Jacksonville and Tampa, Fla. – (August 2008) – Lovett Miller & Co. portfolio company, EverBank Financial Corp. (EverBank), based in Jacksonville, Florida, has received a capital investment of approximately $100 million from an affiliate of Sageview Capital LP, a private investment firm. The capital will be used to support continued significant growth in EverBank’s core banking and mortgage business lines.
"Sageview’s investment in EverBank will fuel a substantial expansion plan, enabling EverBank to grow our assets by over 30% to approximately $8 billion and dramatically expand our direct deposit customer base," stated Rob Clements, Chairman and CEO of EverBank. "While other banks and financial institutions have needed to raise equity to shore up capital, EverBank has generated record year-to-date earnings and has a strong balance sheet, which will enable us to deploy capital offensively to take advantage of recent market disruptions. After reviewing several alternatives, we selected Sageview as our capital partner.”
“We have been extremely pleased with our investment in EverBank and are excited about the company’s opportunities,” said Radford Lovett II, Co-founder and Managing Partner of Lovett Miller & Co. Mr. Lovett will continue to serve on the Board of Directors of EverBank.
Last month, EverBank announced its 2008 first-half financial results, which included record earnings of $44.7 million (including proceeds from the sale of EverBank Reverse Mortgage LLC), record deposits of $4.1 billion, record bank capital of $402 million and record assets of $6.0 billion.
About Lovett Miller & Co.
Lovett Miller & Co., co-headquartered in Jacksonville and Tampa, Florida, provides growth capital and shareholder liquidity for rapidly growing, privately held companies throughout the United States. The Firm invests in a range of financings including (1) growth capital, (2) minority shareholder liquidity transactions, and (3) growth buyouts. Lovett Miller & Co. typically invests $5 to $15 million in equity per company, although it is willing to consider both smaller and larger equity investments. For more information on Lovett Miller, log on to LovettMiller.com.
EverBank Financial Corp., and its EverBank subsidiaries, is a privately-held thrift holding company headquartered in Jacksonville, Florida offering innovative banking, lending, and investment products and services of exceptional value. The company’s balanced mortgage banking and deposit banking platforms provide diverse revenue streams with proven success in a variety of market conditions. As of June 30, 2008, the company has over $6.0 billion in assets and over $4.1 billion in deposits. For more information on the EverBank Family of Companies, log on to EverBank.com.
About Sageview Capital LP
Sageview Capital LP is a $1.4 billion private investment fund founded in 2006 by Edward A. (Ned) Gilhuly and Scott M. Stuart, both formerly partners of Kohlberg Kravis Roberts & Co. (KKR). The Fund takes a private equity approach to investing in both public and private companies in North America and Europe, by focusing on long-term opportunities and supporting management as an active, engaged shareholder. Sageview has a select group of limited partners, including university endowments, large family offices, and non-profit foundations. It has offices in Greenwich, Connecticut, Palo Alto, California, and Stockholm, Sweden. For more information on Sageview, log on to SageviewCapital.com.