Cadence Bancorp

Cadence Bancorp LLC

Industry: Financial Services

Investment Date: July 2010

Headquarters: Houston, TX

Website: www.cadencebank.com

Investment Overview:

Cadence Bancorp (“Cadence”) (NYSE: CADE) is a bank holding company headquartered in Houston, established to acquire and operate failed or distressed U.S. banks.  Cadence completed its capital raise with $1.0 billion of committed equity capital.  Cadence acquired Cadence Financial in March 2011 and Superior Bank in April 2011.  These two entities were merged in November 2011 and the combined bank was rebranded Cadence Bancorp.  Cadence subsequently acquired Encore Bank in July 2012.  Cadence currently has $9.5 billion in assets and a branch footprint that stretches across five states. 

 

 Transaction Background:

Platform began focusing on regional bank investments in 2008, believing the financial crisis created an attractive time to invest in banks. We reviewed a number of opportunities over a two-year period. Given the lack of control required by bank holding company regulations, it was critical that we partner with an experienced management team to execute the strategy. Platform has a long-standing relationship with Paul Murphy (Cadence’s CEO) and Marc Shapiro (Cadence Advisory Board Member), and as a result, Cadence offered Platform an opportunity to invest in a targeted industry with executives that we know well and respect. In addition, Platform manages a co-investment partnership, primarily made up of Houston-based investors, that invested in Cadence alongside Platform.