisory platform serving market-leading healthcare companies, headquartered in Minneapolis, MN, with offices in New York. TripleTree will join Capital One Commercial Bank’s growing Capital Markets group, bringing deep focus and tailored expertise serving healthcare technology and services companies. Justin Roth, Head of Investment Banking, will continue to lead TripleTree.
Capital One Commercial Bank is a full-service bank with middle market specialization in many industries, including over 40 healthcare sub-sectors. In coming 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 — driving broader positive impact to achieve significant outcomes for a wide range of healthcare clients.
“Now more than ever, it’s essential to provide our clients with best-in-class solutions, products and services. Capital One and TripleTree together are well-positioned to help our healthcare clients navigate the ever-changing external landscape at every stage of their business,” said Darren Alcus, Head of Capital One’s Corporate Bank. “As our two organizations join forces, we have the opportunity to expand our market presence, deepen our industry relationships and work collaboratively to identify and pursue new business opportunities to serve our clients’ needs.”
“Capital One and TripleTree have a shared philosophy of providing insights-driven counsel enabled by deep healthcare industry knowledge,” said Steve Tulip, Head of Capital Markets, Capital One Commercial Bank. “Together, we’ll add scale and significant expertise to our Capital Markets group, benefitting clients in a wide variety of healthcare specialties.”
“As two organizations with a passion for the healthcare industry and a commitment to deep relationships, the cultural alignment between TripleTree and Capital One creates real opportunity to serve clients in new and more meaningful ways,” said Justin Roth, Head of Investment Banking at TripleTree. “This combination will accelerate TripleTree’s growth trajectory and amplify our reach in the marketplace, reflecting our 20-year heritage as a leading healthcare investment bank.”
With this transaction, the two businesses comprising TripleTree Holdings, LLC will become two separate organizations. TripleTree is joining 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. TTCP Management Services, LLC (TT Capital Partners) will continue as an independent, Minneapolis-based principal investor focused on healthcare technology and services. Executive Chairman and Co-Founder Kevin Green and CEO Dawn Owens will continue their roles within TT Capital Partners.
“When we started TripleTree 22 years ago, our goal was to create something special, something unique in the market; a business with sustainability, relevance, and impact,” said Kevin Green, Executive Chairman and Co-Founder at TripleTree Holdings. “As these two businesses move into their next chapter, I’m excited to watch that impact continue – with TripleTree joining Capital One Commercial Bank and TT Capital Partners reaching new heights under the leadership of a strong team of seasoned professionals.”
The transaction is expected to close in the fourth quarter of 2021, subject to customary closing conditions. 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 $306.3 billion in deposits and $423.4 billion in total assets as of June 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.
About TripleTree, LLC
TripleTree is a healthcare investment bank focused on mergers and acquisitions, recapitalizations, and strategic advisory services. Since 1997, the firm has advised some of the most innovative, high-growth businesses in healthcare. For more, visit http://www.triple-tree.com
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.