AQS Aquired by Grey Mountain Partners
By Ara C. Trembly
NU Online News Service, Jan. 20, 4:26 p.m. EDT?AQS, a provider of commercial policy administration solutions to the property and casualty insurance industry, announced it has been acquired by Grey Mountain Partners, a New York-based private equity firm.[@@]
The all-cash transaction closed Jan. 12, according to a spokesperson for Hartland, Wis.-based AQS. The amount of the deal was not disclosed.
The spokesperson added that there would be no layoffs as a result of the acquisition, and that "the management team remains the same."
"This recent development is extremely positive for the continued evolution of AQS and the solutions we provide our customers," said Kevin Flanagan, president and chief executive officer of AQS. "Grey Mountain Partners embraces AQS' strategy, vision and technical direction and is enthusiastic to help us reach our strategic goals."
"Grey Mountain reviewed many insurance solution vendors and after an in-depth analysis we are excited to partner with AQS," stated Ben Ault, business development manager of Grey Mountain Partners. "Our role will be to provide capital to help the AQS management team further expand and accelerate the value of their property and casualty solutions offerings."
Grey Mountain Partners is a private equity firm focused on investing in middle-market companies with revenues between $25 million and $250 million, said AQS. While there was no information forthcoming on how much equity (if any) would remain with AQS, the Grey Mountain Web site specifies that: "We are looking for control positions in businesses."
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