Why Capital One Financial (COF) buys TripleTree


  • Capital One Financial Corp. (NYSE: COF) recently announced that it has entered into a definitive agreement to purchase TripleTree. That is why.

Capital One Financial Corp. (NYSE: COF) recently announced that it has entered into a definitive agreement to purchase TripleTree, LLC, a leading investment banking advisory platform serving market-leading healthcare companies, headquartered in in Minneapolis, Minnesota, with offices in New York City. And TripleTree will join the growing capital markets group of Capital One Commercial Bank, bringing deep focus and tailored expertise to serving healthcare technology and services companies. Justin Roth, Head of Investment Banking, will continue to lead TripleTree.

Capital One Commercial Bank is known as a full-service bank specializing in the middle market in many industries, including more than 40 healthcare sub-sectors. And by partnering, Capital One and TripleTree will create a differentiated healthcare platform that will extend Capital One’s full-service capital markets and corporate banking capabilities to include merger advisory capabilities and TripleTree’s acquisitions and investment banking, resulting in a broader positive impact to achieve meaningful results for a wide range of healthcare clients.

With this agreement, the two companies comprising TripleTree Holdings, LLC will become two separate organizations. And TripleTree joins the Capital Markets group of Capital One Commercial Bank as a wholly owned subsidiary, operating under the current TripleTree brand and now with offices in Minneapolis and New York. TTCP Management Services, LLC (TT Capital Partners) will continue to be a Minneapolis-based independent lead investor focused on healthcare technologies and services.

The deal is expected to be finalized in the fourth quarter of 2021, subject to customary closing conditions.

KEY QUOTE:

“Now more than ever, it is essential to provide our customers with best-in-class solutions, products and services. Together, Capital One and TripleTree are well positioned to help our healthcare clients navigate the ever-changing external landscape at every stage of their business. As our two organizations join forces, we have the opportunity to expand our market presence, deepen our industrial relations and work collaboratively to identify and seek new business opportunities to meet the needs of our clients.

– Darren Alcus, Director of Corporate Banking at Capital One

“Capital One and TripleTree share a common philosophy of providing idea-driven advice through in-depth knowledge of the healthcare industry. Together, we will add scale and significant expertise to our Capital Markets group, benefiting clients in a wide variety of healthcare specialties.

– Steve Tulip, Head of Capital Markets, Capital One Commercial Bank

“As two organizations passionate about the healthcare industry and committed to deep relationships, the cultural alignment between TripleTree and Capital One creates a real opportunity to serve customers in new and more meaningful ways. This combination will accelerate TripleTree’s growth trajectory and amplify our market presence, reflecting our 20-year heritage as a leading healthcare investment bank.

– Justin Roth, Head of Investment Banking at TripleTree