Genstar Capital Announces Acquisition of Granite Global Solutions


    
    Canadian Insurance Claims Services Leader Poised for National Growth




    
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<p><span class="xn-location">SAN FRANCISCO</span>, <span class="xn-chron">June 1</span> /CNW/ -- Genstar Capital, LLC, a middle market private equity firm that focuses on investments in selected segments of the life science, healthcare services, software, financial services, and industrial technology industries, today announced the acquisition of Granite Global Solutions, a leading Canadian provider of risk mitigation services to insurance and corporate clients.</p>
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<p>Headquartered in the greater <span class="xn-location">Toronto</span> area, Granite Global operates five business lines that are leaders in their respective markets: McLarens <span class="xn-location">Canada</span>, the country's fastest growing niche claims adjuster; Sibley & Associates, Canada's largest disability management company; <span class="xn-person">King Reed</span> & Associates, Canada's largest private investigation company; Henderson Structured Settlements, one of only two national structured settlement companies; and, Rochon Engineering, a leading specialized forensic engineering business.</p>
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<p>"Granite has a full suite of risk management and control services whose individual companies are viewed as preeminent businesses with the potential to be even stronger competitors in their respective sectors," said J. <span class="xn-person">Ryan Clark</span>, a principal of Genstar. "As we continue to drive quality service and operations in the existing businesses, we will also identify strategic add-on investments to position Granite as the leading full product claims services business in <span class="xn-location">Canada</span>."</p>
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<p>Genstar has developed sector expertise in the insurance services industry with key operating partners and Strategic Advisory Board members, including Dennis Chookaszian, former CEO of CNA Insurance, <span class="xn-person">Bob Dowdell</span>, former CEO of Marshall & Swift, and <span class="xn-person">David Wroe</span>, former CEO of AMS (now Vertafore).  As part of its strategy to grow its insurance services investments Genstar, formed Confie Seguros in 2008 to consolidate insurance brokerages primarily focused on the Hispanic consumer. In addition, Genstar portfolio company 21st Services provides life expectancy information to the life settlement industry.</p>
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<p><span class="xn-person">Murray Wallace</span>, CEO of Granite, said, "We are very pleased to be partnering with Genstar who have a recognized history of investing in <span class="xn-location">Canada</span> and are very knowledgeable about the insurance industry. We will continue the integration of Granite's business operations, invest to grow each division, and look to develop new ways to serve our customers with integrated products."</p>
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<p>Genstar received legal counsel from Latham & Watkins LLP and Ogilvy Renault LLP. Financing for the transaction was provided by National Bank Financial Inc. and The Toronto-Dominion Bank.</p>
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    About Genstar Capital, LLC
    
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<p>Genstar Capital (<a href="http://www.gencap.com">www.gencap.com</a>) is a leading private equity firm that for over 20 years has been actively investing in high quality middle-market companies. Based in <span class="xn-location">San Francisco</span>, Genstar works in partnership with its management teams and its network of operating talent and strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar has more than US$3 billion of committed capital under management and targets investments focused on selected sectors within the life sciences, healthcare services, financial & business services, software & software services and industrial technology industries.</p>
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    Contact: Chris Tofalli
    Chris Tofalli Public Relations
    914-834-4334





    

For further information: For further information: Chris Tofalli, Chris Tofalli Public Relations, +1-914-834-4334 Web Site: http://www.gencap.com

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