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Equity group buys key stake in McLarens

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Private equity ownership of loss-adjuster McLarens has changed hands, with Lee Equity Partners acquiring a key holding from Altamont Capital.

US-based McLarens opened an office in Perth this year, adding to branches in Brisbane, Melbourne, Newcastle and Sydney. It also has an office in Wellington, New Zealand.

“Our Australasia team is excited about the investment agreement with Lee Equity,” McLarens Regional Director Australasia Martyn Wicht told insuranceNEWS.cm.au.

“This partnership represents another positive step in our global growth strategy.

“We look forward to the continued expansion of our firm, operating independently and enhancing how we service our clients worldwide.”

The transaction is expected to close no later than January. Financial terms were not disclosed.

McLarens loss adjusters and managers will maintain a substantial stake in the business, a US-based spokesman says.

Lee Equity Partners typically invests $US50-$US100 million ($69.44-$138.99million) of equity per transaction and targets financial and business services, healthcare and the consumer sector.

McLarens global CEO Gary Brown says the private equity group was selected as an investment partner due to its shared view of the company’s strategic growth plan and “substantial experience” in the insurance services sector.