Epiris has sold its majority stake in loss adjusters Davies Group for £90m to a US-based private equity (PE) firm.
PE-fund manager Epiris led the £61m acquisition of the company in 2011 and has sold its interest to HGGC for £90m. The deal provides an exit for Epiris.
Davies is a third party administrator that provides claims and insurance services to over 100 clients across the UK & Ireland.
According to Davies, HGGC’s investment will allow the company to continue its strategy of investing in niche lines, technology and technical expertise.
Additionally, the claims provider is set to target new segments of the insurance services, specialty business process outsourcing, and an overseas expansion for its claims business.
Davies chief executive officer Dan Saulter and chief commercial officer Darren Coombes will continue in their roles.
Investment
Saulter said: “We have a fantastic team here at Davies, and this investment from HGGC is a testament to their performance and delivery.
“We operate in a vibrant and ever-changing insurance market. We will continue to invest in service, technology and new capabilities to help our clients grow their businesses and provide great service to their customers.”
Rich Lawson, co-founder and CEO of HGGC stated that Davies was not “your ordinary third party insurance administrator” and was keen to grow the company through strategic acquisitions.
Forefront
He said: “Davies is at the forefront of innovative services within its industry and invests heavily in new technology-such as sophisticated workflow and analytics-that keep them ahead of the pack in the £1.5bn UK & Ireland claims outsourcing market.
“They are leading the way in new applications like telematics, drones, and mobile imaging for advanced claims management. We are very excited to partner with Davies to build on their success through organic growth and strategic acquisitions.”
