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Alacrity Solutions Announces Strategic Investment from BlackRock Alternatives’ Long Term Private Capital
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Positive)
Tags
Rhea-AI Summary
BlackRock Alternatives has acquired a majority stake in Alacrity Solutions, a leader in insurance claims management. Alacrity, backed by Kohlberg & Company, services over 300 clients, processing 2.8 million claims annually. The acquisition aims to leverage BlackRock's collaborative approach to enhance Alacrity's growth and service offerings. With a strong management team and a history of 16 strategic acquisitions, Alacrity is well-positioned in the $318 billion alternative investment space managed by BlackRock. The financial terms of the transaction have not been disclosed.
Positive
BlackRock's acquisition is expected to enhance Alacrity's growth potential.
Alacrity has a strong track record with 16 strategic acquisitions and processing over 2.8 million claims annually.
BlackRock Alternatives manages $318 billion in alternative investments, indicating robust financial backing.
Negative
None.
FISHERS, Ind. & NEW YORK--(BUSINESS WIRE)--
Alacrity Solutions Group, LLC (“Alacrity Solutions” or the “Company”), a recognized leader in providing insurance claims management services in North America, today announced that BlackRock Alternatives, through its Long Term Private Capital (“LTPC”) strategy, has acquired a majority interest in the Company. Alacrity’s prior majority investor, Kohlberg & Company (“Kohlberg”), and management team will retain a significant minority interest in the Company.
Alacrity Solutions is a market-leading, technology-enabled diversified provider of outsourced solutions to U.S. insurance carriers, providing essential services across the claims lifecycle, including field and desk adjusting, temporary housing, specialty and auto solutions, managed repair services and desktop review. The Company has a national presence in all 50 states and processes over 2.8 million claims annually on behalf of more than 300 carrier clients.
Led by a best-in-class management team with a track record of innovation and execution, Alacrity Solutions has delivered strong, persistent organic growth and completed 16 strategic acquisitions to create a differentiated solutions platform. Due to its high quality adjuster network, superior execution and unwavering commitment to client success, the Company has developed a reputation for accurate, professional, and scalable services that serve clients’ critical needs throughout the claims handling and resolution process.
“We are thrilled to be partnering with BlackRock LTPC, and continuing our partnership with Kohlberg, for our next chapter of growth,” said Jim Pearl, CEO of Alacrity Solutions. “BlackRock LTPC has an exceptional reputation as a collaborative partner to the management teams of its portfolio companies, and I am looking forward to working with them to expand the capabilities we provide to our valued clients. BlackRock LTPC is the ideal partner to accelerate Alacrity’s position as the preeminent platform for outsourced insurance claims solutions in North America given our shared vision and alignment. Likewise, Kohlberg has been a terrific partner for Alacrity over the last four years, having helped us execute on a number of strategic initiatives, including the expansion of our services across North America and continued technology innovation, and I am pleased to have Kohlberg’s continuing support.”
André Bourbonnais, Global Head of BlackRock Long Term Private Capital, commented, “Alacrity Solutions has established itself as a differentiated market leader in the fast-growing outsourced claims solutions space, with long-tenured customer relationships and an impressive history of growth. As long-term investors in the financial and business services sectors, we believe the Company has significant growth potential and are excited to partner with Jim and the Alacrity Solutions’ management team, alongside Kohlberg, to sustain the Company’s strong momentum.”
“Kohlberg is proud to have supported Alacrity’s transformation and growth over the last four years, as they solidified their position as the leading outsourced claims provider to personal lines insurers,” commented Christopher Anderson, Partner, Kohlberg & Company. “In addition to completing three strategic acquisitions, we partnered with Jim to invest heavily into the sales, service and technology organizations which has further differentiated the business from its peers and served to greatly accelerate its organic growth profile. The BlackRock LTPC team brings deep relevant experience and alignment with Alacrity management’s vision, mission and strategy, and our firm is pleased to be partnering with them and looks forward to continuing to support Alacrity’s ongoing growth and future success.”
Alacrity Solutions is BlackRock LTPC’s seventh investment to date and its fifth investment in North America. BlackRock LTPC is an innovative private equity strategy focused on investing in high-quality businesses and value creation through active collaboration with management teams. The strategy's flexible duration and prudent approach to leverage preserve optionality for growth and help enable compounded capital appreciation. BlackRock LTPC's team of 23 professionals are based in New York and London and invest across North America and Western Europe.
BofA Securities acted as financial advisor and Simpson Thacher & Bartlett LLP acted as legal advisor to BlackRock LTPC. Evercore and Waller Helms Advisors acted as financial advisors, and Ropes & Gray acted as legal advisor to Alacrity Solutions and Kohlberg.
Terms of the transaction were not disclosed.
About Alacrity Solutions
Alacrity Solutions, based in Fishers, Indiana, is one of the largest independent providers of insurance claims management services in North America. Alacrity provides property, auto, and casualty claims adjustment services, staffing solutions, as well as temporary housing services and a nationwide managed repair network to national and regional insurance companies, MGAs, TPAs, self-insured corporations, and clients in the federal/state government sector. For more information, please visit: www.alacritysolutions.com.
About BlackRock Alternatives
BlackRock Alternatives serves investors seeking outperformance in infrastructure, private equity, credit, real estate, hedge funds and multi-alternatives. We strive to bring our investors the highest quality investments by drawing upon our global footprint, superior execution capabilities and position as a preferred partner. BlackRock manages $318 billion in alternative investments and commitments on behalf of clients worldwide as of December 31, 2022.
About Kohlberg & Company
Led by Sam Frieder and Gordon Woodward, Kohlberg is a leading private equity firm based in Mount Kisco, New York. Over its 35 year history, the firm has organized eleven private equity vehicles, through which it has raised over $13 billion of committed equity capital and generated over $10 billon in realized returns with no realized losses since 2007. Kohlberg employs a rigorous white paper research program which results in a higher percentage of proprietary deals and expedient value creation for its portfolio companies.
