McLarens Young International is merging with Airclaims, which is backed by LDC. Financial terms weren’t announced. MYI has secured additional funding from Altamont Capital Partners. Mclarens Young is loss adjuster while Airclaims provides claims, risk and asset management services to the aviation community. LDC is a middle market PE firm in the U.K.
Global loss adjuster McLarens Young International (MYI) today announced a merger with Airclaims, the world’s leading provider of claims, risk and asset management services to the aviation community. The merger further enhances its position as the leading player for the provision of loss adjusting services across the aviation industry.
Whilst both companies will continue to operate under their own well established brands, Airclaims will become a fully owned entity operating within the McLarens Young International group.
The partnership facilitates an integration of knowledge and expertise, creating a significant platform for expansion in the sector. This will allow for the provision of a far broader range of services to existing and prospective clients in the aviation and insurance sectors. Airclaims brings aviation claims adjusting to the table – a niche and extremely technical discipline – whilst MYI brings Property, Business Interruption, Liability and Cargo adjusting expertise. Airclaims also provides a comprehensive and independent asset management capability that provides a broad range of services to aviation lessors, banks, financiers and operators. The merger will enable opportunities for continued growth and investment in the risk and asset management division to be explored.
The merger – which includes the full purchase of shares from Private Equity firm LDC, the largest single shareholder in Airclaims since backing an MBO in 2005 – ensures MYI’s control of the quality of their brand and organisations delivering services under it.
To finance the deal MYI secured additional external funding from Altamont Capital Partners, a US Private Equity firm focused on partnering with management teams to build market leading businesses. The McLarens Young International group continues to be the only employee owned, global loss adjusting company.
Vern Chalfant, CEO of McLarens Young International:
“This merger is part of our long term strategy of growth – both organically and by acquisition – in key markets across the globe. Aviation is an ideal sector for MYI – a global market, dominated by a small number of niche players, which requires a very technical approach to loss adjusting. Airclaims is the world leader in this sector, so this was a natural fit for us.
In terms of our broader corporate strategy, the current market conditions are ripe for consolidation and this is certainly something of which we are keen to take advantage. Altamont Capital Partners have provided the financial backing and expertise to allow us to consolidate more quickly and effectively than we could have on our own. We look forward to working with them to pursue acquisition opportunities in our core markets and adjacent markets. We continue to be the only employee owned, global loss adjusting firm. This is a unique proposition for a global loss adjusting firm and a key aspect of our ability to effectively service clients.”
Mark Hunter, CEO of Airclaims, added:
“We were seeking to merge with a truly global business, with a recognizable brand, scalability and a focus on quality of service. At the same time, an appetite for future growth was imperative. It was clear from the outset that MYI more than satisfied these characteristics and we are delighted to form this partnership.
The merger represents the coming together of two long serving businesses with a commonality of offering and, as such, this really is a very exciting move for Airclaims, its clients and its employees.”
Yann Souillard, Managing Director of LDC, said:
“Since we backed the MBO of Airclaims in 2005, the business has grown ahead of plan each year. This is a testament to the strength of its management team, the quality of its service delivery and the calibre of its employees. We are delighted to see Airclaims joining such a complementary business as MYI, which will enable the business to continue its expansion plans over the years to come and reach its full potential.”
Notes to editors
McLarens Young International (MYI) is a niche, global loss adjusting firm with a focus on the commercial and high-net-worth claims market. MYI has 300 offices and affiliates in 80 countries.
MYI is uniquely placed to serve our clients because of the nature of the business:
MYI is the only employee-owned global loss adjusting business in the world, allowing individuals to become owner/managers.
MYI has a flat management structure that rewards individuals for their contribution rather than having a pre-occupation with hierarchies.
MYI is streamlined and responsive to change.
MYI’s strength as an organization is the depth of its claims expertise.
For more information please visit: www.mclarensyoung.com
Airclaims is the world’s leading provider of claims, risk and asset management services to the global aviation community.
Renowned for its unparalleled quality and integrity in its services, Airclaims is at the forefront of innovation, applying our experience and technical expertise to an ever growing range of clients and challenging projects worldwide.
Airclaims provides its clients with a service that sets new global standards
Airclaims acts quickly to ensure we anticipate, meet and exceed our client’s ever changing expectations
Airclaims employs the best people and commit to their long term development and training needs
Airclaims earns the trust and respect of our clients by constantly striving to do better
For more information please visit: www.airclaims.com
Advisors to the deal
McLarens Young International were advised by McGuireWoods LLP
Airclaims were advised by Ernst & Young, London and Eversheds, London