News

10/15/2020

Dickinson Williams advises on the sale of TriPlus Services

Dickinson Williams & Company  served as the exclusive financial advisor to TriPlus Services Inc., a portfolio company of Oak Hill Capital, in its sale to Davies Group, a portfolio company of HGGC and Alberta Investment Management Corporation.

TriPlus is a third party administrator (“TPA”) specializing in long term care insurance with additional capabilities in actuarial and claims consulting.  The Company’s comprehensive solutions are tailored to reflect and complement each client’s needs and business model.

Dan Saulter, Davies Group CEO, commented: “I am thrilled that the TriPlus team has decided to join Davies and partner with us as we look to grow our Claims Solutions business in the U.S., and broaden the range of services we can provide to our clients. TriPlus has an excellent reputation, and their client service focused culture is closely aligned with ours.”  He added: “Extending and growing our operations in the U.S. is a core part of our strategy, and we plan to continue developing our capabilities in the U.S., both in our claims areas and also more widely across our other core competencies.”

Peter Lucas, CEO of TriPlus, added: “The leadership team and I are delighted to be joining forces with Davies, and to be part of their ambitious growth plans in the U.S. We look forward to working together to continue to deliver for our clients, and being able to offer a deeper range of specialist skills to the broader Davies client base.”

“Dickinson Williams truly enjoyed working with Oak Hill, Peter, and the entire TriPlus leadership team to identify the right partner to support TriPlus’ long term strategic growth objectives, and we look forward to seeing the Company continue to grow and prosper,” said Harold Williams, Managing Director of Dickinson Williams.

Peter Lucas said, “The Dickinson Williams team was a great match for TriPlus, who like us, care about the best outcome.  Their experience, continuous partner level engagement, and broad network of relationships enabled our team to find the perfect fit in Davies Group.”

Weil, Gotshal & Manges served as legal counsel to TriPlus, and BerryDunn served as the Company’s tax and accounting advisor.  Davies Group was advised by Dorsey and Whitney (legal) and PricewaterhouseCoopers  (financial and tax).

About TriPlus Services:

TriPlus is a provider of full-service insurance management solutions with a focus on the long term care market.  TriPlus provides comprehensive administration support and targeted services for policyholder administration, claims adjudication and management, claims payment, claims consulting, and actuarial services, including end-to-end rate increase support.  TriPlus is headquartered in Hopkinton, MA, and has operations throughout the U.S.  Through its client-centric approach, TriPlus has established a brand and reputation in the insurance industry for trust and credibility.  For more information, please visit: www.triplusservices.com.

About Davies Group:

Based in London, Davies Group is a leading specialist professional services and technology business that has more than 4,000 colleagues globally and operating centers across the UK, Ireland, Bermuda, the U.S., and Canada.    Davies delivers operations, consulting and technology solutions across the risk and insurance value chain, including excellence in claims, underwriting, distribution, regulation, customer experience, human capital, transformation, and change management.   Davies’ core service lines include: Claims Solutions, Legal Solutions, Insurance Services, and Consulting & Technology. For more information, please visit: www.davies-group.com.

About Oak Hill Capital:

Oak Hill Capital is a private equity firm managing funds with approximately $15 billion of initial capital commitments and co-investments since inception. Over the past 34 years, Oak Hill Capital and its predecessors have invested in over 90 private equity transactions across broad segments of the U.S. and global economies. Oak Hill Capital applies an industry-focused, theme-based approach to investing in the following sectors: Media & Communications; Services; Industrials; and Consumer, Retail & Distribution. Oak Hill works actively in partnership with management to implement strategic and operational initiatives to create franchise value. For more information, please visit: www.oakhill.com.

About HGGC:

HGGC is a leading middle-market private equity firm with $4.3 billion in cumulative capital commitments. Based in Palo Alto, CA, HGGC is distinguished by its Advantaged Investing approach that enables the firm to source and acquire scalable businesses through partnerships with management teams, founders, and sponsors who reinvest alongside HGGC, creating a strong alignment of interests. Over its history, HGGC has completed more than 130 platform investments, add-on acquisitions, recapitalizations, and liquidity events with an aggregate transaction value of nearly $22 billion. More information, including a complete list of current and former portfolio companies, is available at www.hggc.com.

About Alberta Investment Management Corporation (“AIMCo”)

AIMCo is one of Canada’s largest and most diversified institutional investment managers, with more than C$115 billion of assets under management. AIMCo was established on January 1, 2008, with a mandate to provide superior long-term investment results for its clients. AIMCo operates at arms-length from the Government of Alberta and invests globally on behalf of 31 pension, endowment, and government funds in the Province of Alberta.  AIMCo’s Private Equity team comprises a dedicated group of experienced investment professionals that manages a private equity allocation of approximately C$6.0 billion. More information is available at www.aimco.alberta.ca.

About Dickinson Williams & Company:

Dickinson Williams & Company is an independent investment banking firm led by industry veterans with over 80 years of combined investment banking, financing, and operating experience.  The firm provides objective, experience-based advisory services to lower middle market companies with enterprise values typically up to $150 million.  The firm provides sell-side, buy-side, private placement, recapitalization, and strategic advisory services to family and closely held businesses, corporations, and private equity groups, and has a broad cross-section of transaction and industry experience in the industrials, business services, distribution, healthcare, and consumer sectors.

John C. Dickinson
Managing Director
jdickinson@dickinsonwilliams.com
804.588.3412

James A. Gilmore
Managing Director
jgilmore@dickinsonwilliams.com
804.588.3414

Harold J. Williams III
Managing Director
hwilliams@dickinsonwilliams.com
804.588.3413