vrsVeriClaim UK Ltd (“VeriClaim UK”) announced that it has completed the acquisition of the property adjusting assets of Teceris Corporate and Complex Adjusting (“TCCA”), the property loss adjusting business of Capita Group Plc. The acquisition includes the majority of TCCA’s management team, and technical and support professionals in four locations throughout the United Kingdom. The transaction closed on February 1, 2010.
vrsVeriClaim UK is jointly owned by senior management and vrsVeriClaim, Inc., a global loss adjusting and claims management company based in the U.S. The company, headquartered in London, will be led by Managing Director, Stewart Steel. vrsVeriClaim UK will continue its focus on the resolution of high end, complex and major losses together with the end-to-end management of global, pan-European and national corporate claims programs.
“This transaction is an exciting development for vrsVeriClaim UK and provides a fantastic springboard to launch our new UK venture,” says Steel. “TCCA and VeriClaim adjusters are market-renowned in the corporate and complex arena; the combination of the technical quality of our staff, our financial and market strength, and the global breadth of the vrs organization allows us to develop yet further in our chosen sectors, where we are already a top global player.”
“The opportunity to partner with such a high quality management team to build and expand our UK operations was quite unique,” said Michael Arbour, Chief Executive Officer of vrsVeriClaim, Inc. “We share a common vision and focus with the UK management team, and the TCCA operations provide us with a tremendous platform to expand our presence in the UK, London and Lloyds markets, which we have served for over 90 years.”
Adds Greg Barr, Managing Partner of Silver Oak Services Partners, the private-equity sponsor of vrsVeriClaim, Inc., “We are extremely excited about the opportunity to partner with TCCA management and expand VeriClaim’s presence in the U.K. market.”
Please contact Mike Arbour of VeriClaim or Greg Barr or Jeff Mann of Silver Oak for additional information.
Silver Oak Services Partners, LLC, whose principals have more than 50 years of collective private equity experience, invests in business, consumer and healthcare services companies in the lower middle market, typically with revenue between $15 million to $150 millio