GTCR values Global Claims Services at roughly $500m, ACON Investments’ BioMatrix explores sale

GTCR acquires Global Claims Services while ACON-backed BioMatrix hits the market.

Happy hot summer Friday, folks!

GTCR on Thursday struck what marks its second deal in the insurance claims arena, acquiring Global Claims Services from PNC Riverarch Capital. The deal assigns the insurance technology company a total enterprise value of roughly half a billion dollars, sources familiar with the deal terms told PE Hub’s Karishma Vanjani.

Although nothing is imminent, Chicago-based GTCR will stack up the company with several complimentary add-ons. “We do have three to four targets in our line of sight that we are actively considering,” said Aaron Cohen, managing director at the firm.

GTCR’s plans for GCS follow a historical blueprint: after GTCR acquired Solera, it followed that up by buying other claims processors for Solera, including, in 2006, the service division of Automatic Data Processing, for $975 million. Soon after that, Solera went public.
GCS works on behalf of property insurance carriers, helping them analyze house repairs and claims for such things as damaged flooring, roofing, cabinetry and more. The Jacksonville, Florida, company first identifies if the building material is repairable and then provides the appropriate cost of material and labor using its database.

Read Karishma’s full report on PE Hub.

Up for sale: A sale process has kicked off for BioMatrix, a private equity-backed national provider of specialty pharmacy and home infusion services, according to four sources familiar with the matter.

Cantor Fitzgerald is running the process, which is in its early stages, sources said.
ACON Investments, a Washington, DC-based international mid-market private equity firm, completed its acquisition of BioMatrix in November 2016. In conjunction with the transaction, ACON partnered with former Omnicare executives Tracy Finn and Patrick Keefe, while Triton Pacific Capital Partners joined as a minority investor.

The home infusion sector has drawn private equity interest in recent months. Recall PromptCare: PE Hub wrote earlier this week that Waud Capital Partners is buying the company comprising both an in-home, infusion-therapy business and complex respiratory business in a transaction valued a little north of $400 million.

Check out my story on PE Hub for more on BioMatrix.

That’s it! Have a great rest weekend. And as always, write to me at springle@buyoutsinsider.com with any tips, feedback or just to say hello!