Technology

Reinforcing BC Partners for further global growth

Macquarie Capital used its deep insurance services sector expertise and execution capability to help BC Partners acquire a majority stake in specialist professional services provider Davies, unlocking growth and expansion opportunities for both companies.

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Sector	Technology
Sub-sector	Insurance
Location	United Kingdom; United States

Opportunity

Macquarie Capital acted as financial adviser to BC Partners on its acquisition of a majority stake in Davies from HGGC LLC (HGGC) and Alberta Investment Management Corporation.

BC Partners is a leading alternative investment manager focused on private equity, credit, and real estate, with deep networks across Europe and North America. Davies, provider of specialist professional services and technology solutions across the risk and insurance value chain, has experienced accelerated growth in recent years. Through both organic growth and strategic acquisitions, Davies has increased its annual proforma revenues six-fold in four years and has expanded into the US, Bermuda and Canada. This rapid expansion presented the need for an established partner with a global network and sector expertise.

We at BC have been watching Davies’ progression over the past few years with keen interest, as this was a business we knew had serious potential. Over this period it has expanded geographically, successfully entering and establishing a presence in the US, Canadian and Bermudian markets, completed more than 30 acquisitions, diversified its service offering and cemented its position as a clear leader in its sector – all whilst upholding its reputation for providing excellent service to its customers."

Cédric Dubourdieu,
BC Partners

Approach

A collaborative effort between Macquarie Capital’s UK and US Financial Institutions Group (FIG) teams provided BC Partners with deep insurance services sector expertise and execution capability.

Following the transaction, Macquarie Capital’s Principal Finance team was engaged to participate in BC Partners’ senior financing.

Outcome

The partnership between Davies and BC Capital unlocks immense opportunity for both companies to share knowledge of the market, expand more globally, increase investment in technology and digital transformation, and allow for continued partnerships with complementary businesses via M&A.

800+

Highly regulated clients globally

£350 million

Annual proforma revenues

30+

Strategic acquisitions made by Davies to date

This will also enable Davies to expand their service offerings to over 800 insurance and highly regulated clients around the world. The transaction diversifies and strengthens Davies' shareholder base while ensuring that existing investors continue to hold minority ownership stakes in the business alongside the Davies leadership team and employees.

I am also pleased that both HGGC and AIMCo wish to continue to invest in Davies alongside BC Partners. I am proud of what the team has achieved, and this transaction will mean that our employee ownership programme, the Davies Incentive Plan, will pay out to eligible colleagues for a second time, reflecting the huge role they play every day in serving our 800+ insurance and highly regulated clients around the world."

Dan Saulter,
Group CEO of Davies

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Macquarie Capital

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