Lovell Minnick Partners said May 20 that it agreed to sell J.S. Held LLC to Kelso & Co. Financial terms weren’t announced. J.S. Held provides consulting services to address complex and high value insurance claims and construction-related matters.
Lovell Minnick Partners, a private equity firm specializing in financial and related business services companies, today announced the signing of a definitive agreement in which J.S. Held LLC, a global consulting firm focused on the construction industry and insurance claim management, will be acquired by private equity firm Kelso & Co. Financial terms of the private transaction were not disclosed.
“It has been our pleasure to partner with Jon Held and his team over the past four years as the Company significantly expanded its practice areas, geographic coverage and consultant base,” said Robert Belke, a Managing Partner at Lovell Minnick Partners. “With a robust and growing platform, and a strong track record of acquisitions, J.S. Held is now the acquirer of choice in the industry and has done a remarkable job institutionalizing an integration process that is proven and repeatable,” added Jason Barg, a Partner at Lovell Minnick Partners.
Founded in 1974, J.S. Held is the global leader in providing specialized consulting services to address complex and high value insurance claims and construction-related matters. J.S. Held’s growth has included 18 acquisitions and expansion to over 600 professionals in more than 60 offices across the U.S., Canada, Latin America, Europe, and the Middle East.
“Our mission for the last 40 years has been to provide the best service to our clients and to support the continued professional growth of our people,” said Jon Held, Chief Executive Officer of J.S. Held. “We are committed to connecting our clients with subject matter experts so they can solve the strategic and tactical business challenges they face every day. Lovell Minnick has played an instrumental role in helping us think strategically about our growth opportunities, and we look forward to our partnership with Kelso which will allow us to continue to add resources to our team, expand solutions to new verticals, and continue our growth on a global scale.”
“We are thrilled to partner with Jon and his team. J.S. Held’s leadership position in the insurance industry is a testament to the world-class expertise and unparalleled client service demonstrated by the consulting team,” said Chris Collins, Managing Director of Kelso. “We look forward to supporting the J.S. Held team as they accelerate their strategic plan to offer best-in-class solutions to an expanded client base spanning new vertical and global markets,” added Steve Dutton, Managing Director of Kelso.
The transaction is expected to close in the third quarter of 2019 and is subject to customary closing conditions. William Blair & Company and Morgan, Lewis & Bockius LLP advised Lovell Minnick and J.S. Held in connection with the transaction. Debevoise & Plimpton LLP advised Kelso in connection with the transaction.
About Lovell Minnick Partners
Lovell Minnick Partners is a private equity firm focused on investments in the global financial services industry, including related technology and business services companies. Lovell Minnick provides developing companies with equity capital to support private company recapitalizations, execute majority buyouts, and pursue growth initiatives. Since its inception in 1999, Lovell Minnick Partners has raised over $3 billion in committed capital and has completed investments in over 50 platform companies. Targeted investment areas include asset management, financial product distribution, insurance, banks, specialty finance, and related technology and business services. Over its twenty-year history, Lovell Minnick has built a steady track record of investment returns through a consistent investment process that focuses on driving portfolio company growth, strategic activity, and operational improvement, without relying upon excessive financial leverage.
About J.S. Held LLC
J.S. Held is a global consulting firm with expertise in construction, environmental health & safety, water & fire restoration, equipment, and forensic architectural & engineering matters. Established in 1974, J.S. Held brings together years of unrivaled technical expertise and unparalleled service to deliver reliable, comprehensive solutions to its clients. J.S. Held is renowned for recruiting and cultivating distinguished experts and being a trusted partner on the world’s most complex environmental and construction matters.
About Kelso & Company
Kelso is one of the oldest and most established firms specializing in private equity investing. Since 1980, Kelso has invested approximately $14 billion of equity capital in over 125 transactions. Kelso was founded by the inventor of the Employee Stock Ownership Plan (“ESOP”) and, as a result, the principles of partnership and alignment of interest serve as the foundation of the firm’s investment philosophy. Kelso benefits from a successful investment track record, deep sector expertise, a long-tenured investing team, and a reputation as a preferred partner to management teams and corporates. Kelso has significant experience investing in financial services, having deployed over $2 billion of equity capital in the sector over the past decade. For more information, please visit www.kelso.com.