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DENVER--Third-party claims management providers Frank Gates Cos. and Attenta have merged in a deal that gives a majority ownership stake to private equity firm KRG Capital Partners L.L.C. along with minority stakes to the combined company's senior management.
In 2006, total revenues amounted to $88 million for Gates and $23 million for Attenta, according to a spokeswoman.
Niles C. Overly, who had been chairman and chief executive officer of Gates, has been named chairman of the combined company.
The new company's name and headquarters have not been determined, said Wayne Cavanaugh, an associate with Denver-based KRG Capital.
In the meantime, the Gates and Attenta offices--which service self-insured groups as well as insured and self-insured employers--will retain their respective names and client focus, the spokeswoman said.
Dublin, Ohio-based Gates provides risk management consulting and cost-control programs in several areas, including workers compensation, general liability, property, automobile, alternative risk financing, captive services and risk management software. Gates has more than 500 associates in 38 offices that service all 50 states.
Among the services that Birmingham, Ala.-based Attenta provides are claims administration, self-insured group management, excess coverage marketing and brokerage, loss control and medical cost containment. Attenta has 200 associates in 10 offices that service the Southeast and Southwest.
KRG Capital approached the companies because both have excellent reputations among their clients and bring separate areas of expertise to the new company, Mr. Cavanaugh said.
Mr. Cavanaugh would not disclose the terms of the transaction.