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| | Sedgwick Closes Transaction With New Investment Partners
By Lonce LaMon - March 3, 2014
KKR, together with Sedgwick’s management, closed the transaction on Friday giving them majority ownership of Sedgwick for 2.4 billion dollars from prior investors Hellman & Friedman LLC and Stone Point Capital LLC.
Now, Stone Point Capital has joined the investment as a minority equity partner.
David A. North, the president and CEO of Sedgwick, stated through Sedgwick’s public relations channel, “With the strategic resources of KKR now in our corner, the future of Sedgwick has never looked brighter. That our longtime partner, Stone Point Capital, has chosen to invest in Sedgwick for the third time demonstrates their confidence in our business model and industry-leading best practices.”
Tagar Olson, Member of KKR and head of its financial services investment practice, expressed, “Sedgwick has an exceptional management team and a strong track record of innovation and delivering technology-driven solutions for its clients. We look forward to supporting the company in its next stage of evolution and growth.”
Equity for KKR’s investment was provided principally by its North American XI private equity fund. UBS Securities LLC, Deutsche Bank Securities, Morgan Stanley, Mizuho, KKR Capital Markets LLC, and MCS Capital Markets LLC provided financing for the transaction. Simpson Thacher & Bartlett LLP and Latham & Watkins LLP provided legal counsel to Sedgwick and KKR, respectively.
The managing director of Hellman & Friedman, David Tunnell, expressed that Hellman & Friedman had had a very successful partnership with Sedgwick. This time around they did not reinvest.
Stone Point Capital stated they looked forward to continuing as an investor through Trident V, L.P. alongside KKR. Stone Point has partnered with Sedgwick on two separate occasions during the past fifteen years.
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