H.I.G. Capital Completes Sale of Quicken to Aquiline Capital Partners

SAN FRANCISCO–(BUSINESS WIRE)–#BankTransactions–H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with over $45 billion of equity capital under management, announced today that an affiliate has sold Quicken Inc. (“Quicken” or the “Company”) to Aquiline Capital Partners (“Aquiline”).

Quicken is a leading provider of personal financial management (“PFM”) software and services. Its personal finance software and apps allow users to track and categorize bank and card transactions, pay bills, track and manage investments, budget, and plan for retirement, among other things. The Quicken product line includes solutions that cater to different financial needs and user preferences across systems (Mac and Windows) and devices (desktop, mobile, and web), giving consumers flexible access to their finances. After a successful carve-out transaction from Intuit, Inc., H.I.G. collaborated with Quicken management to transition the Company to a subscription-only model, improve the core product functionality to boost overall customer satisfaction, introduce Quicken web and mobile companion apps, and launch Simplifi by Quicken, a modern personal finance app tailor made for digital natives.

“We would like to thank H.I.G. for their support and guidance over the last five years,” said Eric Dunn, CEO of Quicken. “Together, we have strengthened Quicken’s position as the leader in PFM and enhanced our ability to improve the financial lives of our users. The H.I.G. team has been a great partner and a valuable asset as a sounding board for our management team.”

“We partnered with the Quicken team to transform the business by focusing on product quality, customer care and innovation. The results have been outstanding,” said Justin Reyna, managing director at H.I.G. “We’re proud of the Quicken team’s achievements and know they will continue to exceed expectations and lead the industry forward.”

Jefferies acted as exclusive financial advisor and Kirkland & Ellis LLP served as legal advisor to H.I.G. and Quicken in connection with the transaction. Greenhill & Co served as financial advisor to Aquiline.

About Quicken Inc.

Quicken is the best-selling personal finance software in the U.S. For over 30 years, more than 17 million customers have relied on Quicken to help them take control of their finances. Quicken’s award-winning suite of personal finance software and apps — including Quicken Starter Edition, Quicken Deluxe, Quicken Premier, Quicken Home & Business, and Simplifi by Quicken — cater to different financial needs and device preferences. Simplifi by Quicken, named the “best budgeting app and tools” by The New York Times Wirecutter, was added to the Quicken product suite in 2020. Simplifi, a web and mobile app, is designed to help a new generation of digital natives easily stay on top of their finances. Download Simplifi on Google Play or the App Store, and learn more at www.simplifimoney.com. Follow @Quicken on Facebook, Twitter and YouTube, and @SimplifiMoney on Instagram, Facebook and Twitter.

About H.I.G. Capital

H.I.G. is a leading global alternative assets investment firm with over $45 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Rio de Janeiro, São Paulo and Bogotá, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/value-added approach:

1. H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
2. H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
3. H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
4. H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector.

Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.

^{* Based on total capital commitments managed by H.I.G. Capital and affiliates.}

Contacts

Justin Reyna

Managing Director

jreyna@higcapital.com