Electra Private Equity PLC Epiris sells Davies Group for £90 million (3792V)
January 30 2017 - 4:00AM
UK Regulatory
TIDMELTA
RNS Number : 3792V
Electra Private Equity PLC
30 January 2017
PRESS RELEASE
30 January 2017
Epiris sells Davies Group for GBP90 million
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 GBP90 million.
Electra Private Equity PLC has received proceeds of GBP45
million from the sale, an uplift of GBP2 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 GBP1.2 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 GBP61 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.
Alex Fortescue, Managing Partner at Epiris, said:
"We are delighted to have brought the investment in Davies to a
successful conclusion. Dan and his team have done a tremendous job
in transforming the business into a growing and successful
TPA."
Dan Saulter, CEO of Davies Group, said:
"It has been great to work with Epiris to develop and transform
the Davies business. It has been hard work, but I am very proud of
the business that we have created with Epiris and look forward to
working with HGGC to take it to the next stage."
Alex Fortescue and Nicola Gray are responsible for the
investment and the exit of Davies Group.
Epiris refers to Epiris Managers LLP acting on behalf of its
client Electra Private Equity PLC.
Ends
For further information please contact:
Andrew Honnor, Matthew Goodman, Matthieu Roussellier, Greenbrook
Communications +44 (0)20 7952 2000
Nicholas Board and Andrew Kenny, Epiris +44 (0)20 7306 3902
Note to Editors:
About Epiris LLP
Epiris is a top-decile private equity fund manager*.
Epiris, together with its predecessor firms, has managed the
business and affairs of Electra Private Equity PLC,
a listed private equity investment trust, for three decades.
Epiris has also managed private equity investment programmes for
pension funds, financial institutions and family offices. During
this time Epiris has invested in excess of GBP5 billion in over 200
deals. As at 30 September 2016, the firm had funds under management
of
GBP2.2 billion.
Epiris's flexible investment strategy has allowed it to invest
broadly across the private equity market, including in buyouts and
co-investments, secondaries and debt assets.
In respect of buyouts and co-investments and loan-to-own debt
investments made since 2011, Epiris has delivered a gross IRR of
37%**.
For further information please visit www.epiris.co.uk.
Issued by Epiris Managers LLP which is authorised and regulated
by the Financial Conduct Authority.
* Refers to the 2009 and 2012 investment pools comprising Buyout
& Co-investment, Secondary and Debt investments managed on
behalf of Electra Private Equity PLC; comparator data supplied by
Preqin.
** As at 30 September 2016 adjusted for subsequent investments
and realisations. Gross IRR does not reflect adjustments for
investment management and administration costs. Past performance is
no guarantee of future results.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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