MEMPHIS, Tenn., Sept. 4, 2019 /PRNewswire/ -- Sedgwick, a
leading global provider of technology-enabled risk, benefits and
integrated business solutions, today announced the completion of
its purchase of York Risk Services Group, a premier provider of
claims administration, managed care, specialized loss adjusting,
pool administration and loss control solutions.
York's customized claims solutions and specialized expertise
complement and enrich Sedgwick's market capabilities. The strategic
acquisition brings to Sedgwick approximately 5,000 highly skilled
professionals serving a variety of clients, including corporations,
the insurance industry and public entities. With the close of the
acquisition, the Sedgwick family now comprises nearly 27,000
colleagues across 65 countries.
"The York acquisition marks another milestone in our storied
half-century of growth," said Sedgwick president and CEO
Dave North, referencing the
company's 50th anniversary in 2019. "Joining forces with York
enhances Sedgwick's position as a global industry leader. Together,
we'll have the capacity to support more customers in times of need;
taking care of people is at the heart of everything we do, because
caring counts."
"Integrating our two companies' expertise and capabilities will
enhance our service offerings, bring us into new markets, and
present exciting growth opportunities for our talented colleagues,"
said Thomas Warsop, chairman and CEO
of York. "This union is great news for the industry and for all our
valued stakeholders."
As part of the transaction, entities controlled by Onex
Corporation (TSX: ONEX), an investment manager founded in 1984 that
owned York, are rolling their equity into the combined business and
join Sedgwick's shareholder group as a minority investor.
BofA Merrill Lynch and Morgan Stanley & Co. LLC served as
financial advisors to Sedgwick, and Simpson Thacher & Bartlett
LLP and Clifford Chance US LLP served as legal advisors. Jefferies
LLC and J.P. Morgan Securities LLC served as financial advisors to
York, and Fried, Frank, Harris, Shriver & Jacobson LLP served
as its legal advisor. BofA Merrill Lynch and Morgan Stanley Senior
Funding, Inc. acted as joint lead arrangers on the incremental debt
for the transaction.
About Sedgwick
Sedgwick is a leading global provider
of technology-enabled risk, benefits and integrated business
solutions. The company provides a broad range of resources tailored
to clients' specific needs in casualty, property, marine, benefits
and other lines. At Sedgwick, caring counts®; through
the dedication and expertise of nearly 27,000 colleagues across 65
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 the bottom line. Sedgwick's majority shareholder is
The Carlyle Group; Stone Point Capital LLC, Caisse de dépôt et
placement du Québec (CDPQ), Onex and other management investors are
minority shareholders. For more, see www.sedgwick.com.
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SOURCE Sedgwick