Epiris is pleased to announce the sale of leading insurance claims service provider Davies Group (“Davies”) to HGGC, the US based private equity firm, for £90 million.
Electra Private Equity PLC has received proceeds of £45 million from the sale, an uplift of £2 million or 4% on the valuation of its investment in Davies at 30 September 2016, equivalent to an increase in NAV per share of 4p.
Davies is a multi-award winning insurance claims service provider, delivering third-party administration (“TPA”) and specialist technical services to insurance intermediaries, the Lloyd’s market, UK and global insurers and large self-insured businesses.
The company manages more than 170,000 claims each year, handling in excess of £1.2 billion of annual claim cost across property, casualty, motor and niche insurance classes. In addition to its TPA services, it provides integrated technical services including loss adjusting, surveying, fraud detection, and supply chain solutions.
Epiris led the £61 million acquisition of Davies in 2011. Since then Epiris has delivered its transformation strategy through management change, M&A and operational improvement. The business is now significantly larger and much better positioned than at entry.
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