ABRY Partners has entered into an agreement to sell its majority equity interest in York Risk Services Group, a provider of risk management, claims management and managed care services, to Onex Corporation for $1.3 billion. ABRY first invested in York in December 2010.
York Risk Services Group is a nationwide provider of customized claims handling, managed care, specialized loss adjusting, risk pool administration, loss control, consulting and other risk management services. York provides these services to a variety of customers including self-insured companies, public entities, insurance carriers, insurance pools, alternative risks and insurance intermediaries. The company is based in Parsippany, NJ (www.yorksg.com).
“ABRY has been a great partner,” said Rick Taketa, President and CEO of York. “The support they have provided has helped make York a better organization. We have enjoyed working with them and collaborating together.”
ABRY Partners invests in the media, communications and information sectors. ABRY is currently investing ABRY Partners VII (a $1.6 billion private equity fund), ABRY Senior Equity III (a $950 million senior equity/mezzanine fund) and ABRY Advanced Securities Fund II (a $1.2 billion senior debt fund). Since its founding in 1989, ABRY has completed over $42 billion of transactions, representing investments in over 450 companies. The firm is headquartered in Boston (www.abry.com).
“It has been our pleasure to work with Rick Taketa, Tony Galioto, and the world-class team at York,” said Brent Stone, a partner at ABRY Partners. “We have been pleased with York’s performance during our ownership and see a long future of continued growth for the company.”
Morgan Stanley & Co. acted as lead M&A financial advisor to ABRY. ABRY was also advised by Willis Capital Markets and Advisory. Kirkland & Ellis acted as legal advisor.
2014 PEPD • Private Equity’s Leading News Magazine • 7-16-14
