January 3, 2019 by Jason Contant
Funds managed by Stone Point Capital LLC and Caisse de dépôt et placement du Québec, together with Sedgwick management, remain minority investors, Sedgwick said in a press release Dec. 31, 2018.
Sedgwick has offices across Canada. On an annual basis, it handles more than 3.6 million claims and has fiduciary responsibility for claim payments totaling more than $19.5 billion.
The latest acquisition comes eight months after Sedgwick Claims Management Services Inc. completed its acquisition of Cunningham Lindsey, which also has locations in Canada.
The combination organization, including the subsidiaries of Sedgwick, Vericlaim and Cunningham Lindsey, is moving toward operating globally under the Sedgwick brand name, the company said following the acquisition on Apr. 16, 2018. Two days later, Sedgwick announced that Michael Holden will serve as president of its combined business operations in Canada.
In the majority ownership acquisition, 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, while Wachtell, Lipton, Rosen & Katz served as legal advisor.