Davies Group Ltd, a portfolio company of HGGC, has acquired UK-based ServiceTick, a provider of digital customer experience insight and intelligence. No financial terms were disclosed.
PALO ALTO, Calif.—October 26, 2017—HGGC, a leading middle-market private equity firm, today announced that it has completed the acquisition of ServiceTick by Davies Group Ltd, an insurance and claims service provider. ServiceTick marks the fourth add-on acquisition for the Davies Group platform since HGGC acquired the business in January 2017.
Norwich, UK-based ServiceTick, which provides digital customer experience insight and intelligence to its clients through voice and digital surveys, follows the acquisition and integration of specialist regulatory services business, Cynergie UK Ltd in April, specialist casualty claims third party administrator Claims Management Services Limited (CMSL) in August, and specialist insurance and professional services provider Ambant in September.
“Davies Group is a prime example of our approach to strategic growth through acquisition that complements and extends organic growth,” said Rich Lawson, CEO and Co-Founder of HGGC. “It is important to improve and deepen the strategic and technological capabilities of technology-enabled businesses, to position them for success, and that’s what we have done.”
Over the course of 2017, Davies Group has added more than 50 new accounts to its growing operations and digital platform, and now boasts a team of 1,000 insurance, claims and regulatory professionals operating across the UK & Ireland.
“Last year we saw the huge market opportunity ahead of us and knew that, with the right partner, we could seize that opportunity and outpace the competition,” said Dan Saulter, CEO of Davies Group. “From day one, we were completely aligned with HGGC on the vision for the business and what it would take to achieve that. These great acquisitions show what is possible when management and ownership work together.”
“Davies Group has significantly expanded its capabilities, reach, and customer base inside a year of our initial investment,” said John Block, Principal of HGGC. “We are very proud of what we and the management of Davies Group have accomplished together in less than 12 months, and we look forward to our continued collaboration.”
About Davies Group
Davies Group is a multi-award winning operations management, consulting and digital solutions provider to organizations in highly regulated markets, including insurance, financial services, utilities, communications and to regulatory bodies. Davies’ core services include: claims solutions, insurance services, complaints handling and compliance & regulatory services. Davies has a team of 1,000 professionals across the UK & Ireland, with its headquarters in the City of London, command centre operations in Stoke, Colchester, Birmingham, Peterborough, and Dublin. Beyond the core team, Davies operates a network of 3,500 high quality specialist consultants, case handlers, QAs, and interim managers that are deployed within clients’ own operations, to execute regulatory, backlog and transformation projects. Davies is owned by HGGC and management following the acquisition of the business from Epris (formerly Electra Partners) in January 2017. In July 2013, Davies appointed Dan Saulter as its Chief Executive Officer to lead and grow the business. Davies has grown both organically and via targeted acquisitions. It has completed the following acquisitions in the past four years: Garwyn Group, Associated Loss Adjusters, MFS, Argent, Carmichaels, Surveryorship, Core Claims, Cynergie, CMSL, and Ambant.
HGGC is a leading middle-market private equity firm with $4.3 billion in cumulative capital commitments. Based in Palo Alto, Calif., HGGC is distinguished by its “Advantaged Investing” model that enables the firm to source and acquire scalable businesses at attractive multiples through partnerships with management teams, founders and sponsors who reinvest alongside HGGC, creating a strong alignment of interests. Over its history, HGGC has completed more than 75 platform investments, add-on acquisitions, recapitalizations and liquidity events with an aggregate transaction value of more than $16 billion. More information is available at www.hggc.com.
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