Charles Taylor has been acquired by an investment company managed and controlled by Lovell Minnick Partners LLC, a U.S. private equity firm that invests in the global financial services sector.
It’s expected that the takeover will support Charles Taylor’s growth strategy, which has a focus on broadening client relationships and specialist capabilities, as well as the range of services and technology solutions.
In the last five years, Charles Taylor has reportedly increased revenue by 115% and adjusted EBITDA by 97%, while at the same time tripled its headcount and developed numerous new services and technology solutions for clients.
In light of the acquisition, Lovell Minnick has committed to supporting the clients of Charles Taylor and to drive the delivery of the firm’s growth strategy, ensuring the future success of the company.
The pair state that they will work together to achieve a number of things, including the growth of Charles Taylor’s Adjusting, Medical Assistance and Other Claims Services businesses; to support the sustainable growth of Charles Taylor’s Insurance Management Clients; and, to continue to develop Charles Taylor’s InsurTech operation.
Following the transaction, Charles Taylor’s existing management team remains in place, and there is no intention to make changes to management structures or reporting lines.
Charles Taylor’s Group Chief Executive Officer (CEO), David Marock, said: “I am excited to announce the completion of this acquisition, and believe that it is positive news for Charles Taylor, its clients, partners and staff.
“Throughout its history and irrespective of its ownership, Charles Taylor’s achievements have always been founded on its people, innovation and a commitment to excellent client service. Lovell Minnick understands these foundations, and I welcome their commitment to working with the management team to drive the business forward over the next stage of its history.”
Jason Barg, Partner of Lovell Minnick, said: “We share a vision with the Charles Taylor team to continue supporting its clients, further advancing the ways in which we can support them, while further growing the platform over years to come.”
Spencer Hoffman, Partner of Lovell Minnick, added: “Charles Taylor is a high-quality business, operating in a sector in which we have extensive experience. We are delighted to support the management team in continuing the development of the business they have built over the past years.”
