NEW YORK, New York. – September 2, 2003 – New Mountain Capital, L.L.C. (“New Mountain”), a leading New York based private equity fund, today announced the acquisition of ServCom Associates by their portfolio company Overland Solutions, Inc. (“Overland Solutions”). Overland Solutions, formerly known as CP Commercial Specialists was acquired by New Mountain from ChoicePoint on February 28th, 2003.
ServCom Associates, based in Edina, Minnesota and established in 1993, is a leading independent provider of premium audits and related software products to the insurance industry. The Company currently provides physical premium audits in thirteen Midwestern states and telephone premium audits nationally. ServCom is considered to be one of the highest quality providers of premium audit services within the industry.
Bob Wickizer, CEO of Overland Solutions commented, “We are delighted to have ServCom become part of Overland Solutions. We strongly believe that this acquisition will be to the long- term benefit of our clients.”
Alok Singh, a Principal of New Mountain said, “The acquisition of ServCom is an important step forward in Overland Solutions’ development plans which emphasize both organic growth and the expansion of our service capabilities by acquiring high-quality companies within our traditional areas of focus and in new areas of value added outsourced services to our clients.”
About Overland Solutions
Overland Solutions, based in Overland Park, Kansas, and established in 1952, is the nation’s leading independent provider of premium audits and property surveys to the insurance industry, as well as a leading provider of inspection services for the government and for other industries requiring similar capabilities. Overland Solutions has approximately 1,200 employees and 25 branch offices nationally, through which representatives perform audits, underwriting surveys and valuation services for businesses and insurance companies in the United States, parts of Canada and Puerto Rico.
About New Mountain Capital
New Mountain Capital, LLC is the sponsor of New Mountain Partners, L.P., a $770 million fund which seeks exceptional long-term capital appreciation through private equity and equity-related investments. New Mountain chiefly pursues the highest quality growth companies in carefully selected industries, and then works closely with management after the acquisition to build value. In May 2001, New Mountain acquired control of Strayer Education, Inc., a leading provider of graduate and undergraduate degree programs focusing on working adults. The market value of Strayer has increased 322%, from $342 million to $1,444 million, during the twenty-seven months of New Mountain’s investment. In July 2002, New Mountain announced its investment in Surgis, Inc., a surgical services company, which owns and manages ambulatory surgery centers in partnership with physicians and hospitals. Today, Surgis is one of the nation’s two leading privately owned surgery center companies. In February 2003, New Mountain acquired CP Commercial Specialists, now known as Overland Solutions, Inc., from ChoicePoint. New Mountain’s web site is www.newmountaincapital.com.