Claims manager Davies Group sold for £90m to US-PE firm
Publish Date:Posted over 7 years ago
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 purchase 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. 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."
