Charles Taylor, the provider of services and technology solutions to the global insurance market, has today been acquired by an investment company managed and controlled by Lovell Minnick Partners LLC (‘Lovell Minnick’). Lovell Minnick is a US Private Equity firm that invests in the global financial services industry, including related technology and business services companies, with a focus on helping to build long term value for clients, employees and shareholders. The acquisition will support the continuation of Charles Taylor's successful growth strategy, with a focus on expanding client relationships, broadening specialist capabilities and the range of services and technology solutions, deepening geographic coverage, and reinvesting in quality of service and technology.
The acquisition marks the next step in Charles Taylor’s long and distinguished history and builds on its success over recent years. In the last five years, Charles Taylor has increased revenue by 115% and adjusted EBITDA by 97%, tripled its global headcount to around 3,100, and developed multiple new services and technology solutions for its clients across the global insurance market.
Lovell Minnick has committed to supporting Charles Taylor’s clients and to drive the delivery of Charles Taylor’s successful growth strategy, ensuring the future success of Charles Taylor for employees, partners and clients. Accordingly, Charles Taylor and Lovell Minnick will work together to:
Charles Taylor’s existing experienced management team remains in place; there is no intention to make any changes to management structures or reporting lines as a result of this transaction.
David Marock, Group Chief Executive Officer, Charles Taylor, 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.”
For further information, please contact:
Vanessa Chance/Sally Walton +44 (0)20 3757 6870
Group Corporate Development
and Operations Director +44 7831 401 311
Charles Taylor firstname.lastname@example.org
Notes to Editors
About Charles Taylor www.charlestaylor.com/
Charles Taylor is a global provider of professional services and technology solutions dedicated to enabling the global insurance market to do its business fundamentally better. Dating back to 1884, Charles Taylor now employs approximately 3,100 staff in more than 120 locations spread across 30 countries in Europe, the Americas, Asia Pacific, the Middle East and Africa.
Charles Taylor believes that it holds a distinctive position in its markets in that it is able to provide professional services and technology solutions in order to support every stage of the insurance lifecycle and every aspect of the insurance operating model. Charles Taylor serves a diversified blue-chip international customer base that includes national and international insurance companies, mutuals, captives, MGAs, Lloyd's syndicates and reinsurers, along with brokers, distributors and corporate insureds.
Further information is available at www.charlestaylor.com/
About Lovell Minnick Partners
Lovell Minnick Partners is a private equity firm focused on investments in the global financial services industry, including related technology and business services companies. Since its inception in 1999, Lovell Minnick Partners has become a leader in its chosen space, raising $3.3 billion of committed capital from leading institutional investors, including public and private pensions, insurance companies, endowments and foundations. To date, the firm has completed more than 50 portfolio company investments and 80 add-on acquisitions.
Further information is available at www.lmpartners.com/