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| Client: |
ComparisonMarket, Inc. ("ComparisonMarket or the "Company") |
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| Business: |
ComparisonMarket, Inc. owns and operates Insurance.com, and is based in Solon, Ohio. Insurance.com enables consumers to instantly compare and buy competitive auto insurance quotes directly from more than a dozen leading insurance companies. When ready to purchase, users have the option of completing the transaction online or talking directly to an unbiased licensed agent. Other products include life, health and home insurance as well as travel, dental and pet health insurance.
In addition to Insurance.com, ComparisonMarket provides private labeled auto insurance solutions to financial institutions, affinity groups and online marketplaces to offer their customers real choice and savings opportunities on auto insurance.
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| Client Objective: |
Since 2003, BGL has assisted ComparisonMarket in raising approximately $100 million of capital in the form of senior secured debt, convertible notes, and preferred equity. In May 2006, BGL was engaged by the Company for the third time to raise low cost funds to suport the continued roll out of the Company's leading technology platform. |
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| Results: |
In order to secure the financing, BGL transacted a broad auction process in which it confidentially contacted over 80 potential lenders, including traditional commercial banks, non-bank financial institutions, subordinated lenders, mezzanine lenders, private equity firms, and hedge funds. As a result of the Company’s strong growth prospects, BGL received significant interest from all classes of potential lenders. Ultimately, after several rounds of final negotiations, ComparisonMarket selected Goldman Sachs Specialty Lending Group, L.P. (“GSSLG”), a division of The Goldman Sachs Group, Inc. |
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