US-based claims administration and technology-enabled enterprise options supplier Sedgwick has obtained a $1bn fairness funding from non-public fairness firm Altas Companions.
The transaction values Sedgwick at round $13.2bn, up from the $6.7bn valuation when Carlyle first invested in Sedgwick in 2018.
Present buyers, together with funds managed by Carlyle and Stone Level Capital, will retain their stakes and proceed to make new investments within the firm.
Carlyle will retain its controlling place in partnership with the investor group and the Sedgwick administration workforce.
Sedgwick gives a big selection of companies tailor-made to purchasers’ wants throughout varied sectors together with casualty, property, marine, advantages and model safety.
The corporate says it’s a contact level for hundreds of thousands worldwide dealing with disruptive occasions, managing over eight million claims in 2023 and overseeing declare funds exceeding $33bn.
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Following the funding, Sedgwick will proceed working as an unbiased, non-public entity, specializing in claims dealing with and the combination of knowledge science and expertise.
Sedgwick CEO Mike Arbour stated: “This new partnership with Altas, and our present stakeholders, brings collectively a strategic imaginative and prescient that builds our international footprint, expands complete service capabilities and enhances our enterprise for many years to return.
“Altas has a historical past of actively supporting corporations in its portfolio, and they’re very educated within the challenges our purchasers face in in the present day’s aggressive enterprise setting.”
Altas associate Paul Emery stated: “Sedgwick is an distinctive firm, led by a terrific workforce, that now we have coveted for a few years. These alternatives are onerous to return by, and a enterprise like Sedgwick matches squarely inside our framework.
“We’re excited to work in shut partnership with Mike Arbour and workforce to help the numerous worth creation alternatives that lie forward.”
The closure of this transaction is anticipated within the fourth quarter of 2024, topic to the fulfilment of customary closing situations.
In November 2023, Sedgwick appointed Neil Gibson as its UK CEO.
