McLarens' largest private equity backer has sold its stake in the company.
Altamont Capital, which bought into the loss adjuster in 2011, sold its stake to Lee Equity, a US mid-market private equity firm.
The financial terms of the investment were not disclosed and the transaction is expected to close no later than January 2019.
McLarens will continue to operate independently and the company’s employees will maintain a substantial ownership interest.
Gary Brown, McLarens CEO, said: “We selected Lee Equity as our investment partner due to a shared vision for McLarens’ strategic growth plan, its belief in our business model and team, and its substantial experience in the insurance services sector.
“We believe our partnership will fuel the growth of our global enterprise, providing access to new opportunities which will enable us to enhance and expand our independent offerings to our growing international client base.”
Mark Gormley, a partner with Lee Equity Partners, said: ““We look forward to partnering with the McLarens’ team to support their efforts to accelerate growth – both organically and through acquisitions – and to continue to strengthen their global position in the insurance services sector.”
A huge well done to all involved with organising our Remembrance Day event on Friday, including our Corporate Real Estate team. One of them, Ibrahim, took this incredible footage of poppies dropping as he (along with others) leaned (safely!) over the gantry to let them go. pic.twitter.com/pSbapkWBBR— Lloyd's (@LloydsofLondon) November 12, 2018
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