San Francisco-based Genstar Capital, LLC, a middle market private equity firm, announced the acquisition of Granite Global Solutions, a Canadian provider of risk mitigation services to insurance and corporate clients.
Genstar focuses on investments in selected segments of the life science, healthcare services, software, financial services, and industrial technology industries.
Genstar’s bulletin notes that Granite Global is headquartered in the greater Toronto area. It “operates five business lines that are leaders in their respective markets: McLarens Canada, the country’s fastest growing niche claims adjuster; Sibley & Associates, Canada’s largest disability management company; King Reed & 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.”
J. Ryan Clark, a principal of Genstar, described Granite as providing “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. 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 Canada.”
Murray Wallace, CEO of Granite, expressed pleasure over the deal, adding that Genstar has a “recognized history of investing in Canada 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.”
Source: Genstar Capital – www.gencap.com
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