Allied Capital Invests $37 Million in York Insurance Services Group.
York is a leading third-party claims administrator ("TPA") providing outsourced processing, adjusting and settlement claims services to insureds on behalf of its customers, which are primarily insurance carriers, state agencies and self-insured companies. The company has set itself apart in the industry by managing large and complex claims in niche segments of the insurance sector, including national property & casualty industry programs, state residual plans, and specialized loss adjusting. The company performs its services across multiple business lines, including property, general liability, automotive and workers' compensation.
"We are pleased to be partnering with Odyssey once again to support its buyout of York," said John Fruehwirth, Managing Director of Allied Capital. "Odyssey brings deep operating experience in the insurance segment to this transaction and, combined with the outstanding management team of York, positions this company to further capitalize on the positive outsourcing trends in the insurance industry."
"We are delighted to have Allied Capital as our financing partner for this transaction," said Doug Rotatori, Managing Principal of Odyssey Investment Partners. "Allied Capital proved itself again to be a value-added partner to our firm by initially introducing us to this opportunity and then committing to provide the financing we needed to complete it."
About Allied Capital
Allied Capital Corporation, a leading business development company with total assets of more than $4 billion, has paid regular, quarterly cash dividends to shareholders since 1963. Allied Capital invests in the American entrepreneurial economy by providing capital to companies seeking a long-term financial partner and access to managerial resources often unavailable to smaller companies. Since its IPO in 1960, Allied Capital has provided long-term debt and equity financing to thousands of middle market companies. In serving its shareholders, Allied Capital helps build middle market businesses and support American jobs. The Company's private finance portfolio includes investments in over 100 companies that generate aggregate revenues of more than $12 billion and employ more than 90,000 people.
Headquartered in Washington, DC, Allied Capital offers shareholders the opportunity to participate in the private equity industry through an investment in the Company's New York Stock Exchange-listed stock, which is traded under the symbol ALD. For more information, please visit www.alliedcapital.com, call Allied Capital investor relations toll-free at (888) 818-5298, or e-mail us at email@example.com. All media inquiries should be directed to Stan Collender of Qorvis Communications at 202-448-3131.
About York Insurance Services Group, Inc.
York Insurance Services Group, Inc. ("York" or "the Company") is primarily a third-party claims administrator ("TPA") providing processing, adjusting, and settlement claims services to insured members on behalf of insurance carriers. York focuses on profitable, higher service oriented niche segments where insurance carriers tend to outsource a greater portion of the claims processing. York also provides services for more standard insurance markets such as stand-alone self-insureds and overflow claims processing from insurance carriers. York is headquartered in Parsippany, New Jersey and employs approximately 525 people. For more information, please visit www.yorkclaims.com.
About Odyssey Investment Partners, LLC
Odyssey Investment Partners manages $1.5 billion of capital in two private equity funds, a $760 million fund raised in 1998, and a $750 million fund raised in 2005. Odyssey makes majority, control investments primarily in established middle-market companies in a variety of industries, including industrial manufacturing, business and financial services aerospace products and services, and route-based services. For more information, please visit www.odysseyinvestment.com.
The information contained in this press release contains forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements, and some of these factors are enumerated in Allied Capital's periodic filings with the Securities and Exchange Commission.
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|Date:||May 8, 2006|
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