London-based loss adjuster and insurance services firm Charles Taylor has accepted a £261 million ($480.6 million) takeover offer from private equity firm Lovell Minnick.

A shareholder meeting to approve the deal is expected in November, paving the way for it to take effect early next year, conditional on regulatory clearances.

“I am confident that this acquisition by Lovell Minnick, a highly regarded investor with experience in our markets, will provide Charles Taylor with the opportunity to continue to deliver on its existing growth strategy,” CEO David Marock said.

“They understand the foundations and strengths of our group and we welcome their commitment to working with the management team to drive the business forward.”

Charles Taylor was founded in England about 1840 as a coal merchant before becoming the manager of the Standard Steamship Owners’ Protection and Indemnity Association in 1885.

The firm now employs more than 3000 staff across 30 countries, including Australia, where it has offices in Sydney, Melbourne, Perth, Adelaide and Brisbane.

Recent case studies cited on its website include loss adjusting after the luxury superyacht Masteka 2 lost steering and started sinking off the NSW coast in late 2016.

The offer price of 315 pence ($5.80) per share represents a 34% premium to the closing price last Wednesday.

Lovell Minnick partners Spencer Hoffman and Jason Barg say Charles Taylor is a “high-quality business” operating in a sector in which the private equity firm has a strong investment track record.