
Electra's Davies Group buys Argent from Parabis
Davies Group, a claims service company owned by Electra Partners, has acquired Argent, the property and liability loss adjusting business of Parabis Group.
Electra injected a further £2m into Davies in order to finance the acquisition. The GP bought the company from LDC for £60m in October 2011 – LDC had itself backed the £27m management buyout of Davies in February 2008.
This marks the fifth bolt-on for Davies since the 2011 deal, with transactions including Ufton Associates in 2012, Garwyn Group in 2013 and Associated Loss Adjusters and Managed Fleet Services in 2015.
Parabis is a legal services business that was first backed by Duke Street in 2012. The GP later injected a further £13m into the company at the end of 2014 amid a restructuring. Despite these efforts, Duke Street wrote down its investment earlier this year and the company recently underwent a pre-pack administration process involving the carve-outs and sales of its divisions.
Company
Argent is the property and liability loss-adjusting business of Parabis.
Davies handles property, commercial, motor and specialist liability claims on behalf of clients including insurance companies, large corporates and brokers. Its services include claims management, loss adjusting, restoration and repair. It employs 580 people across the UK and the Republic of Ireland.
People
Alex Fortescue and Nicola Gray are responsible for Electra's investment in Davies.
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