Thoma Bravo to take Accelerant private in a $4Bn transaction. Aug 27, 2026 Accelerant Holdings (NYSE: ARX) announced on August 13, 2026, a merger agreement providing for its acquisition by affiliates of Thoma Bravo. Class A and Class B holders are to receive $20.25 per share in cash, without interest, in a transaction carrying more than $4Bn of enterprise value by the company's description. That is a premium of approximately 49% to the August 12 close of $13.61, and closing is expected in the first half of 2027. The premium is probably not the most informative figure. Accelerant listed on the NYSE at $21.00 per share in an upsized IPO in July 2025, which places the take-out approximately 3.6% below its listing price thirteen months earlier. The 52-week range of $9.18 to $30.48 shows how much the chosen reference point matters. A large premium to a depressed price is not the same as a premium to intrinsic value, and that gap is where sponsors appear to be finding returns. Transaction overview. The transaction is a one-step merger rather than a tender offer. Cherry Tree Merger Sub is to merge into Accelerant, which would survive as a wholly owned subsidiary of Cherry Tree BidCo, an affiliate of Thoma Bravo Discover Fund V, L.P., and the shares are to be delisted and deregistered. Closing requires approval by at least two-thirds of votes cast, HSR expiration or termination, specified foreign antitrust and foreign investment clearances and specified insurance regulatory approvals. Financing risk appears limited. Discover Fund V has provided an equity commitment letter covering the merger consideration, the estimated ticking amount and refinancing of existing debt, and there is no financing condition. A ticking fee of $0.00333 per share per calendar day, described by the company as 6% per annum, would accrue on top of the $20.25 if insurance approvals delay closing past the Ticking Amount Start Date. That prices the regulatory calendar in advance, and it suggests both sides expected those approvals to take time. The outside date is August 13, 2027, extendable to November 13, 2027 if only regulatory conditions remain. An active go-shop runs until one minute prior to 12:00 a.m. ET on September 22, 2026, but it is unusually narrow: solicitation is limited to Excluded Parties, counterparties that signed an acceptable confidentiality agreement within six months before signing. A superior proposal therefore remains possible, though within a defined field. Break fees are $56.9MM for a superior proposal with an Excluded Person and $136.5MM otherwise, against a $295.8MM reverse termination fee. A special committee of independent and disinterested directors ran the process, and both it and the full board unanimously approved the transaction. Entities affiliated with Altamont Capital Partners, holding approximately 82% of voting rights, signed a Voting and Support Agreement on August 13, which likely makes the vote procedural. Altamont and the founders are described as intending to retain equity alongside Thoma Bravo, although the filings state that no binding rollover commitment exists yet. Strategic rationale. Thoma Bravo describes itself as the world's largest software-focused investment firm, with more than $172Bn of assets under management at March 31, 2026. Jeff Radke, Chairman and CEO, framed the rationale in terms of investment capacity: "Accelerant has been building the preeminent specialty insurance marketplace since our founding in 2018... Returning to private ownership with Thoma Bravo's technology and software expertise, coupled with its vast financial and strategic resources, will enable us to make investments that further position our unique, data fueled platform to be the rails on which specialty insurance runs." The choice of fund is also notable. The equity comes from Discover Fund V, the firm's middle-market strategy rather than its flagship vehicle, which suggests the buyer views Accelerant as a growth-oriented software investment rather than a large-cap platform acquisition. Accelerant also reported second quarter results that day, then withdrew guidance and cancelled its earnings call, so shareholders are assessing a fixed price without a forward view. The exchange model and competitive positioning. Accelerant, founded in 2018, is Cayman incorporated and headquartered in Atlanta. It operates the Accelerant Risk Exchange, a data-driven marketplace matching specialty underwriters, largely managing general agents called Members, with Risk Capital Partners. It monetizes mainly through fees on Exchange Written Premium shared with those partners rather than by carrying risk alone, although it retains some. The platform spans 22 countries and approximately 700 specialty products, a footprint that would probably be slow to replicate. Second quarter Exchange Written Premium was $1,322.3MM, up 23% against 42% growth a year earlier, and the trailing twelve-month figure reached $4.59Bn. Total revenues were $356.9MM versus $219.1MM, net income was $80.0MM, and adjusted EBITDA was $93.1MM at a 30.6% margin against 29.0%. Members numbered 314 against 248, net revenue retention fell to 111% from 151%, and third-party direct written premium rose to 47% of Exchange Written Premium from 27%. That mix probably explains the sponsor's interest at this price. Margins expanded, and absolute growth remained strong, yet slower premium growth and lower retention are signals public markets penalize more heavily than private owners do. A private owner may absorb that trade more comfortably in exchange for longer-term positioning. Broader implications for insurance M&A. PwC's U.S. Insurance Deals 2026 Midyear Outlook reported approximately $29.6Bn of deal value across 191 disclosed transactions in the six months ended May 31, 2026, against $31.8Bn across 207 deals in the prior six months. Approximately 97% of that value came from megadeals. Specialty property and casualty carriers, MGAs and excess and surplus lines businesses continue to drive deal flow, with multi-program MGAs expected to command mid- to high-teens multiples. Private equity behavior points the same way. PwC's U.S. Private Equity 2026 Midyear Outlook noted first-half 2026 volume down 34% year over year while aggregate value rose approximately 10%, with average deal size up nearly fourfold. Capital appears to be concentrating in fewer and larger transactions, and Accelerant fits that pattern. Conclusion. Committed equity, no financing condition, a sponsor guarantee, a supportive holder of approximately 82% of voting rights and a ticking fee for delay together suggest a high probability of completion. Insurance approvals will likely set the timetable. The go-shop does not close until September 22, 2026, so the outcome should not be treated as settled, even though the narrow Excluded Parties definition limits the practical field. The price itself raises the harder question. A premium of approximately 49% is substantial against a $13.61 close, yet $20.25 remains approximately 3.6% below the $21.00 IPO price of thirteen months ago. Neither figure is dispositive on its own. The transaction most likely shows that the gap between public-market pricing and private assessments of long-term value has widened enough for sponsors to act on it, and boards of recently listed companies may expect similar approaches. About DelMorgan & co. (www.delmorganco.com). With over $300 billion of successful transactions in over 80 countries, DelMorgan's Investment Banking professionals have worked on some of the most challenging, most rewarding and highest profile transactions in the U.S. and around the globe. DelMorgan specializes in capital raising and M&A advisor services for companies across all industries and is recognized as one of the leading investment banking practices in California and globally.

Accelerant (NYSE:ARX) sees strong trading volume on better-than-expected earnings. August 14, 2026 Key points. * Accelerant reported better-than-expected quarterly results, earning $0.32 per share versus the $0.16 consensus estimate on revenue of $356.9 million. Trading volume rose 150% to nearly 5 million shares. * Thoma Bravo agreed to take Accelerant private in an all-cash deal valued at more than $4 billion, offering shareholders $20.25 per share and serving as the main catalyst for the stock's recent gains. * Analysts largely view the shares as fairly valued near the transaction price, with a consensus "Hold" rating and $18.73 price target. Shareholder law firms are investigating whether the deal price was fair, while insiders have sold more than 1.2 million shares over the past 90 days. * MarketBeat previews the top five stocks to own by September 1st. Accelerant Holdings (NYSE:ARX - Get Free Report) saw strong trading volume on Friday after the company announced better than expected quarterly earnings. Approximately 4,954,463 shares were traded during trading, an increase of 150% from the previous session's volume of 1,980,874 shares.The stock last traded at $19.5550 and had previously closed at $19.51. The technology company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.16. The company had revenue of $356.90 million for the quarter. Accelerant had a positive return on equity of 49.99% and a negative net margin of 135.47%. Here are the key news stories impacting Accelerant this week: * Positive Sentiment: Thoma Bravo agreed to take Accelerant Holdings private in an all-cash transaction valued at more than $4 billion, offering shareholders $20.25 per share. The buyout price is the primary catalyst behind the stock's sharp advance and provides a potential near-term valuation anchor. Reuters Thoma Bravo acquisition article * Positive Sentiment: Accelerant's second-quarter earnings exceeded expectations: adjusted earnings were $0.32 per share versus a $0.16 consensus estimate, while revenue reached $356.9 million. The performance was supported by premium growth, higher fee revenue and stronger Exchange Services results. Accelerant second-quarter earnings report * Neutral Sentiment: Citizens JMP reaffirmed its "market perform" rating, while William Blair lowered Accelerant from "outperform" to "market perform." These actions suggest analysts see limited incremental upside beyond the transaction price rather than a major change in the company's operating outlook. William Blair rating change * Negative Sentiment: Several law firms are investigating whether Accelerant's board obtained a fair price for public shareholders and whether conflicts involving controlling shareholder Altamont Capital Partners affected the Thoma Bravo transaction. Such reviews could create deal uncertainty or encourage a higher offer, although no wrongdoing has been established. Ademi shareholder investigation Analyst Ratings changes. A number of analysts have weighed in on the stock. William Blair lowered shares of Accelerant from an "outperform" rating to a "market perform" rating in a research note on Thursday. Wells Fargo & Company lowered their target price on Accelerant from $17.00 to $16.00 and set an "overweight" rating on the stock in a report on Thursday, July 9th. Weiss Ratings raised shares of Accelerant from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday, August 4th. Citigroup downgraded Accelerant from an "outperform" rating to a "market perform" rating in a research report on Thursday. Finally, Royal Bank Of Canada lowered shares of Accelerant from an "outperform" rating to a "sector perform" rating in a research report on Friday. Five research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Accelerant presently has a consensus rating of "Hold" and an average price target of $18.73. Discover more Earnings screener tool Market cap calculator Options profit calculator Insider buying and selling. In related news, COO Matthew David Sternberg sold 17,568 shares of the company's stock in a transaction on Monday, July 27th. The shares were sold at an average price of $14.64, for a total transaction of $257,195.52. Following the sale, the chief operating officer owned 596,482 shares of the company's stock, valued at $8,732,496.48. This represents a 2.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Francis James Oneill sold 89,219 shares of the company's stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $12.41, for a total transaction of $1,107,207.79. Following the sale, the insider owned 6,369,290 shares in the company, valued at $79,042,888.90. This represents a 1.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 1,216,240 shares of company stock worth $16,146,480. Insiders own 66.59% of the company's stock. Institutional investors weigh in on Accelerant. A number of institutional investors and hedge funds have recently modified their holdings of the business. State of Wyoming bought a new stake in shares of Accelerant during the first quarter worth $28,000. Quarry LP bought a new position in shares of Accelerant during the third quarter valued at approximately $40,000. PNC Financial Services Group Inc. bought a new stake in Accelerant during the 3rd quarter valued at $42,000. Royal Bank of Canada boosted its position in Accelerant by 50.3% during the first quarter. Royal Bank of Canada now owns 7,729 shares of the technology company's stock valued at $103,000 after purchasing an additional 2,585 shares in the last quarter. Finally, CWM LLC bought a new stake in shares of Accelerant in the 4th quarter valued at about $109,000. Accelerant stock up 0.2%. The company's fifty day simple moving average is $13.27 and its 200-day simple moving average is $13.15. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.61 and a quick ratio of 1.61. The firm has a market capitalization of $4.27 billion and a PE ratio of -2.81. About Accelerant. Aeroflex Holding Corp. (Aeroflex Holding) is a provider of radio frequency (RF) and microwave integrated circuits, components and systems used in the design, development and maintenance of wireless communication systems. The Company's solutions include microelectronic components and test and measurement equipment used by companies in the space, avionics and defense; commercial wireless communications, and medical and other markets. Its products include a range of RF, microwave and millimeter wave microelectronic components, integrated circuits (ICs), and analog and mixed-signal devices. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. Continue following MarketBeat Before you consider Accelerant, you'll want to hear this. 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