Investment firm provides capital to global insurance loss adjuster to merge with aviation claims industry leader
Palo Alto, CA, September 14, 2011 — Altamont Capital Partners (Altamont) today announced that it has provided capital to support McLarens Young International (MYI), a global insurance loss adjuster, in its merger with Airclaims, the loss adjusting leader in the aviation industry.
“We chose Altamont as a partner because of their deep knowledge of our industry and shared vision of our strategy. It was important for us to work with a firm that understands our business and that will play an active role in our growth,” said Vern Chalfant, MYI’s Chief Executive Officer. “I have known the principals of Altamont for years and am excited to have them as a partner.”
Altamont is a $500 million private equity fund focused on investing with strong management teams in industry-leading businesses and helping them realize their full potential. MYI is the firm’s third investment from its inaugural investment fund.
Commenting on the transaction, Keoni Schwartz, Managing Director of Altamont said:
“MYI is one of a few truly global providers in the loss adjusting industry, and is known particularly for the high quality of its adjusters and their ability to handle a broad range of claims. Similarly, Airclaims is recognized within the aviation industry for its high quality services and technical expertise. We believe the two companies are a natural fit and will enhance each other’s brands.”
Casey Lynch, Managing Director of Altamont, added: “We are seeing that underwriters, brokers, and self-insured companies increasingly prefer a consistent, streamlined global loss adjusting solution. MYI is benefitting from this shift, and merging with Airclaims enables MYI to provide an even more comprehensive set of services to an expanded customer base.”
Schwartz concluded: “Vern Chalfant and his executive team have built an excellent business with a recognized reputation for quality. We are excited to help them continue to grow, both organically and through acquisition.”
ABOUT MACLARENS YOUNG INTERNATIONAL
McLarens Young International (MYI) performs claims management, loss adjusting, pre-risk and damage surveying, and auditing services for companies throughout the world. Specific areas of expertise include Property, Casualty, Technical Services, Transportation, Crime & Specie, Claims Management, and Audit. Headquartered in Atlanta, Georgia, USA, MYI has offices around the world. MYI’s global footprint enables it to provide streamlined consistent service to global customers, while at the same time delivering local expertise and responsive service. MYI is the only global, employee-owned loss adjusting firm in the world. MYI’s adjusters have an average of over 20 years of claims experience, and this experience is a key part of how MYI has built its reputation for high quality loss adjusting services. www.mclarensyoung.com About Airclaims Airclaims is the world’s leading provider of aviation claims, risk and asset management services to the global aviation industry. Airclaims’ experienced aviation professionals deliver an unparalleled service, providing seamless, comprehensive and independent solutions to the aviation insurance market, aircraft operators, lessors, and financial institutions. With offices around the world, Airclaims has the global reach and local presence necessary to rapidly respond to its clients’ needs.
www.airclaims.com
ABOUT ALTAMONT CAPITAL PARTNERS
Altamont Capital Partners is a private investment firm based in the San Francisco Bay Area with approximately $500 million of capital under management. Altamont is focused on investing in middle market businesses where it can partner with leading management teams to help its portfolio companies reach their full potential. The firm’s principals have significant experience building business success stories across a range of industries, including financial services, consumer/retail, industrials, healthcare and business services.
For further information:
Chris Smith
McLarens Young International
305 751 3841
[email protected]
Brunswick Group on behalf of Altamont
Carol Roos
415 671 7676
[email protected]