Sedgwick Claims Management Services Inc. said on Monday that it has completed its previously announced ownership change.
Under terms of the deal, New York-based private equity firm Kohlberg Kravis Roberts & Co. L.P. together with Sedgwick management have acquired the majority ownership stake of Memphis, Tenn.-based Sedgwick from private equity firms San Francisco-based Hellman & Friedman L.L.C. and Greenwich, Conn.-based Stone Point Capital L.L.C. for $2.4 billion.
“With the strategic resources of KKR now in our corner, the future of Sedgwick has never looked brighter,” Sedgwick President and CEO David A. North said in a statement.
“Sedgwick has an exceptional management team and a strong track record of innovation and delivering technology-driven solutions for its clients,” said Tagar Olson, member of KKR and head of its financial services investment practice, in the statement. “We look forward to supporting the company in its next stage of evolution and growth.”
Additionally, through an investment made by its equity fund Trident V, Stone Point Capital will retain a minority ownership stake in Sedgwick.
“Stone Point has had the privilege of partnering with Sedgwick on two separate occasions during the last 15 years,” said Steve Friedman, chairman of Stone Point Capital. “We have a tremendous amount of respect for Dave North and the entire Sedgwick organization and look forward to continuing as an investor through Trident V, L.P. alongside KKR.”