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Private equity firm Carlyle Group will become the majority owner of Sedgwick Claims Management Services Inc. in a transaction valued at about $6.7 billion, the two organizations announced Wednesday.
Memphis-based Sedgwick’s current majority owner, KKR, “will fully exit its position following the transaction. Funds managed by Stone Point Capital LLC and Caisse de dépôt et placement du Québec, together with Sedgwick management, will remain minority investors.
“We are humbled by the confidence they have shown in our business model, and we look forward to partnering with Carlyle on developing and delivering innovative solutions for our clients around the world,” Dave North, president and CEO of Sedgwick, said in the statement. “We are grateful for the strong and value-added partnership with KKR over the last handful of years.”
Stephen H. Wise, managing director and global head of health care for the Carlyle Group, said in the statement that “we are excited to collaborate with Sedgwick, which has distinguished itself by constantly improving the claims management and loss adjusting process to the benefit of all key stakeholders, including its colleagues, customers, insurance companies and brokers.”
The statement said that Sedgwick and the Carlyle Group are working to close the deal later this year, subject to customary closing conditions, including regulatory approvals.
Finding alternatives for pain management, expanding autonomous claims processes and controlling the opioid prescription drug crisis are among the workers compensation issues and trends that employers should watch for in 2018, according to a report from Sedgwick Claims Management Services Inc.