COMPLAINTS HANDLING SPECIALIST SOLD TO OUTSOURCING GROUP
Davies Group Ltd, the third party administrator and specialist outsourcer, announced the acquisition of UK-based specialist regulatory services business Cynergie UK Ltd on March 31 2017. The Cynergie deal is Davies’ first acquisition since HGGC took a majority stake in the business, pledging to support its plans to invest in niche & specialist services, technology and technical expertise.
Based in Peterborough and Birmingham, Cynergie provides outsourced regulatory and complaints management services across regulated verticals, such as: insurance, financial services, utilities, and to ombudsmen & regulators.
Cynergie’s senior team will all join Davies, with Mark Parnaby leading the business as Managing Director, reporting directly to Dan Saulter, CEO of Davies.
The acquisition of Cynergie will allow Davies to offer its clients additional capability including complaints & regulatory services, in addition to its insurance claims and insurance services offerings.
Dan Saulter, CEO of the Davies Group said: “We are delighted to be partnering with the team at Cynergie, who have an excellent team and strong long term partnerships with its clients. This is the first step towards delivering our strategy of broadening & deepening the capability that we offer our clients, through investing in niche & specialist services, technology and technical expertise”.
Mark Parnaby, Managing Director of Cynergie said: “We are excited to be joining forces with Davies Group as this will enhance Cynergie’s capability to further support our key clients and their ambitions. Our complementary services, combined with Davies Group’s innovative infrastructure, will increase the proposition value we can offer to clients on both sides.”
BCMS acted as financial advisor to the vendors. BCMS Lead Advisor Doug Edmunds added: “Cynergie is a well-run business in a growing market, so we saw a strong market response. Davies and Cynergie were such a good commercial and cultural fit, it was clear this deal would provide significant benefits for both customers and staff, as well as shareholders. We will be watching their next move with interest.”
Leon Arnold, Partner at Freeth’s law firm, commented: “It was a real pleasure to work with the five directors of Cynergie on this transaction. In what was a challenging timetable all parties worked long hours to facilitate the process, on top of running the business, maintaining a positive dialogue throughout. I am convinced the company will continue to flourish under their leadership and with the additional resource the transaction brings.”