McLarens secures major acquisition in New Zealand
October 2 2020 by Andrew Tjaardstra
McLarens has acquired 100% of the equity of a major New Zealand independent loss adjuster for an undisclosed amount.
The private equity backed Atlanta-based global player has today (October 2) agreed to the purchase of Auckland-headquartered the CNZ Group which has 26 offices across New Zealand and over 200 employees.
The firm provides claims handling and dispute resolution, across lines including property, business interruption, construction and engineering, casualty, motor, marine and professional building consultancy. The company also maintains a broad supplier network for reinstatement service.
Before the acquisition McLarens had only one employee in New Zealand.
The addition of CNZ Group takes its presence in the Pacific to 36 locations, and adds to seven offices in Australia and three in the Pacific Islands (where it has two in Fiji and one in Vanuatu). Around 15% of the firm’s global revenue will now come from the Pacific region.
CNZ Group will become a part of McLarens’ global core loss adjusting and claims management services and operate under the McLarens brand. The business will led by chief executive of CNZ Group Dean Garrod, who will become managing director, McLarens New Zealand. Garrod (pictured left) will be supported by CNZ Group’s current senior staff who will remain in their existing roles.
Gary Brown, global chief executive of McLarens, commented: “[CNZ Group] has strong leadership and has made significant investments in innovative technology and infrastructure.” Brown (pictured right) added: “Their sound reputation is recognised throughout New Zealand and the Pacific Islands, and is associated with quality, innovation, dependability, and the best customer service.”
Garrod said: “Our two companies are incredibly similar in their culture and business approach. Over the past 25 plus years, our talented adjusting and management team has embraced a service led approach and has built a leading loss adjusting and claims management company in New Zealand.”
McLarens retained Chapman Tripp as legal advisors, while CNZ Group retained Buddle Findlay as legal advisors and KPMG Corporate Finance in connection with this transaction.
The CNZ Group was previously an employee-owned and operated affiliate of Crawford & Company.
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