Lee Equity Partners has closed its previously announced investment in McLarens. The deal was announced in October.
McLarens and Lee Equity Partners Announce the Closing of Investment Partnership Agreement
December 19, 2018 03:07 PM Eastern Standard Time
NORCROSS, Ga.–(BUSINESS WIRE)–McLarens, a leading, global independent insurance services provider, today announced the closing of 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.
“The closing of this transaction marks a new chapter in our firm’s evolution, presenting a number of compelling growth opportunities,” commented Gary Brown, McLarens’ Chief Executive Officer. “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.”
Added Mark Gormley, a Partner with Lee Equity Partners, “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.
McLarens is a leading independent global insurance services provider with offices and operations strategically located around the world. With a focus on complex, commercial and niche markets, McLarens provides loss adjusting and claims management services, as well as auditing and pre-risk surveying. The company’s global footprint enables it to provide streamlined consistent service to global customers, while at the same time delivering local expertise and responsive service. The company’s expert adjusters have an average of over 20 years’ claims experience, operating across a range of industries with specialties including: Property, Crisis Management, Natural Resources, Construction & Engineering, Natural Resources, Agriculture, Aviation, Casualty, Marine, FAJ & Specie, Global TPA Services.
About Lee Equity Partners:
Lee Equity Partners is a New York–based private equity firm that partners with successful management teams to build companies with strong growth potential. Lee Equity targets equity investments of $50 million to $100 million in middle-market control buyouts and growth capital financings in companies with enterprise values of $100 million to $500 million which are located primarily in the United States. The firm invests in a range of industries where the team has deep relationships developed over decades, including financial, healthcare and business services and consumer. For more information, please visit www.LeeEquity.com.