PE firm to acquire majority stake in Davies Group
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Private equity firm BC Partners said Tuesday it has agreed to acquire a majority stake in London-based claims management and insurance services company Davies Group Ltd.
Terms of the transaction were not disclosed. The deal is expected to close in the second quarter.
Existing private equity investors HGGC LLC and Alberta Investment Management Corp., which does business as AIMCo, will retain minority stakes in Davies, alongside its leadership team and employees, a joint statement from the companies said.
BC Partners will have representation on the Davies board.
The deal will diversify and strengthen Davies’ shareholder base as the company looks to drive further global expansion and increase investment in technology and digital transformation, the statement said.
Davies has more than 4,000 employees and in recent years has expanded into new markets, including Bermuda, Canada and the U.S., completing more than 30 acquisitions. It increased its annual proforma revenue to more than £350 million ($485.6 million) in the last four years, according to the statement.
Davies offers third-party administrator and loss adjusting services, along with captive management, auditing and actuarial services.
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