BC Partners, an international investment firm, has agreed to acquire a majority stake in Davies, which is expected to close in Q2 2021.
Terms of the transaction were not disclosed.
The new partnership aims to diversify and strengthen Davies’ shareholder base, in a bid to drive further global expansion, increase investment in technology and digital transformation, and to continue to partner with businesses via mergers and acquisitions (M&A).
Existing investors HGGC and AIMCo will continue to hold minority ownership stakes in the business, alongside the Davies leadership team and employees.
BC Partners will also have representation on the board.
Commenting on the deal, Cédric Dubourdieu, partner at BC Partners, says: “We at BC have been watching Davies’ progression over the past few years with keen interest, as this was a business we knew had serious potential.”
He continues: “Over this period it has expanded geographically, successfully entering and establishing a presence in the US, Canadian and Bermudian markets, completed more than 30 acquisitions, diversified its service offering and cemented its position as a clear leader in its sector — all while upholding its reputation for providing excellent service to its customers.”
“We‘re very excited about the opportunity to work with Dan Saulter and the broader Davies team to build on this momentum, using our global network and sector expertise to support further growth through technology-enabled transformation and further penetration into the US and European markets,” he adds.
Dan Saulter, group CEO of Davies notes: “We are excited to welcome BC Partners as a majority investor as we embark on this next phase of international growth and technology investment. I am also pleased that both HGGC and AIMCo wish to continue to invest in Davies alongside BC Partners.”
The BC Funds were advised by financial advisers, Waller Helms Advisors and Macquarie Capital, legal adviser, Linklaters LLP and commercial, financial and tax adviser, PwC.
The management was advised by financial advisers, Liberty Corporate Finance and legal advisers, Osborne Clarke.
HGGC was advised by legal advisers, Kirkland & Ellis and AIMCo was advised by legal advisors, Allen & Overy.
