Abry Partners Acquires Majority Equity Interest in York Risk Services GroupPARSIPPANY, N.J., (December 29, 2010) - York Risk Services Group, Inc., a premier national provider of claims-handling, specialized loss adjusting and other risk management services, today announced that ABRY Partners, a private equity firm based in Boston, has invested in and acquired a majority of the equity of York. Previously, the majority equity interest in York had been held by Odyssey Investment Partners, LLC. The terms of the transaction, which closed on December 28, 2010, were not disclosed. ABRY is one of the most experienced and successful private equity investment firms in North America focused solely on business and information services, media, and communications investments. Since 1989, ABRY has completed more than $21 billion of leveraged transactions and other private equity and mezzanine investments, representing investments in approximately 450 properties.
"ABRY will be a great partner, and its investment will facilitate our continued growth and further improvements in the products and services we offer," said Anthony Galioto, chief executive officer, York. "More importantly, the transaction will be positive for our clients, our employees, and our operations." "We are strong believers in the insurance services industry and excited to be participating in the sector through York," commented Brent Stone, a partner at ABRY Partners. "We are also delighted to have the opportunity to partner with York's talented management team."
"It has been our pleasure to work with Tony Galioto and the world-class team at York," said Jeffrey McKibben, a managing principal at Odyssey. "We have been pleased with York's performance during our ownership and see a long future of continued growth for the company."
York was advised in the transaction by Harris Williams & Company
(www.harriswilliams.com) and Macquarie Capital (www.macquarie.com).
About York Risk Services Group
York Risk Services Group, Inc. is a premier provider of claims-handling, specialized loss adjusting, risk pool administration and other risk management services nationwide. York provides risk management solutions to a wide variety of strategic partners, including insurance carriers, self-insureds, brokers, wholesalers, MGAs, programs and public entities. York delivers customized claims solutions for all lines of business, including property, liability, products liability, ocean and inland marine, environmental, transportation and logistics, construction, and workers' compensation and managed care. York is based in Parsippany, N.J. and has more than 1,200 employees nationwide. Visit us on the Web at www.yorkrsg.com.
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Senior Vice President and Chief Marketing Officer
York Risk Services Group, Inc.