Davies Group already has operations in Bermuda, the US and Canada
Canadian investor Alberta Investment Management Corporation (“AIMCo”) has taken a minority stake in Davies Group.
HGGC, which took a majority stake in January 2017, will continue to hold majority ownership. Davies Group has completed 11 acquisitions in this time, adding operations in Bermuda, the US and Canada.
The transaction is subject to receipt of regulatory approvals and is expected to close during the second quarter of 2019.
Dan Saulter, Group chief executive of Davies said the firm has ambitions at home and internationally for the next five years.
“The new investment from AIMCo is due to the excellent work and progress our team at Davies has made in recent years,” Saulter said.
“With support from HGGC and AIMCo we can continue to back new technologies and invest in our team of 1,700 colleagues across the business.
“We’re excited to welcome AIMCo as a Davies investor who we believe will be a valuable partner as we cement Davies’ place as the leading operations, consulting and digital partner in our chosen markets.”
John Block, principal at HGGC, said the group was delighted to welcome AIMCo as a minority investor.
“After two years of impressive growth driven by continued commitment to the ever-expanding Davies team and the great clients we serve, we are excited to bring in AIMCo as a new investor,” said Block.
“We are committed to continuing to back the investments in the team and technology as we dedicate the coming years to continued global expansion and to adding capabilities to better serve Davies growing client base.”
James Ridout, director in the private equity group at AIMCo, added: “AIMCo is excited to be partnering with Dan and his team, alongside HGGC, to support Davies in its next phase of growth.
“We believe the company has a strong runway ahead along with an excellent leadership team and investor partners to capitalize on growth opportunities.”
Subscribers read more