ABRY Partners to Sell Majority Equity Interest in York Risk Services Group
BOSTON, July 16, 2014 /PRNewswire/ -- ABRY Partners has announced today that it has entered into an agreement to sell its majority equity interest in York Risk Services Group to Onex Corporation for $1.325 Billion. ABRY has been invested in York, a premier provider of risk management, claims management and managed care services, since December 2010.
During ABRY's ownership, York has become the leading provider of insurance solutions to property, casualty, and workers' compensation specialty markets in the United States. The company offers customized claims handling, managed care, specialized loss adjusting, risk pool administration, loss control, consulting and other risk management services. York provides these services to a wide variety of strategic partners including self-insured companies, public entities, insurance carriers, insurance pools, alternative risks and insurance intermediaries.
"ABRY has been a great partner," said Rick Taketa, President and CEO of York. "The support they have provided has helped make York a better organization. We have enjoyed working with them and collaborating together."
"It has been our pleasure to work with Rick Taketa, Tony Galioto, and the world-class team at York," said Brent Stone, a partner at ABRY Partners. "We have been pleased with York's performance during our ownership and see a long future of continued growth for the company."
Morgan Stanley & Co. LLC acted as lead M&A financial advisor to ABRY. ABRY was also advised by Willis Capital Markets and Advisory. Kirkland & Ellis LLP acted as legal advisor.
About ABRY Partners
Founded in 1989, ABRY Partners is one of the most experienced and successful media, communications, business and information services focused private equity investment firms in North America. Since its founding, ABRY has completed over $42 billion of transactions, representing investments in over 450 properties. The firm is currently managing over $3.5 billion of total capital and investing out of a $1.6 billion private equity fund, $950 million senior equity fund and a $1.2 billion senior debt fund.
For more information, contact:
Wm. Ritchie Vener
SVP & Chief Marketing Officer
York Risk Services Group, Inc.
Tel: (973) 404-1223
E-mail: [email protected]
SOURCE York Risk Services Group, Inc.
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