Independent insurance services provider McLarens has closed the previously communicated investment agreement with Lee Equity Partners.
Financial terms of the transaction were not disclosed.
McLarens employees will maintain a substantial ownership interest and the Company will continue to operate independently, focused on complex commercial insurance services and niche industry verticals.
McLarens CEO Gary Brown said: “The closing of this transaction marks a new chapter in our firm’s evolution, presenting a number of compelling growth opportunities. We have several developments in the works already, which we expect will expand our offerings and continue to drive growth across our global enterprise in both the short and long term.
“We are excited by the positive momentum we have generated, especially in the last year, and we look forward to serving our international clients with a broader range of capabilities in 2019 and beyond.”
Lee Equity Partners partner Mark Gormley said: “As we have said throughout this process, we look forward to partnering with the McLarens’ team to support their expanding market position and capabilities in loss adjusting and related services.
“With specialized expertise across numerous industries, which has garnered a quality-focused reputation and the trust of clients world-wide, the firm has a tremendous opportunity to strengthen their position as a global leader in the insurance services sector.”
Evercore acted as the exclusive financial advisor to McLarens, with Ropes & Gray acting as legal counsel to Altamont Capital and Latham & Watkins acting as legal counsel to McLarens. Weil, Gotshal & Manges provided legal counsel to Lee Equity Partners.
Source: Company Press Release