York, Odyssey Investment Partners and Cincinnatus Partners Announce Completion of TransactionMay 1, 2006
New York and Parsippany, New Jersey, May 1, 2006 - York Insurance Services (“York” or the “Company”) and Odyssey Investment Partners (“Odyssey”) today announced completion of the previously announced acquisition of York by Odyssey in partnership with York Chairman and Chief Executive Officer Thomas C. MacArthur, other members of York’s senior management and Cincinnatus Partners, a Cincinnati-based advisory firm founded by John L. Ward. York’s senior management team, headed by Mr. MacArthur, will continue to lead the business and John L. Ward will become Vice Chairman.
Headquartered in Parsippany, New Jersey, York is a leading outsourcer of specialty claims management to niche market segments of the property and casualty industry throughout the United States. The Company provides comprehensive claims, data, and risk related services to specialty programs, residual markets, self-insured entities, insurance companies and related intermediaries.
Tom MacArthur, said, “This transaction and new capital structure provides York with greater flexibility at this time of continued expansion. We share a common vision and are pleased to partner with Odyssey to build upon the long standing and highly-regarded York franchise. We believe that our expertise and team focus, Odyssey’s strategic insight and acquisition experience, and John L. Ward’s deep knowledge of the insurance industry will be a dynamic combination and will enable York to improve upon our market leading positions and become a broader based provider of outsourced insurance services.”
Douglas Rotatori, a Managing Principal of Odyssey, said, “Odyssey identified outsourced insurance services as a compelling sector for investment and we are excited to begin our partnership with Tom MacArthur and the York management team. York is an ideal platform in this highly fragmented industry and we will seek to augment the Company’s strong organic growth with acquisitions.”
John L. Ward, said, “York’s differentiated service offering, proprietary systems and experienced personnel provide the foundation that clients have come to rely upon to strengthen their customer relationships, enhance their reputations and improve profitability.”
The acquisition is Odyssey’s first in partnership with Odyssey Insurance Services, which the firm formed with Cincinnatus Partners to pursue investments in insurance services companies.
York is an insurance services business process outsourcing company. Since the 1930’s, York (through predecessor companies) has served both as an independent adjustment company and third party administrator providing claims data and risk related services to insurance companies, reinsurers, self insureds, and intermediaries throughout the United States. More recently, York has established business units in the program management, licensed private investigation, recovery, environmental consulting, retail logistics and large/complex loss adjusting markets. For further information about York, please visit www.yorkisg.com.
Odyssey Investment Partners, LLC, based in New York, is a leading middle-market private equity fund with more than $1.2 billion under management. Odyssey makes majority, control investments primarily in established middle-market companies in a variety of industries, including industrial manufacturing, business, financial and healthcare services, aerospace products and services, and route-based services. For further information about Odyssey, please visit www.odysseyinvestment.com.
Cincinnatus Partners is a Cincinnati-based advisory firm specializing in the insurance services industry. Through its proprietary Think Like an Investor® program, the firm works with a select group of insurance services companies to help them build enterprise value. The firm’s experienced team works closely with senior management at these companies to improve their current product offering, expand their scope of services and more effectively serve their insurance industry clientele. For further information about Cincinnatus Partners, please visit www.cincinnatuspartners.com.
For more information, please contact:
Thomas C. MacArthur
Chairman and CEO
Odyssey Investment Partners
Kekst and Company
(212) 521-4800 Cincinnatus Partners
John L. Ward
Chief Executive Officer