The private equity firm BC Partners said on Tuesday that it has agreed to acquire a majority stake in London's based claims management and insurance company Davis Group Ltd. The deal is expected to close during the second quarter.
Existing private equity investors HGGC LLC and Alberta Investment Management Corp., which do business as AIMCo, will retain a joint statement in Davies' minority stake, along with its management team and employees. from the companies said.
BC Partners will be represented on Davies' Board of Directors.
The deal will diversify and strengthen Davies' shareholder base as the company looks to drive further global expansion and increase investment in technology and digital transformation, the statement said.
Davies has more than 4,000 employees and in recent years has expanded into new markets, including Bermuda, Canada and the United States and completed more than 30 acquisitions. It increased its annual pro forma revenue to more than £ 350 million ($ 485.6 million) over the past four years, according to the statement.
Davies offers third-party administrator and loss adjustment services, along with captive management, auditing and actuarial services.