MEMPHIS, Tenn. and
NEW YORK, Dec. 31, 2018 /PRNewswire/ -- Sedgwick, a global
provider of technology-enabled risk, benefits and integrated
business solutions, today announced the closing of the previously
announced acquisition by The Carlyle Group of majority
ownership of Sedgwick from KKR and other shareholders. Funds
managed by Stone Point Capital LLC and Caisse de dépôt et placement
du Québec (CDPQ), together with Sedgwick management, remain
minority investors.
"At Sedgwick, taking care of people is at the heart of
everything we do, and I am proud that The Carlyle Group appreciates
the value our colleagues create when they put our caring
counts® philosophy into practice," said Dave North, president and CEO of Sedgwick. "We
are humbled by the confidence Carlyle has shown in our business
model and look forward to partnering with them on developing and
delivering innovative solutions for our clients around the
world."
On an annual basis, Sedgwick handles more than 3.6 million
claims and has fiduciary responsibility for claim payments totaling
more than $19.5 billion.
Equity capital for the investment came from Carlyle Partners
VII, an $18.5 billion fund that
focuses on buyout transactions in the U.S., and Carlyle Global
Financial Services Partners III, L.P., a financial services buyout
fund.
BofA Merrill Lynch, KKR Capital Markets, Morgan Stanley, and
SunTrust Robinson Humphrey, Inc. served as joint lead arrangers and
joint bookrunners for the debt financing. BNP Paribas, Citizens
Bank, N.A., MUFG, Fifth Third Bank, ING Capital LLC, GIC Private
Markets, HPS Investment Partners, LLC, Oak Hill Advisors, L.P. and
PSP Investments Credit USA LLC
also provided debt financing for the transaction.
BofA Merrill Lynch served as financial advisor to Sedgwick,
and Simpson Thacher & Bartlett LLP served as legal advisor.
Morgan Stanley and Sandler O'Neill + Partners, L.P. served as
financial advisors to Carlyle, and Wachtell, Lipton, Rosen &
Katz served as legal advisor.
About Sedgwick
Sedgwick is a leading global provider
of technology-enabled risk, benefits and integrated business
solutions. The company provides a broad range of resources tailored
to clients' specific needs in casualty, property, marine, benefits
and other lines. At Sedgwick, caring counts®; through the
dedication and expertise of more than 21,000 colleagues across
65 countries, the company takes care of people and organizations by
mitigating and reducing risks and losses, promoting health and
productivity, protecting brand reputations, and containing costs
that can impact the bottom line. For more, see sedgwick.com.
About The Carlyle Group
The Carlyle Group
(NASDAQ: CG) is a global alternative asset manager with
$212 billion of assets under
management across 339 investment vehicles as of September 30, 2018. Carlyle's purpose is to
invest wisely and create value on behalf of its investors, many of
whom are public pensions. Carlyle invests across four segments –
Corporate Private Equity, Real Assets, Global Credit and Investment
Solutions – in Africa,
Asia, Australia, Europe, the Middle
East, North America and
South America. Carlyle has
expertise in various industries, including: aerospace, defense
& government services, consumer & retail, energy, financial
services, healthcare, industrial, real estate, technology &
business services, telecommunications & media and
transportation. The Carlyle Group employs more than 1,625 people in
31 offices across six continents. For more, see
carlyle.com.
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SOURCE Sedgwick