Direct Group expands further with EVS deal
27/05/2010 09:00:00 by Marketing
Insurance services provider Direct Group, backed by Lloyds Development Capital, has completed the acquisition of Evander Validation Services for an undisclosed sum.
Preston-based EVS is one of three companies in the Evander Group bought from Homeserve in an LDC-funded transaction last September.
Following the latest deal, EVS managing director Colin Jones will continue to lead the division, which provides contents validation and fulfilment services.
It is the latest step in Direct Group's continued expansion which, since it was backed by LDC in 2007, has seen it acquire businesses including Millennium Insurance, a provider of general insurance solutions to the mortgage broker and independent financial adviser market.
The acquisition of EVS also widens Direct Group's portfolio, which includes outsourced insurance administration, claims handling and fulfilment; with products and services spanning property, protection, motor and travel.
Derek Coles, Direct Group chief executive, said: "We have rapidly grown our property and travel claims propositions and the EVS model complements both these areas. This move marks another significant step towards Direct Group's core strategy of delivering wider insurance solutions to our partners."
Mr Jones added: "Direct Group has been actively seeking a route into EVS' space and it became clear that a deal would be a strong cultural and strategic fit for both businesses."
Jonathan Simpson-Dent, Evander Group CEO, concluded: "Direct Group is uniquely positioned to take EVS to the next level and I am confident that this move will be beneficial for our customers and employees."
http://www.postonline.co.uk/post/news/1650505/direct-group-expands-evs-deal
Direct Group Continues Rapid Expansion
26/05/2010 09:00:00 by Marketing
Direct Group, the fast-growing insurance services provider has completed the acquisition of Evander Validation Services Limited (EVS) for an undisclosed sum.
EVS is one of three companies in the Evander Group which were bought from HomeServe Plc in September 2009.
Following the deal, current EVS Managing Director Colin Jones will continue to lead the rapid growth of the division which has established itself as market leader in the provision of contents validation and fulfilment services.
The transaction is a strong strategic fit for both businesses and adds to the enlarged group’s portfolio which spans product development, sales and premium collection, policy administration, claims management, reporting and performance management.
It is the latest step in Direct Group’s continued expansion which has seen it acquire a number of businesses including Millennium Insurance, a
Combined with organic growth, these deals have seen revenues at Direct Group rise from £8 million in 2007 to around £13 million in the current financial year.
Direct Group is now a leading player in the outsourced insurance administration, claims handling, validation and fulfilment market with products and services spanning property, protection, motor and travel.
Derek Coles, CEO of Direct Group added: “This deal provides Direct Group with an opportunity to further strengthen and add scale to the company. We have rapidly grown our property and travel claims propositions recently and the EVS model complements both these areas. I am delighted Colin Jones will continue to lead EVS focusing on providing exceptional service lead solutions tailored to the needs of its different clients. This move marks another significant step towards Direct Groups core strategy of delivering wider insurance solutions to our partners.”
Colin Jones, Managing Director of EVS, said: “Direct Group has been actively seeking a route into EVS’ space and when they began talking to us, it was clear that a deal would be a strong cultural and strategic fit for both businesses. I’m looking forward to working with Derek and the wider team to take this enlarged and enhanced proposition to market.”
Jonathan Simpson-Dent CEO Evander Group commented: “EVS has been an important part of the Evander Group to date and the team has made excellent progress in rapidly developing the business. Direct Group is uniquely positioned to take EVS to the next level and I am confident that this move will be beneficial for our customers and employees.”
