UK Mid-market growth investor Lyceum Capital has acquired a majority stake in UK Drainage Network (UKDN), a Solihull, West Midlands, UK-based drainage claims manager in the home insurance market.
Formed by Chief Executive Greg Beech in 2003 through the merger of five regionally-based independent firms, the company provides claims management, remediation, validation, investigation and repair services for most of the UK’s largest household insurers, through its nationwide network of 11 depots and 270-strong team of directly-employed skilled operatives.
Following the investment, UKDN and Lyceum Capital will broaden the group’s capabilities to encompass other services, creating an outsourced claims management and validation provider in the home insurance market. This will include a consolidation strategy to leverage UKDN’s existing infrastructure, with a number of strategic acquisitions already identified.
In conjunction with the transaction, Simon Hitchcock and David Harland, Partners at Lyceum Capital, will each take seats on the company’s board.