MEMPHIS,
Tenn., Nov. 12, 2024 /PRNewswire/ -- Sedgwick, a
leading global provider of claims management, loss adjusting and
technology-enabled business solutions, announced the closing of a
significant minority investment in Sedgwick led by Altas Partners
("Altas"), a North American private equity firm, which was made
public last month.
Current investors, including funds managed by global investment
firm Carlyle (NASDAQ: CG) and
Stone Point Capital LLC, will remain as investors and continue to
make significant new investments in the business, with Carlyle maintaining its control position in
partnership with the investor group and the Sedgwick management
team. Longtime investors CDPQ and Onex are continuing their support
of Sedgwick as minority shareholders.
"Today marks a significant milestone for Sedgwick as we embark
on our journey that brings together a strategic vision building on
our global footprint, comprehensive service capabilities
and new service offerings for decades to come," said
Mike Arbour, CEO of Sedgwick. "We
are grateful to our team of investors for their continued support
of our work."
Following the investment by Altas, Sedgwick's total enterprise
value is now approximately $13.2
billion, an increase from $6.7
billion when Carlyle made
its initial investment in Sedgwick in 2018.
As Sedgwick continues to grow and expand operations, services
and offerings around the world, our colleagues, with the support of
the investors, will enhance this mission. The company will continue
to remain an independent, private company with an unwavering focus
on claims handling excellence, leveraging data and technological
innovation to drive new successes.
Morgan Stanley & Co. LLC and BofA Securities served as
financial advisors and Latham & Watkins LLP served as legal
advisor to Sedgwick. J.P. Morgan Securities LLC and Barclays served
as financial advisors and Kirkland & Ellis served as legal
advisor to Altas.
About Sedgwick
Sedgwick is a leading global provider of claims management, loss
adjusting and technology-enabled business solutions. The company
provides a broad range of resources tailored to clients' specific
needs in casualty, property, marine, benefits, brand protection and
other lines. At Sedgwick, caring counts; through the dedication and
expertise of over 33,000 colleagues across 80 countries, the
company takes care of people and organizations by mitigating and
reducing risks and losses, promoting health and productivity,
protecting brand reputations, and containing costs that can impact
performance. Sedgwick's majority shareholder is The Carlyle Group;
Stone Point Capital LLC, Altas Partners, CDPQ, Onex and other
management investors are minority shareholders. For more, see
sedgwick.com.
About Altas Partners
Altas Partners is a North
American private equity firm focused on selectively acquiring
significant interests in high-quality businesses with
meaningful growth potential. Altas focuses on services
sub-sectors where it has deep expertise, seeking one or two
compelling investment opportunities each year. The firm's patient
investment philosophy and engaged approach to ownership
distinguish Altas as a buyer of choice
for many management teams and founders. The
firm was founded in 2012 and operates from offices in
Toronto and New York.
Altas manages approximately $10 billion on behalf of
leading institutional and family office investors from around the
world. For more, visit altas.com.
About Carlyle
Carlyle (NASDAQ: CG) is a global investment
firm with deep industry expertise that deploys private capital
across its business and conducts its operations through three
business segments: Global Private Equity, Global Credit and Global
Investment Solutions. With $435
billion of assets under management as of June 30, 2024, Carlyle's purpose is to invest wisely and
create value on behalf of its investors, portfolio companies and
the communities in which we live and invest. Carlyle employs more than 2,200 people in 29
offices across four continents. Further information is available at
carlyle.com. Follow Carlyle on X
@OneCarlyle and LinkedIn at The Carlyle Group.
About CDPQ
At CDPQ, we invest constructively to generate sustainable returns
over the long term. As a global investment group managing funds for
public pension and insurance plans, we work alongside our partners
to build enterprises that drive performance and progress. We are
active in the major financial markets, private equity,
infrastructure, real estate and private debt. As at June 30, 2024, CDPQ's net assets totaled
CAD 452 billion. For more
information, visit cdpq.com, consult
our LinkedIn or Instagram pages, or follow us
on X.
CDPQ is a trademark registered by the Caisse de dépôt et
placement du Québec and used under license by its
subsidiaries.
About Onex Corporation
Onex invests and manages capital on behalf of its shareholders and
clients across the globe. Formed in 1984, we have a long track
record of creating value for our clients and shareholders. Our
investors include a broad range of global clients, including public
and private pension plans, sovereign wealth funds, insurance
companies, family offices and high-net-worth individuals. In total,
Onex has $49 billion in assets under
management, of which $8.5 billion is
Onex' own investing capital. With offices in Toronto, New
York, New Jersey and
London, Onex and its experienced
management teams are collectively the largest investors across
Onex' platforms.
Onex is listed on the Toronto Stock Exchange under the symbol ONEX.
For more information on Onex, visit https://www.onex.com/.
Onex's security filings can also be accessed
at https://www.sedarplus.ca/landingpage/.
About Stone Point Capital
Stone Point is an alternative investment firm
based in Greenwich, Connecticut,
with more than $55 billion of assets
under management. Stone Point
targets investments in companies in the global financial services
industry and related sectors. The firm invests in alternative asset
classes, including private equity through its flagship Trident
Funds and credit through commingled funds and separately managed
accounts. In addition, Stone Point Capital Markets supports the
firm, portfolio companies and other clients by providing dedicated
financing solutions. For more information, please
visit stonepoint.com.
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SOURCE Sedgwick Claims Management Services, Inc.
