Permira Debt Managers (“PDM”), one of Europe’s leading specialist debt investors, today announces that Permira Credit Solutions will support Davies with the next stage of development. Davies is a portfolio company of HGGC, a leading middle-market private equity firm.
Alberta Investment Management Corporation (“AIMCo”), one of Canada’s largest and most diversified institutional investment managers with assets under management in excess of C$108 billion, acting on behalf of certain of its clients, will invest a minority stake in Davies Group at the same time. HGGC will continue to hold its majority ownership stake in the Company.
The investment is PDM’s first with HGGC and AIMCo. The transaction continues PDM’s focus on supporting high-quality sponsors investing in long-term growth businesses in differentiated, non-cyclical markets.
Claire Harwood, Investment Director at PDM, commented:
“This is a great investment for our funds to be supporting: a structurally sound and growing asset in an attractive, non-cyclical market with a very strong management team. The business has seen amazing growth, doubling its revenues in less than a couple of years and we are keen to support the continuation of that organic growth path.
AIMCo’s investment is part of that growth and we are excited to be working with both them and HGGC on this asset. We look forward to supporting Davies in the next stages of the company’s growth.”
Dan Saulter, Group CEO of Davies said:
“We have ambitious plans to continue to grow organically both at home and internationally, as well as rapidly increasing our investment in digital transformation. We are excited that PDM has chosen to work with and back Davies as we seek to deliver a broader range of solutions for our 400+ insurance, highly regulated and global clients.”
John Block, HGGC said:
“Partnering with PDM and AIMCo allows the Davies team to continue to execute on the investments in the team and technology which have driven the outstanding client support that has been at the core of the organic and inorganic growth path over the last few years” said John Block, Principal at HGGC. “We are thrilled to broaden the base of great, like-minded investing firms we partner with to support our platform investments and are happy to now include PDM in that mix.”
The PDM funds have now supported over 125 ambitious and fast-growing European companies with over €6.5bn of capital since PDM’s inception in 2007.
Headquartered in London, Davies is the leading specialist operations, consulting and digital solutions partner for organizations in highly regulated markets, such as insurance and financial services. Over recent years, Davies has consistently delivered double-digit organic growth through a combination of growing its solutions with existing clients and adding new partnerships to its business. In the past year alone, Davies has added more than 100 new accounts to its organic platform.