Kohlberg Kravis Roberts (KKR) spin-out Sageview Capital has invested $100 million (€63 million) in Everbank Financial to support the bank’s aggressive expansion plans.
The fresh capital will enable the Jacksonville, Florida-based bank to grow its assets by more than 30 percent to approximately $8 billion, according to a statement by Everbank chief executive Rob Clements.
The bank, coming off a record first half earning period of $44.7 million, hopes to take advantage of recent market disruptions in the financial services sector by snatching up the assets that struggling competitors are eager to unload, such as loan portfolios.
Under terms of the deal, Sageview will become Everbank’s largest shareholder, and Sageview co-founder Scott Stuart will join the bank’s board of directors.
Stuart and fellow Sageview founder Ned Gilhuly established the Greenwich, Connecticut-based firm in 2005 after spending 19 years together at KKR. Although Sageview specialises in private equity-style investments in public companies, the firm also selectively makes control investments in private companies.
Sageview’s most notable financial services portfolio company remains KKR Financial, KKR’s debt investment wing now rebranded as KKR Fixed Income. Sageview was one of seven investment firms to participate in the $500 million bailout of KKR Financial last August when the asset manager reeled from write-downs related to the subprime mortgage meltdown.