McLarens Young International and Airclaims merge
MYI have signed a partnership with aviation's largest claims and technical advisor.
Global loss adjuster McLarens Young
International (MYI) has announced a merger with Airclaims, the world’s leading
provider of claims, risk and asset management services to the aviation
community. The merger further enhances its position as the leading player for the provision of loss adjusting services
across the aviation industry.
Whilst both companies will continue to
operate under their own brands, Airclaims will become a fully owned entity
operating within the McLarens Young International group.
The partnership facilitates an integration
of knowledge and expertise, creating a significant platform for expansion in
the sector. This will allow for the provision of a far broader range of
services to existing and prospective clients in the aviation and insurance
sectors. Airclaims brings aviation claims adjusting to the table, a niche and extremely
technical discipline, whilst MYI brings property, business interruption,
liability and cargo adjusting expertise. Airclaims also provides a
comprehensive and independent asset management capability that provides a broad
range of services to aviation lessors, banks, financiers and operators. The merger
will enable opportunities for continued growth and investment in the risk and
asset management division to be explored.
The merger which includes the full purchase
of shares from private equity firm LDC, the largest single shareholder in
Airclaims since backing an MBO in 2005 – ensures MYI’s control of the quality
of their brand and organisations delivering services under it.
To finance the deal MYI secured additional
external funding from Altamont Capital Partners, a US private equity firm focused on
partnering with management teams to build market leading businesses. The
McLarens Young International group continues to be the only employee owned,
global loss adjusting company.
chief executive officer of McLarens Young International said this merger is part of our long term strategy of
growth, both organically and by acquisition, in key markets across the globe.
Aviation is an ideal sector for MYI, a global market, dominated by a small
number of niche players, which requires a very â€‹technical approach to loss
adjusting. Airclaims is the world leader in this sector, so this was a natural
fit for us.
In terms of our broader corporate strategy,
the current market conditions are ripe for consolidation and this is certainly
something of which we are keen to take advantage. Altamont Capital Partners
have provided the financial backing and expertise to allow us to consolidate
more quickly and effectively than we could have on our own. We look forward to
working with them to pursue acquisition opportunities in our core markets and
adjacent markets. We continue to be the only employee owned, global loss
adjusting firm. This is a unique proposition for a global loss adjusting firm
and a key aspect of our ability to effectively service clients.”
Mark Hunter, chief
executive officer of Airclaims, added “We
were seeking to merge with a truly global business, with a recognizable brand,
scalability and a focus on quality of service. At the same time, an appetite
for future growth was imperative. It was clear from the outset that MYI more
than satisfied these characteristics and we are delighted to form this
The merger represents the coming together of
two long serving businesses with a commonality of offering and, as such, this
really is a very exciting move for Airclaims, its clients and its employees.”
managing director of LDC, said “Since we
backed the MBO of Airclaims in 2005, the business has grown ahead of plan each
year. This is a testament to the strength of its management team, the quality
of its service delivery and the calibre of its employees. We are delighted to
see Airclaims joining such a complementary business as MYI, which will enable
the business to continue its expansion plans over the years to come and reach its