Hermes Private Equity has today announced it has backed the £62 million Management Buy–Out of Ashworth Mairs Group (AMG), a leading loss adjuster and outsourced service provider to the UK insurance sector.
The Royal Bank of Scotland, Corporate & Structured Finance team in Manchester has provided debt funding.
Established in 1992, North West-based AMG has shown sustained growth based on its consistent high quality service delivery and strong customer relationships. The company is one of the largest UK loss adjusting businesses, providing a diverse range of supply chain solutions and operates from ten locations with over 250 employees.
The management team is led by Group Managing Director, Kevin Wood, who comments: “The Management Team and Hermes Private Equity are passionate about the business and the opportunities our market presents.
“We look forward to building on our past successes. We remain focussed on providing our clients and their customers with integrated claims management solutions, underpinned by our core values of outstanding quality and inspired service.
“Business as usual will be the underlying theme going forward. The Management Team will continue to work closely with clients in order to anticipate and respond to their needs”
Shane Feeney, Director, Hermes Private Equity Ltd explains, “AMG has a proven business model operating in an attractive market segment, with some interesting opportunities to continue to grow the business in the future. We look forward to working with the Management Team to develop the business’ potential more fully.”
David Mairs, former Group Chief Executive Officer commented: “Since starting the business in 1992, Ashworth Mairs Group has continued to surpass expectations; and I believe it will carry on doing so under the leadership of Kevin and the Management Team.
“Both Helen Wareham and I are exiting to pursue business interests outside of the insurance sector. The transaction represents a tremendous opportunity for all AMG clients, staff, the Management Team and Hermes Private Equity.”
Clearwater Corporate Finance initiated the transaction. Clearwater’s Mike Reeves commented: “AMG is a leading player in the insurance services market and the growth opportunities available to the business means it is an ideal private equity deal.”