McLarens, a US-based global claims service provider, has secured an investment from Lee Equity Partners to grow its market position and capabilities in loss adjusting and related services.
The transaction is expected to close no later than January 2019, subject to customary closing conditions. 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: “We are excited to begin our partnership with Lee Equity Partners. We selected Lee Equity as our investment partner due to a shared vision for McLarens’ strategic growth plan, their belief in our business model and team, and their substantial experience in the insurance services sector.
“We believe our partnership will fuel the growth of our global enterprise, providing access to new opportunities which will enable us to enhance and expand our independent offerings to our growing international client base. We thank Altamont Capital for the guidance, partnership, and resources they have provided us since 2011, which has positioned McLarens well for future growth.”
Lee Equity Partners partner Mark Gormley said: “McLarens is a high-quality industry leader that provides a critical product to the insurance services market and is trusted by clients world-wide.
“McLarens has a strong team with specialized expertise across numerous industries, and a tremendous opportunity to further distinguish themselves in the market. We look forward to partnering with the McLarens’ team to support their efforts to accelerate growth—both organically and through acquisitions—and to continue to strengthen their global position in the insurance services sector.”
Altamont Capital managing director Keoni Schwartz said: “It’s been a pleasure to work with the McLarens management team. The firm has grown consistently during our partnership and we look forward to their next phase of success as they embark with Lee Equity.”
Source: Company Press Release