ABRY Partners closed its deal to invest in the majority stake of New Jersey-based claims-handling business York Risk Services Group in a secondary deal from Odyssey Investment Partners. The private equity firm has spent more than a decade handling business services deals. Among its other investments in the space are its 2008 deals in Gateway EDI, a claims processor for physicians, and Orion HealthCorp, a billing agency; Talent Partners, a payroll services provider to ad agencies, and Gould & Lamb, a claims settlement service. Harris Williams and Macquarie Capital advised York.
York Risk Services Group, Inc., a premier national provider of claims-handling, specialized loss adjusting and other risk management services, today announced that ABRY Partners, a private equity firm based in Boston, has invested in and acquired a majority of the equity of York. Previously, the majority equity interest in York had been held by Odyssey Investment Partners, LLC. The terms of the transaction, which closed on December 28, 2010, were not disclosed.
ABRY is one of the most experienced and successful private equity investment firms in North America focused solely on business and information services, media, and communications investments. Since 1989, ABRY has completed more than $21 billion of leveraged transactions and other private equity and mezzanine investments, representing investments in approximately 450 properties.
“ABRY will be a great partner, and its investment will facilitate our continued growth and further improvements in the products and services we offer,” said Anthony Galioto, chief executive officer, York. “More importantly, the transaction will be positive for our clients, our employees, and our operations.”
“We are strong believers in the insurance services industry and excited to be participating in the sector through York,” commented Brent Stone, a partner at ABRY Partners. “We are also delighted to have the opportunity to partner with York’s talented management team.”
“It has been our pleasure to work with Tony Galioto and the world-class team at York,” said Jeffrey McKibben, a managing principal at Odyssey. “We have been pleased with York’s performance during our ownership and see a long future of continued growth for the company.”
York was advised in the transaction by Harris Williams & Company and Macquarie Capital.