BC Partners acquires Davies

Eliza Punshi
16 March 2021

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BC Partners has signed an agreement to acquire a majority stake in Davies, the leading specialist professional services and technology business serving the global insurance market.

Terms of the transaction were not disclosed. According to a report in Bloomberg, the deal values Davies at £1.2bn, including debt.

Existing investors – US-based PE firm HGGC and Canadian firm AimCo – will remain invested with minority stakes, alongside the company's management team and employees.

The deal will help drive further global expansion of Davies, increase investment in technology and digital transformation, and pursue complementary businesses via M&A.

The company said in a statement that through a combination of organic growth and strategic acquisitions, it had increased its annual pro forma revenues sixfold over the last four years to more than £350m.

The transaction is subject to receipt of customary regulatory approvals and is due to close during Q2 2021.

Company
Founded in 2008 and based in London, Davies provides professional services and technology solutions across the risk and insurance value chain, including claims, underwriting, distribution, regulation, customer experience, human capital, digital transformation and change management.

It currently employs 4,000 people and has 800 clients globally.

People
BC Partners – Cédric Dubourdieu (partner).
Davies – Dan Saulter (group CEO).
AimCo – James Ridout (director).
HGGC – John Block (partner).

Advisers
Equity – Waller Helms Advisors (financial due diligence); Macquarie Capital (financial due diligence), Linklaters (legal); PwC (commercial & financial due diligence, tax).
Equity (HGGC) – Kirkland & Ellis (legal).
Equity (AimCo) – Allen & Overy (legal).
Company – Liberty Corporate Finance (financial due diligence); Osborne Clarke (legal).