ABRY Partners Acquires Majority Equity Interest in York Risk Services GroupDecember 29, 2010
Parsippany, New Jersey, December 29, 2010 - York Risk Services Group, Inc., a premier national provider of claims administration, specialized loss adjusting, managed care, pool administration and other risk management services, today announced that ABRY Partners, a private equity firm based in Boston, has acquired a majority of the equity of York. The terms of the transaction were not disclosed. ABRY is a successful private equity investment firm focused on business and information services, media and communications investments. Since 1989, ABRY has completed over $21 billion in leveraged transactions and other private equity and mezzanine investments.
In December, 2005, New York-based Odyssey Investment Partners announced that it had formed Odyssey Insurance Services, LLC, a partnership with Cincinnatus Partners to evaluate, structure and make co-investments in insurance services companies. The acquisition of York in April, 2006 was the first investment in partnership with Cincinnatus Partners.
"We are pleased with York's performance during our ownership period," stated John L. Ward, Chief Executive Officer of Cincinnatus Partners. "The success of this investment highlights the opportunities available in the insurance industry overall, and the insurance services segment in particular."
Cincinnatus Partners is a Cincinnati-based private equity firm founded by John L. Ward. The firm manages a private equity fund focused on insurance distribution. The fund focuses on investing in property-casualty independent insurance agencies that are predominately personal lines, agriculture and small commercial oriented. The firm also makes private equity investments in insurance services companies, including claims administration firms, subrogation recovery firms, underwriting services firms and business process outsourcing firms. Through its proprietary Think Like an Investor® program, the firm also works with a select group of insurance services companies to help them build enterprise value.
For further information, please visit the firm's website at www.cincinnatuspartners.com, or contact Cincinnatus Partners at (513) 381-2500.