Tuesday, August 11, 2020

YFM backs £17m buyout of loss adjusting & claims management specialist

Leeds-based private equity firm, YFM Equity Partners, has backed the £17 million buyout of loss adjusting and claims management specialist.

Loss adjusting and claims management specialist, GHG Limited near Southampton, has funded its primary buy-out by securing a £7 million equity investment from YFM.

The deal, with a total value of £17 million, is the first from the PE house’s £80 million Buyout Fund II and marks the second investment made by YFM since the Coronavirus pandemic began, following on from its investment into vehicle safety systems business ISS.

The buyout was led by GHG MD Austin Snelgrove who, for the last three years, has been working alongside founder Graham High, as the business has continued to develop and grow its position in the loss adjusting market.

GHG specialises in developing bespoke claims management and loss adjusting for the UK insurance sector, covering both the domestic and commercial markets.

Spectrum Corporate Finance advised Graham High and other shareholders on the sale of the business and introduced the opportunity to YFM. Spectrum also advised shareholders on their reinvestment alongside YFM and Austin Snelgrove.

Mr High will continue to hold a significant shareholding in the business and remains committed to the future success of the company. He will retain a position on the board post-investment. Clive Nicholls, former UK CEO of Crawford, the UK’s largest loss adjuster, joins the business as non-executive chairman to support the company’s ambitious growth strategy.

“I have enjoyed my 25 years leading GHG limited and, having worked alongside Austin Snelgrove and the team for several years, I now take great pleasure in handing them control whilst maintaining my involvement in the business,” said Mr High.

“This is an exciting stage of the development of GHG and the energy and commitment that the team brings to this transaction gives me great confidence for the future.”

Jamie Roberts, partner at YFM, added: “GHG has grown into one of the most reputable and trusted businesses in its field and is renowned for providing a high-quality loss adjusting product and for exceptional service levels.

“GHG is typical of the businesses that YFM want to support with a strong management team, expanding well and in a growth market.  We look forward to working with Austin and Graham to continue that journey.

“The loss adjusting market is undergoing significant change and we believe GHG is exceptionally well placed to be at the forefront of that.”

Senior debt and a working capital facility is being provided by Triplepoint.

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