Funds advised by BC Partners, an international investment firm, have acquired a majority stake in Davies, a specialist professional services and technology business serving the global insurance market.
This new partnership aims to diversify and strengthen Davies shareholder base, as well as drive further global expansion, increase investment in technology and digital transformation, and to continue to partner with complementary businesses via M&A. Existing investors HGGC and AIMCo will continue to hold minority ownership stakes in the business, alongside the Davies leadership team and employees. BC Partners will also have representation on the board.
Cédric Dubourdieu, partner at BC Partners, said, “We at BC have been watching Davies’ progression over the past few years with keen interest, as this was a business we knew had serious potential. Over this period it has expanded geographically, successfully entering and establishing a presence in the US, Canadian and Bermudian markets, completed more than 30 acquisitions, diversified its service offering and cemented its position as a clear leader in its sector – all whilst upholding its reputation for providing excellent service to its customers.”
Dan Saulter, Group CEO of Davies said, “We are excited to welcome BC Partners as a majority investor as we embark on this next phase of international growth and technology investment. I am also pleased that both HGGC and AIMCo wish to continue to invest in Davies alongside BC Partners. I am proud of what the team has achieved, and this transaction will mean that our employee ownership programme, the Davies Incentive Plan, will pay out to eligible colleagues for a second time, reflecting the huge role they play every day.”
The BC Funds were advised by Waller Helms Advisors and Macquarie Capital who served as financial advisers, Linklaters LLP who served as legal adviser and PwC who served as commercial, financial and tax adviser. Management was advised by Liberty Corporate Finance who served as financial advisers and Osborne Clarke who served as legal advisers. HGGC was advised by Kirkland & Ellis who served as legal advisors and AIMCo was advised by Allen & Overy who served legal advisors.