Jun, 2012 - Windjammer Closes out Fund III with the Acquisition of Global Claims Services, Inc.
Windjammer Capital Investors ("Windjammer") is pleased to announce its acquisition of Global Claims Services, Inc. ("GCS" or the "Company"), a leading provider of laboratory and data analysis services to property insurance companies throughout the US and Canada. Windjammer partnered with management to acquire the business from The Riverside Company, providing a combination of equity and subordinated debt to complete the transaction.
GCS, headquartered in Jacksonville, Florida, with operations in Ontario, Canada, provides mission critical laboratory testing services and data analysis to insurance companies, building contractors and homeowners. GCS, which operates under the ITEL brand in the United States, determines the equivalent, commercially available replacement products for damaged flooring, roofing and siding, using its state-of-the-art laboratories to process physical samples as well as measurements submitted via its mobile applications. The Company serves as an independent data source to ensure that its customers receive objective, unbiased valuations and product matches. GCS is a leader in the industry and utilizes a proprietary database and testing methodology to provide highly accurate tests results on a real-time basis through its mobile applications or within a 24 hour time frame in the case of physical samples.
“GCS provides a mission critical service to insurers and their policyholders to deliver laboratory-driven, independent data to enable insurers to fairly and accurately settle homeowner’s insurance claims in a very short timeframe,” said John Donahue, Principal at Windjammer, who led the transaction for the firm. “We look forward to supporting the Company’s management team in continuing to grow the business through both organic initiatives and through strategic acquisitions.”
Robert Logan the President and CEO of GCS said, “We are excited to be teaming up with Windjammer. They distinguished themselves in the sale process through their ability to quickly understand our business and complete their thorough diligence protocols in an expedited manner. We are confident that Windjammer will be a great partner given their historical track record of adding value post investment and look forward to their support in executing on the Company’s growth strategy.”
“GCS represents another example of Windjammer seeking out and investing in niche market leaders with exceptional management teams, and illustrates our ability to invest in companies across a broad range of business models from business services companies to specialty distributors to manufacturing businesses that serve a wide range of industries and customers.” said Costa Littas, Managing Principal of Windjammer. “We are excited to partner with the GCS team to deliver a very successful investment.”
GCS is the final platform investment in Windjammer Senior Equity Fund III. Windjammer maintains additional capital in Windjammer Senior Equity Fund III to support the growth initiatives of its Fund III portfolio companies to include add-on acquisitions. Looking forward, Windjammer continues to seek new platform investment opportunities in niche market leaders generating LTM EBITDAs ranging from $10 - $40 million. New platform investments will be made out of Windjammer’s recently initiated Senior Equity Fund IV.
Choate, Hall & Stewart provided legal advice to Windjammer. Senior debt financing was provided by Golub Capital and Ares Capital Corporation. For additional information regarding GCS, please visit their website at www.itelinc.com.
John Donahue, Caleb Clark and Daniel Lee worked on the transaction for Windjammer. John Donahue can be reached at 781-530-9161 or firstname.lastname@example.org for more information.
ABOUT WINDJAMMER CAPITAL INVESTORS
Windjammer Capital Investors, with offices in Newport Beach, California and Waltham, Massachusetts, is a national private investment firm that makes control and non-control investments in leading middle market businesses in partnership with management. Founded in 1990, Windjammer's institutional funds total over $1.8 billion of capital and is currently investing out of its 2012 fund, Windjammer Senior Equity Fund IV. In its history, Windjammer has closed on portfolio company investments with an aggregate value of approximately $5 billion.