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KKR Completes Acquisition of Sedgwick, Stone Point Returns as Minority Investor

March 4, 2014 - WorkCompWire

Memphis, TN – Sedgwick Claims Management Services, Inc. recently announced the closing of the previously announced transaction whereby KKR, together with management, has acquired majority ownership of Sedgwick for $2.4 billion from previous investors Hellman & Friedman LLC and Stone Point Capital LLC. Additionally, Stone Point Capital has joined the investment as a minority equity partner.

“With the strategic resources of KKR now in our corner, the future of Sedgwick has never looked brighter,” said David A. North, president and CEO of Sedgwick. “Further, that our longtime partner Stone Point Capital has chosen to invest in Sedgwick for the third time demonstrates their confidence in our business model and industry-leading best practices. My colleagues and I look forward to collaborating with these two valued partners and building on our shared commitment to customer service and continued innovation in claims and productivity management.”

“Sedgwick has an exceptional management team and a strong track record of innovation and delivering technology-driven solutions for its clients,” said Tagar Olson, Member of KKR and head of its financial services investment practice. “We look forward to supporting the company in its next stage of evolution and growth.”

Equity for KKR’s investment was provided principally by its North American XI private equity fund. UBS Securities LLC, Deutsche Bank Securities, Morgan Stanley, Mizuho, KKR Capital Markets LLC and MCS Capital Markets LLC provided financing for the transaction. Simpson

Thacher & Bartlett LLP and Latham & Watkins LLP provided legal counsel to Sedgwick and KKR, respectively.

“We have had a very successful partnership with Dave North and the Sedgwick team over the past four years,” said David Tunnell, managing director of Hellman & Friedman. “We are proud of the value that Sedgwick has delivered and will continue to deliver for its clients, its colleagues and its shareholders.”

“Stone Point has had the privilege of partnering with Sedgwick on two separate occasions during the last fifteen years,” said Steve Friedman, chairman of Stone Point Capital. “We have a tremendous amount of respect for Dave North and the entire Sedgwick organization and look forward to continuing as an investor through Trident V, L.P. alongside KKR.”

Source: Sedgwick

Filed Under: Claims, Legal, & Compliance News, Industry News, Top Stories, Workers' Compensation

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