Investors LDC to exit the business
The management team at loss adjuster Davies Group and investors Electra Partners have agreed a buyout that will see Lloyds Development Capital (LDC) exit the business.
Davies Group will continue to be led by chief executive Charles Crawford who will be supported by other Davies managers including Darren Coombes, Gary Lumsdon, Gary Liptrot and Vanessa Greatbatch.
Electra will take a majority shareholding with management retaining a substantial stake in the business.
Crawford said: “The group’s first MBO in 2008 allowed the business to transition from a partnership to a dynamic claims solutions business. Since then, the group has undertaken a significant programme of operational development driven by major investment in people, infrastructure and systems.
“This has enabled us to grow our business, supporting existing and new customers with an ever-improving range of traditional and innovative solutions that focus on delivering and evidencing market leading service and cost control.”
He continued: “We are proud to have worked with LDC over the last 3 ½ years and I together with the rest of the management team would like to thank them for their support.
“In Electra, we have secured the ideal investor to support our shared vision. We now have the ideal platform to further develop our market offering, through a combination of strategic development and acquisition opportunities.”
Alex Fortescue, chief investment partner at Electra Partners added: “Davies has been transformed under the leadership of Charles and his team and we are excited to be backing him to deliver further growth and innovation.”
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