Electra Partners and its portfolio company Davies Group ("Davies") have completed the acquisition of liability loss adjuster, Garwyn Group ("Garwyn"), from Barclays Ventures. The transaction was equity funded by Electra Private Equity PLC and the Electra Partners Club 2007 LP.
Garwyn is the UK's largest specialist liability loss adjuster, and the third largest player in the £300 million liability claims market. Garwyn will join forces with Davies' existing liability business to form a full service liability and specialty offering in both the UK and Ireland, complementing Davies' existing property claims management businesses.
Alex Fortescue, Chief Investment Partner at Electra Partners, said:
"We are delighted to have funded Davies to acquire Garwyn. The combination of Davies and Garwyn creates a stable, diversified business with strong prospects for growth and innovation.
Dan Saulter, CEO of Davies Group said:
"The acquisition of Garwyn adds significant scale and expertise to our existing liability and specialty offering and supports our strategy to invest in capability, new services, innovation and talented people.
"Garwyn has built an excellent reputation in the market for technical and commercial claims expertise, which is highly valued by insurers, brokers, and corporate risk managers. There is a good cultural fit between the businesses, and I am looking forward to working closely with the Garwyn team."
Alex Fortescue is responsible for the investment in Davies Group.
In the year to 30 September 2013, Electra Partners announced record levels of investments and realisations, investing £337 million and realising £459 million on behalf of its major client Electra Private Equity PLC.
Electra Partners refers to Electra Partners LLP acting on behalf of its clients Electra Private Equity PLC and the Electra Partners Club 2007.
For further information please contact:
For Alex Fortescue:
Matthieu Roussellier, Greenbrook Communications +44 (0)20 7952 2000
Nicholas Board and Andrew Kenny, Electra Partners +44 (0)20 7306 3902
Note to Editors:
About Electra Partners LLP
Electra Partners is an independent private equity fund manager with over 25 years' experience in the mid-market buyout sector. During the last 25 years it has invested in excess of £3 billion in over 150 deals. As at 30 September 2013, the firm had funds under management of over £1.5 billion including available investment capacity of more than £450 million. Electra Partners' flexible investment approach allows it to invest broadly across the private equity market with particular focus in three areas: buyouts and co-investments, secondaries and debt.
The firm's major client is Electra Private Equity PLC ("Electra"), a private equity investment trust which has been listed on the London Stock Exchange since 1976. Electra's long-term investment performance has been consistently superior to private equity and other benchmarks, and over the last ten years has seen diluted NAV per share grow by 279%.
For further information please visit www.electrapartners.com.
Electra Partners LLP is authorised and regulated by the Financial Conduct Authority.
About Davies Group (incorporating Garwyn)
Davies Group is a claims service provider delivering a range of market leading solutions to insurers, managing general agents, brokers, the Lloyds market, and large corporates. Davies' core services include outsourced claims management, loss adjusting, surveying, anti-fraud, disaster response and building repairs.
The business employs over 600 staff across the UK and Ireland, managing more than 125,000 claims per year, and is responsible for controlling more than £750 million of claims indemnity spend.
Davies is owned by Electra Partners and management. In July 2013, Davies appointed Dan Saulter as its new Chief Executive Officer to lead and grow the business.
For further information please visit www.davies-group.com.